Metrics that Matter: Customer Service

QAD

Very little has more impact on a company’s success than customer satisfaction. Most people realize that on-time delivery plays a key role in how business’ satisfy customer needs, but customer satisfaction can be an expensive undertaking if the company doesn’t manage all aspects of customer service and the business processes that affect them. True customer satisfaction is a measure of sales, delivery and after sale performance.

7 Best Customer Service Books CEOs Read

Supply Chain Opz

We evaluate books related to customer service based on sales rank, reviews/endorsement by leading business leaders and show you the best customer service books. Finding Best Customer Service Books When we talk about customer service, people will usually think about the hotel and tourism business or banking business where products are less physically or tangible. What if you provide subpar customer service and customers run away?

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How manufacturers optimize their inventories

ToolsGroup

Editor’s Note: Microsoft’s Colin Masson, Global Industry Director of Manufacturing Solutions (that's him on the left), sat down with me to discuss how manufacturers optimize their inventories. But that’s not the only shift in manufacturing.

How manufacturers optimize their inventories

ToolsGroup

Editor’s Note: Microsoft’s Colin Masson, Global Industry Director of Manufacturing Solutions (that's him on the left), sat down with me to discuss how manufacturers optimize their inventories. But that’s not the only shift in manufacturing.

Multi-echelon inventory optimization vs inventory optimization

ToolsGroup

Editor’s Note: Last year ToolsGroup became Microsoft’s partner for Multi-echelon Inventory Optimization (MEIO) in Industrial accounts. Microsoft and I collaborated on a blog introducing the basic concept of MEIO, comparing it with Inventory Optimization. Inventory Optimization

Multi-echelon inventory optimization vs inventory optimization

ToolsGroup

Editor’s Note: Last year ToolsGroup became Microsoft’s partner for Multi-echelon Inventory Optimization (MEIO) in Industrial accounts. Microsoft and I collaborated on a blog introducing the basic concept of MEIO, comparing it with Inventory Optimization. Inventory Optimization

Is Inventory Waste or an Asset?

Supply Chain Shaman

We were discussing the results of the planning benchmarking work that we have just finished, and I was sharing some insights on inventory management when one of the panelists emphatically stated, “Inventory is a waste to manage. We feel so strongly about this that we do not have an inventory planning role.” His feeling was that inventory is an asset to manage. Inventory is both. Inventory management is a complex subject.

A Strong RMA Process is Vital to Achieving World Class Customer Service

My Office Apps

A Strong RMA Process is Vital to Achieving World Class Customer Service. Most companies strive to achieve world class customer service. It is understood that repeat customers lead to business success. Shipping goods back to the customer .

Seven Misconceptions on Managing Inventory in a Market-Driven World

Supply Chain Shaman

When it comes to the management of inventory in value chains, frustration abounds. Executive, after executive, lament, “They have purchased many technologies and sponsored many projects to reduce inventories, but they are not seeing results.” ” I have been studying the evolution of inventory technologies as an industry analyst since 2002. Inventory is the culmination of many business decisions. The Inventory Management Journey.

Supply chain inventory optimization – Beyond the analytics

Kinaxis

by Alexa Cheater From designing, sourcing and manufacturing, to distribution and consumption, your supply chain is at the heart of your customer satisfaction levels. But the sheer complexity of supply chain networks, and the impact design decisions have on operational performance, makes supply chain inventory management aligning inventory investments with on-time customer delivery and margins a major challenge. Implementing inventory optimization.

Transforming the manufacturing supply chain with MEIO

ToolsGroup

Editor’s Note: Last year ToolsGroup became Microsoft’s partner for Multi-echelon Inventory Optimization (MEIO) in Industrial accounts. Microsoft’s Bill Moffett and I collaborated on an introductory blog on MEIO for manufacturing businesses. Imagine a worker sitting in a convenience store, reading a book, at 3:00 AM without having seen a customer in hours. Paying for the labor on the off chance that a customer needs a soda, is wasteful and inefficient.

Metrics that Matter: Inventory Effectiveness

QAD

The effective use of a manufacturer’s inventory investment is an important determinant of the company’s success. Excess and obsolete inventory is a drain on resources, as is excessive safety stock. Stockouts affect customer satisfaction and revenue, and the frequent need to expedite orders adds to costs and highlights problems lurking in the system. Managing an Inventory Investment. Calculate it by dividing the cost of goods sold by the average inventory value.

