Inventory Management – Navigating the Trenches Without Losing Sight of the Big Picture

Arkieva

Inventory comes in many forms and flavors; it is the critical element of supply chains that enable a firm to respond quickly and take advantage of scale. However, managing inventory is one of the most.

Do You Have Confidence in Your Hospital Inventory Management Data?

Tecsys

To gain comprehensive control of your supply chain, pinpoint your hospital inventory management issues and where there are gaps in your processes and data. The post Do You Have Confidence in Your Hospital Inventory Management Data?

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Inventory Management Avoiding Data Driven Disasters – Targets and Monitoring

Arkieva

Inventory management (IM) is a critical component of any successful organization where the mechanics of measuring and monitoring inventory involve KPIs, dashboards, and data science. Inventory Management Avoiding Data Driven Disasters – Targets and Monitoring was first posted on July 15, 2020 at 9:31 am. ©2017

Supply Chain Inventory Optimization – Beyond the Analytics

Cerasis

While analytics offer remarkable insights into supply chain inventory optimization, warehouse managers must still understand how the use of slotting optimization technology impacts other processes. With 7 percent of America’s gross domestic product (GDP) tied up in inventory, reports the 21 st Century Supply Chain Blog , your organization must go beyond the analytics and understand the broad impact of analytics in your company. Better Inventory Management Needs Complete Control.

Automated Order Processing and Proactive Inventory Management

Speaker: Irina Rosca, Director of Supply Chain Operations, Helix

Organizations need to focus on demand driven supply planning, utilizing real time information on customer orders from all marketplaces (e-commence, Amazon - or other online retailers, and point of sale data from brick and mortar). Focusing on this information once per month during the S&OP meeting is too late for all business units to align. Companies should have seamless integration between order entry, inventory management, forecasting and supply planning models and purchase order status to sense risk, pull levers to mitigate potential risk, and communicate within and outside the organization. This is especially important for new product releases, in store programs or promotions (sales, end caps, PDQ. etc) or online promotions (company run or 3rd party). Depending on total supply chain lead time, not having real time visibility and analysis of this information can significantly affect sales and the bottom line.

Regaining control: Inventory management best practices (Part four)

Kinaxis

by Richard Cushing In part one of my inventory management best practices series I argue that inventory cannot be managed until it is controlled, and present the notion our general willingness to apportion blame upon unreliable data from enterprise resource planning (ERP) systems is misplaced. Further investigation reveals that external forces—controllable forces—exert influence upon the system, skewing data to a point at which it becomes unreliable.

NRF 2015: Big Data, Inventory Centralization, and the Cloud

Logistics Viewpoints

Business Intelligence Cloud/Software-as-a-Service Inventory Management Omni-channel logistics Replenishment Retail Supply Chain Planning Another year, another NRF Big Show in the books. Not surprisingly, the typical buzz words were thrown around a lot again this year – omni-channel, integration, mobile, etc. But there were three main themes that popped up in just about every meeting I sat through, and I could hear people talking about them as they […].

Inventory Management: We Can Do Better

Supply Chain Shaman

Downsizing inventories over the past decade crippled the response.” So, let’s start with the data. Yes, am that geeky kind-of-gal that likes to ground discussions in data.) In Table 1, I share research collected for the Supply Chains to Admire analysis on the average days of inventory by industry across the period of 2004 to 2019 by increments to match economic shifts. Days of Inventory Peer Group Across Time Periods.

Inventory Can Be Scary

ToolsGroup

“Your inventory problem is scary because you’re selling out before you can make new items to meet demand”. Many retailers agree that inventory can be scary. Jill , Nike and H&M who missed sales projections, upset customers with out-of-stocks, and had to clear excess inventory through deep discounting. Inventory distortion” (the combined cost of out-of -stocks and overstocks) accounts for $1.1 For example, say you have $5,000,000 of inventory at cost on hand.

Five Suggestions for Practical Inventory Management

Logility

The real problem, however, was inventory. The client had a warehouse full of old stock that had been sitting unwanted for years , and there wasn’t enough room to accommodate the inventory that they were selling. . Just get rid of the old s tock and create plenty of room for the inventory that sells , thereby eliminating the need to move to a larger, more expensive facility. What is the right inventory level for your business? .

