article thumbnail

Sourcing and Procurement in Supply Chain Management

EC Sourcing Group

Sourcing and Procurement in Supply Chain Management. The terms “ sourcing” and “procurement” in supply chain management are often used interchangeably, although they are not quite the same. Procurement is a process and one link in the chain of the supply chain. Procurement is one step in that process.

article thumbnail

Finished Goods Inventory: Definition & Formula

Unleashed

Finished goods inventory are products that have been through the manufacturing process and are now ready for sale. Managing finished goods and tracking the costs associated with each of them are essential aspects of manufacturing accounting and stock control.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What is Inventory Management Software and How Does It Work?

Unleashed

In manufacturing, inventory management software is also used to track parts, raw materials, and production documents – such as a bill of materials and work orders – through the supply chain. You sign up for a monthly or annual subscription to use the software, usually after watching a demo or taking a free trial.

article thumbnail

What Lessons a Table Fable Teaches About Supply Chain Orchestration

Logistics Viewpoints

Even if this retailer had used AI to forecast my purchase, AI that creates a perfect plan but fails to execute it only results in a highly-efficient silo, as Northeastern University professor Nada Sanders says. The table needs to be able to be manufactured and delivered to meet demand on time in full (OTIF), to achieve customer satisfaction.

article thumbnail

Unit Types and Lot Codes in Warehouse Management

Saleswarp

Unit types represent standardized containers for packaging inventory, while lot codes provide crucial information about a product’s origin, processing, and manufacturing batch. Some customers may prefer to purchase products in specific unit types, while others may have options to choose from multiple types.

article thumbnail

Now or Never: Why Supply Chain Sustainability is Non-Negotiable in 2022

Locus

Source: Statista.com. Planning : Processes are designed to reduce emissions and meet demand with ethical sourcing. Manufacturing : An essential aspect of sustainable supply chain manufacturing is monitoring energy consumption as a function of production volume. Ethical sourcing of goods. Green packaging.

article thumbnail

Free PO Software vs. Paid Software

Precoro

As a company slowly grows, purchase management becomes more and more complicated. The need to manually create, store, manage, and analyze the ever-growing purchase orders and all associated documents can be pretty cumbersome. Plus, find a comparison table of some free purchase order software and paid programs.