Four Things You Probably Didn’t Know About Inventory Planning and Sustainability

ToolsGroup

I think it’s time we started spreading the good news: when you harness demand and inventory planning to slash unnecessary expenses and improve service to customers, you also reduce waste and support sustainability. Smart inventory planning cranks up manufacturing efficiency.

Trends In Manufacturing: 5 Tangible Technologies are Shaping the Future of Manufacturing Now

Cerasis

Continuous improvement is part of the game in manufacturing. Among the new trends in manufacturing improving the industry, additive manufacturing and cloud-based systems will push manufacturing forward in 2017. In fact, rapid design and lightning-fast prototyping, reports Mark Dohnalek of Manufacturing Business Technology magazine , will allow manufacturers to design and produce products in a few days, if not hours. Customers want more than ever before.

Segmenting Your Inventory by Gross Margin and Demand Variability

ToolsGroup

Gartner Research analyst Paul Lord has developed a thought-provoking approach (shown in the above diagram) for tailoring supply and inventory tactics to different inventory segments. Traditional ABC inventory models segment inventory into A, B and C categories based on annual consumption value. As we showed in a previous blog, it’s not the only way to segment your inventory, nor nearly the best. Lord calls this “situational inventory”.

Inventory Management Levers – Success Through Collaboration

Kinaxis

by Andrew Dunbar So you’re an inventory manager, and your CFO just asked you to reduce inventory by 10% before year end to free up some capital for next year’s big investment in R&D. But then you look at historical trends and see that lately, your inventory has been growing by 3% each quarter. Below are five levers that I believe should be available to an inventory manager to help them effectively plan and manage inventory.

Executing Customer-Centric Supply Chain Strategies

Supply Chain Shaman

Definition: “Customer - centric is an approach to doing business that focuses on providing a positive customer experience both at the point of sale and after the sale in order to drive profit and gain competitive advantage.” The Delta Medallion customer service agent told me that she had never seen anything quite like it. What is a Customer-Centric Organization? The Customer-Centric Supply Chain Strategy needs both.).

Inventory Management in Service Logistics Industry

Talking Logistics

What is Inventory Management? For Manufacturing it’s about carrying zero or minimum inventory. For Logistics the focus is on high inventory turns. Inventory Management is about having a right balance of expectations from different functions of the supply chain.

How Food Manufacturing Software Drives Profit [w Case Studies]

Unleashed

Effective inventory management is crucial to reducing costs in any manufacturing business. This is particularly true in the food manufacturing industry, which characteristically has a high volume of products stored, and an urgent need to fill existing client orders to match ongoing consumer demand. Cost reductions in food manufacturing can be achieved by using food manufacturing software that improves ordering processes and minimises overstocking of expensive raw ingredients.

Is Poor Inventory Performance Holding You Back?

Kinaxis

by Alexa Cheater Our partner Celestica recently published the following article, ‘ Is your company being held hostage by poor inventory performance? ’ The authors, Anandhi Narayanan, Senior Manager, Advanced Customer Solutions, Charles Thomas, Director, IT Customer Solutions, Stacey Greene, Director of Inventory Optimization and Robert Rejano, Processes and Applications Advisor, all with Celestica, describe the critical steps needed to drive inventory performance improvements.

The Complete Guide To Calculating Total Manufacturing Costs

Unleashed

To calculate total manufacturing cost you add together three different cost categories: the costs of direct materials, direct labour and manufacturing overheads. Expressed as a formula, that’s: Total manufacturing cost = Direct materials + Direct labour + Manufacturing overheads.

Navigating The End-to-End Journey

Supply Chain Shaman

Companies need shorter product cycles with easy customization. The company that plays to win does not strive to have the best manufacturing costs, or the best procurement practices; instead, the team focuses on winning together cross-functionally on a commonly held portfolio of metrics. I advocate a portfolio of growth, EBITDA or operating margin, inventory turns, on-time and in-full shipments, and Return on Invested Capital (ROIC). It is Not About Customer First.

When is Inventory Too “Lean”? Finding the Right Balance

ToolsGroup

I learned about “lean manufacturing” (or simply “lean”) back in the 1990s when I met James Womack and read his book “ The Machine that Changed the World ”. But we have also seen companies misinterpret the lean message when it comes to inventory. It's good to trim bloated inventory and free up working capital. And we especially don’t want an environment where a shift in demand or a contraction in the business cycle leads to eating huge inventory losses.

Lean 216

Lean Manufacturing: Is it Really Worth It? 16 Big Benefits Say, “Yes.”