Key Questions for a Successful Distribution Network

Speaker: Irina Rosca, Director of Supply Chain Operations, Helix

Can we use historical data to plan for demand and design our networks, or is there a better way? If we're going to offer the speed of shipping and variety of inventory that today's customers have come to expect, there are a lot of different questions that need to be asked. You'll leave knowing what data you can start collecting today to answer these questions. How to use demand data to predict which goods might be flying off the shelves, and where to store them.

Turn a Good Demand Forecast into the Optimum Inventory Plan

ToolsGroup

How Do You Turn a Good Demand Forecast into the Optimum Inventory Plan? They care if you have the inventory they want when they want it. But carrying too much inventory can reduce profits and might not be practical for some items such as fresh goods.

Optimizing Inventory Is About Improving Service While Lowering Inventory. Wait, What?

ToolsGroup

Equally mystifying to people is the concept of inventory optimization. I explain to people that if they’re getting this process right, overall service levels should go up by 3-5% as overall inventory levels decrease by 15-30%. ABC was okay for managing inventory, but not optimizing it.

The Dual Reality of Inventory Management (IM): Stand Alone and Central Planning – Avoiding Data Driven Disasters

Arkieva

Inventory management (IM) typically has a dual reality in any organization. Stand Alone Inventory Management (SAIM) is the traditional inventory management that immediately comes to mind which includes tasks such as good inventory data and reporting, safety stock, reorder, and measuring the inventory position against KPI.

Gaining Clarity on Inventory Effectiveness

Supply Chain Shaman

The impact of complexity on inventory is not quick. To help, today I want to share some of the insights from our recent Inventory Optimization study. Inventory management is a hot issue. Companies invest in project after project, yet inventory levels remain the same. In business there are many drivers of inventory, and the management of inventory levels requires discipline and a cross-functional focus. What Drives Inventory Effectiveness?

Supply Chain Big Data: Why Supply Chain Leaders Are Using Big Data Analytics

Cerasis

Thanks to data gathering programs, supply chain software , and data entry applications, this represents a mountain of data, which has the potential to provide ground-breaking insight into how to improve business-model efficiency. As a result, business leaders can reap a significant return on investment by thoroughly analyzing this data. What Is Supply Chain Big Data? Supply Chain big data is the ultimate compilation of data gathered in the course of business.

Inventory Management: Technology Enablers

Kinaxis

by Andrew Dunbar The modern day inventory manager described in this series is the backbone of your company’s inventory planning process. She has a strong understanding of supply chain fundamentals and is an expert at controlling the key levers impacting the inventory company’s investment in inventory. All your data’s in one place. Your planning system should combine all your company’s data in one system. Inventory Metrics: From Insight to Action.

Supply chain data: Bad data delivered faster is still bad data, and leads to bad decisions

Kinaxis

by CJ Wehlage When approaching the concept of knowing sooner and acting faster, and the value of concurrent planning, the most common feedback I get from supply chain executives is: “But my data is bad… I mean, really bad.”. And trust me, I’ve seen some companies whose data is worthy of a top 10 list of the worst data around, including companies where: A bill of material is only 10% accurate. The only inventory records are ‘inventory receipt date’ and ‘inventory ship date’.

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Five Inventory Optimization Secrets for Aftermarket Parts

ToolsGroup

It’s notoriously difficult to optimize inventory for aftermarket parts. Read on for our five inventory optimization secrets for aftermarket parts. Five Inventory Optimization Secrets for Aftermarket Parts. ABC inventory analysis and spreadsheets aren’t cutting it. .

Final Mile Integration: Data Enables Inventory Management & Replenishment

Cerasis

Unfortunately, inventory control remains at the fringe of proactive logistics management. The post Final Mile Integration: Data Enables Inventory Management & Replenishment appeared first on Transportation Management Company | Cerasis. Data Final Mile Inventory Management final mile integrationUnlocking cost reductions in logistics implies a direct need to improve warehouse and facility inbound logistics and outbound order fulfillment.

Inventory Management

LeanCor

Inventory management, network infrastructure, and labor deployment are all critical components necessary to meet this intense customer demand. Inventory Management Strategy. If we’re going to get inventory into consumer hands the same day they place the order, the inventory has to be 1) available and 2) less than 8 hours away. This requires us to push the boundaries of current inventory management practices, or hold lots of inventory network-wide.