Cerasis

Customer expectations of reliable quality and rapid delivery forces today’s manufacturers to either shorten cycle times or lose business. Customers simply switch suppliers when others are more capable of delivering within their preferred timeframes. Lean systems have provided a formidable operating strategy for leaders determined to achieve and maintain optimal operational systems and customer satisfaction levels. Who Needs Lean Manufacturing?

Lean 263

Unwrapping production: How to transform packaging manufacturing

DELMIA Quintiq

To meet consumers’ increasing appetite for choice, Fast Moving Consumer Goods (FMCG) manufacturers develop a huge amount of Stock Keeping Units (SKUs). This has a direct impact on packaging manufacturers who now need to find ways to cope with more diverse demand. The packaging industry is one of intense competition, so individual manufacturers have to keep up. As a result, most packaging manufacturers struggle with delivery reliability and high inventory levels.

Understanding Your Safety Stock Calculations

Demand Solutions

If you manufacture or distribute products, it's safe to assume that you have a specified safety stock level— or at least we certainly hope you do. At this point, you may be saying to yourself, "but carrying excess inventory is expensive!" As you know, (and as we've discussed in previous posts) demand forecast accuracy is, arguably, the single biggest factor that impacts the ability to meet customer service targets. safety stock customer service levels

SanDisk’s Story of Customer Segmentation Strategies Using Inventory Postponement

Supply Chain Shaman

One of these concepts that I hear a lot; but see few tangible examples, is the idea of “customer-segmented supply chain.” The discussion of customer-segmented supply chains happens often. When I hear companies discussing the implementation of a customer segmentation strategy, I ask a series of questions: Who is your customer? What are you trying to accomplish through the execution of a customer segmentation strategy?

Lean Manufacturing

LeanCor

A Systems Approach to Inventory Management. Inventory Management. Inventory is not isolated to raw materials and finished goods. Companies will carry inventory masquerading as service parts, repair items, administrative suppliers, automobile fleets, and a host of other types of assets that are managed by setting and maintaining certain levels. The problem is that almost every function inside an organization can affect inventory levels. Inventory Strategy.

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Five Types of Inventory Optimization You Should Know

ToolsGroup

Inventory configuration is usually the predominant issue in most manufacturing environments. Inventory policy is usually the predominant issue in most distribution environments. Here are five types of inventory optimization that you should be aware of if you are considering an optimization solution. Inventory Configuration addresses the issue of in what form should I hold my inventory; as raw material, finished goods, or something in between?

Real-time Information Increasingly Important for Manufacturers

QAD

Manufacturers Thrive on Timely Information. While this is an extreme example of timely information access from the financial sector, manufacturers are realizing the need to access timely data in order to rapidly respond to changing business conditions.

4 Key Trends to Watch in Smart Manufacturing and Supply Chain

Cerasis

The advancements in 3D printing and 'Additive Manufacturing,' coupled with supply chain efficiencies, could make distributed manufacturing a reality, ushering in the era of smart manufacturing. The Continual Coverage and Now Reality of Smart Manufacturing with 3D Printing. I remember reading an MIT paper on manufacturing technology trends a couple of years ago. It had a fascinating mention of " Additive Manufacturing " (AM) and how it could be a game changer.

Why inventory management should be a company-wide conversation

Kinaxis

by Alexa Cheater Don’t get caught having your company’s inventory management conversation alone! Making the most of one of your company’s largest assets means bringing together everyone involved from the manufacturing floor to the corner office, and focusing on more than just what’s in your warehouse. Re-evaluating your inventory management practices can help you overcome rising supply chain costs, increasing customer demand and the growing complexity of global operations.

3 Inventory Control Techniques to Improve and Maintain Inventory Accuracy

Unleashed

Inventory accuracy is vital to an organisation’s long-term success. Profits depend on the sale of inventory stock and if you don’t know what or how much you are selling then you could be missing an opportunity to maximise sales. Having poor and inaccurate inventory control can be costly because it causes issues such as unplanned stock-outs, the shipping of wrong products to customers, wasted resources trying to locate misplaced items and inventory shrinkage.

Four Critical Steps for CPG Manufacturers to Compete After a Crisis

DynaSys

The same concept works for business and manufacturing. As the world sorts through life with COVID-19 and trying to plan for the aftermath, many Consumer Packaged Goods (CPG) manufacturers and suppliers are developing and implementing risk management policies and procedures.

Can AI Improve Your Inventory Management?

Unleashed

In our increasingly digital world, artificial intelligence (AI) is becoming part and parcel of our lives –and it is becoming particularly useful to business owners and inventory managers. How is AI used for inventory management? Automated inventory management.