Supply chain inventory optimization – Beyond the analytics

Kinaxis

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. The equivalent of 7% of America’s GDP is tied up in inventory, and accounts receivable and payable. Implementing inventory optimization. The challenges of inventory optimization can be immense.

How to Measure Inventory Health

ToolsGroup

Financial executives measure inventory health with metrics like inventory turns because they view the firm from a financial viewpoint - such as how much working capital is being tied up. But from an operational supply chain planning perspective, turns is a crude metric because it doesn’t recognize the difference between “good” and “bad” inventory. Gartner delved into this issue in a recent report, Build the Capability for Inventory Health Assessment.

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.

11 Inventory Management Best Practices

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! Inventory Management Best Practices article originally published by, and permission to publish here provided by, Dave Joseph at veridian.info. Supply chain leaders are continuously looking for ways to improve inventory management, and the role of technology in the supply chain offers significant advantages. Use ABC Analysis to Categorize Your Inventory. Recognize the Relationship Between Sales and Inventory.

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. Data availability and advanced analytics are also shaping the industry by providing new insights into efficient manufacturing processes. Colin: How do inventory optimization (IO) and multi-echelon inventory optimization (MEIO) enable manufacturers to operate more efficiently?

How Barcode Scanning Can Revolutionize Your Inventory Management

DELMIA Quintiq

Implementing something as simple as barcode scanning can completely transform your inventory management system. inventory optimization and management. These systems require barcode labels or tags to be affixed to bins or individual inventory parts. Coupled with inventory management software, the codes become an extremely effective tool. E-commerce platforms can be updated in real-time with current inventory levels.

7 Avoidable Data Errors in Your Supply Chain Data

Kinaxis

by Palvashah Durrani The Devil is in the Data Details: Entering a New Global Market. One of these challenges that you might not think of immediately is big data in your supply chain —specifically the quality of your data. Here are 7 data issues you might need to watch out for: 7. Inconsistent and incorrect dimension data can result in products that don’t fit into shipping containers, that are properly processed at distribution centers, or that fit on store shelves.

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7 Benefits Realized Utilizing Big Data to Optimize Supply Chains

Cerasis

The company focuses on high tech industries such as telecome , data storage, data centers, bio-medicine, and any company who needs supply chain visibility and proactive supply chain services for replacement parts and more. Big Data and Supply Chain Analytics Offering Benefits of Continual Improvements and More… Big data is more useful than many people fully realize. All of these factors make using big data valuable.

What Is an Inventory Management System & Its Role in Omnichannel Fulfillment?

Cerasis

Supply chain leaders often interchangeably refer to both a warehouse management system and an inventory management system as one and the same. However, systems used to manage inventory refer to the combination of technology, including hardware and software, for the following: Product identification Product matching to orders Data analysis Product labeling and management Documentation Reporting The use.read More.

What is Inventory Forecasting?

EMERGE App

What is Inventory Forecasting? Wait, what has this got to do with inventory forecasting? The Goldilocks Principle of having something that is not too hot and not too cold has been used for everything from the search for habitable Earth-like planets to inventory management, and of course, the perfect porridge temperature. I’ll show you that inventory forecasting is not some dark art that is mastered by a few consultants. So, what exactly is inventory turnover?

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.

How POS Data Improves Supply Chain!

Supply Chain Game Changer

POS Data article and permission to publish here provided by Aniko A. POS data improve supply chain management by providing a free flow of communication at all levels during the production of products – from manufacturers to end-users. How is POS Data Important?

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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. Data availability and advanced analytics are also shaping the industry by providing new insights into efficient manufacturing processes. Colin: How do inventory optimization (IO) and multi-echelon inventory optimization (MEIO) enable manufacturers to operate more efficiently?

Inventory Metrics: From Insight to Action

Kinaxis

by Andrew Dunbar Over the last several weeks, this blog series on Inventory Management has explored the objectives and roles of inventory managers and outlined several of the improvement levers available to them. This post will discuss some of the metrics and analysis tools that an inventory manager needs to identify risk and opportunities and to make intelligent decisions to optimize the performance of their inventory.