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.

The Future of Inventory Management

Kinaxis

by Andrew Dunbar This post concludes my inventory management blog series. Throughout this series I’ve proposed an elevated role for the inventory manager that challenges the assumption that an inventory manager is a victim of his colleagues’ business decisions and plays only a limited role in formulating inventory results. Inventory management is not a stand-alone business process that occurs after other processes are complete. General News Inventory managemen

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The Many Types of Inventory Management Technology

Cerasis

There are diverse types of inventory management technology and systems, designed to properly sort, control and act upon information with a company’s inventory. As explained by Kenneth Hamlett of the Houston Chronicle , the two dominant types of inventory management technologies include manual and automated systems. But, there are additional levels of inventory management in between. The basic and most limited type of inventory management system is a manual system.

This is Not Your Father’s Inventory Optimization

Logility

The first commercially available single-echelon inventory optimization solution was introduced in the 90s and the first commercially available multi-echelon inventory optimization solution was introduced in the early 2000s. These first solutions were mostly used for periodic review and optimization of inventory carrying parameters. Companies would adjust their inventory parameters on an annual or semi-annual basis. Inventory Optimization

Are Ghost Assets Haunting Your Inventory Control?

Supply Chain Game Changer

Do You Want Inventory Turnover Breakthrough? It’s still being recorded in inventory and accounting systems. After an asset has broken, been sold, been misplaced or otherwise become unusable, it sometimes doesn’t get properly accounted for in inventory and record-keeping. These non-assets linger in inventory and accounting systems, potentially becoming a liability for the business. Reconciliation of physical inventory with accounting systems. Subscribe Here!

Vendor-managed inventory and distribution planning in the food and beverage industry – here’s something to chew on

Kinaxis

Among the many supply chain initiatives taking place today, vendor-managed inventory (VMI) has become an increasingly effective process and business model to help organizations share risk and information between vendors and customers — while benefitting from lower stockouts, reduced uncertainty and lower costs. What is vendor-managed inventory? The benefits of the vendor-managed inventory process include: Enhanced visibility for vendor. Maintaining optimum inventory levels.

Vendor Managed Inventory Model for Supply Chain Cost Reductions

Cerasis

Below I will outline how a vendor managed inventory model, in conjunction with reverse marketing, value analysis, and collaboration will achieve supply chain cost reductions. Vendor Managed Inventory Model for Supply Chain Cost Reductions. A means of optimizing Supply Chain performance in which the manufacturer is responsible for maintaining the distributor’s inventory levels. The distributor maintains the inventory plan. Ask for copies of documents.

How To Prevent and Mitigate 3 Common Inventory Management Problems

Unleashed

When managing inventory, there are a wide array of challenges and problems that face business owners. Inventory is one of your most important assets. It’s imperative to prevent and mitigate inventory management problems in order to protect the lifeblood of your business. We’ll highlight a few of the common inventory management problems facing business owners and discuss how they can be mitigated with practical solutions. Inventory going off.

Optimising Inventory Management for Multichannel Businesses

Unleashed

Managing multichannel inventory requires clear and concise inventory strategies to combat the challenges associated with multi-platform sales. By increasing visibility, working with supply chains, reconciling inventory, connecting systems, and managing safety stock levels, you can improve multichannel inventory management. Reconciling inventory. Regular inventory management can also be problematic when numbers don’t line up.

Retail Inventory Shrinkage Remains a Problem

Enterra Insights

For the last few years, inventory shrinkage has annually cost U.S. ” Regardless of how inventory is lost, shrinkage costs retailers a lot of money. To reduce shrinkage, retailers need to have a strategy to address each of the ways inventory can be lost. Inventory shrinkage strategies. Addressing inventory shrinkage begins with inventory management. Trujillo explains, “Take the plunge and invest in an inventory management system.

Why Inventory Revaluation Is Your Next Important Task

Unleashed

All product-based businesses need to track the value of their inventory – and this goes double in a period of dramatic upheaval. The value of your inventory has likely changed thanks to the Covid-19 crisis, and you should consider revaluing it before you make any major business decisions. What is inventory revaluation? Inventory revaluation is the adjustment of the costs of inventory to reflect changes in the recorded cost. Your inventory becomes obsolete.

EDI 846 Inventory Inquiry – Explaining EDI

SupplyPike

You would send an EDI 846 (Inventory Inquiry/Advice) to your buyers/trading partners to notify them of your on-hand inventory. EDI 846 documents are also commonly used for e-commerce vendors that utilize a drop ship management model. The Inventory Inquiry/Advice is an incredibly effective document for use between trading partners to properly regulate their respective stock of a product. EDI + Data Exchange edi EDI 846 Inventory inquiryWhat is an EDI 846?

EDI 846 Inventory Inquiry – Explaining EDI

SupplyPike

You would send an EDI 846 (Inventory Inquiry/Advice) to your buyers/trading partners to notify them of your on-hand inventory. EDI 846 documents are also commonly used for e-commerce vendors that utilize a drop ship management model. The Inventory Inquiry/Advice is an incredibly effective document for use between trading partners to properly regulate their respective stock of a product. EDI + Data Exchange edi EDI 846 Inventory inquiryWhat is an EDI 846?

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

Veridian Solutions

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 . Challenges of Limited Inventory Management Capabilities.

5 Ways to Put AI to Work in Your Supply Chain

Bristlecone

Step 1: Digitize your documents. Ghodke says an important first step to staying ahead of the competition is to move beyond manual data entry with an AI-driven technology like Document Digitizer. to gain real-time visibility, traceability and utilization analysis of inventory, assets and products. Blog DemandSense Document Digitizer Innovation Sense.ai Artificial Intelligence has become so deeply engrained in our lives that we don’t always realize it anymore.

Why the Right Strategy to Managed Inventory Hinges on Clear, Concise Communications

Turvo

A managed inventory depends heavily on teams and leaders that can communicate with each other to avoid operational issues, overstocking, or worse, running out of inventory when the customer is ready to buy. It all makes communication a vital part of maintaining a managed inventory.

What is Web Based Inventory Management Software?

EMERGE App

You run a lean business model with minimal overheads and using web-based inventory management software plays a big part in this. And you expect the same standard for inventory management software. What to Expect from Web-Based Inventory Management Software. The market for inventory management software is diverse and varied unlike, say, accounting software that is based on international accounting and reporting standards. Introduction.

Physician Preference Cards: The Key to Hospital Low Inventory Utilization and Waste

NC State SCRC

Almost every hospital or IDN faces significant challenges in managing their operating room inventory, which can be traced to a simple concept: utilization. People working in the stock room are often short-staffed, and don’t have time to re-stock a ton of inventory from each day’s surgery. Once we see items haven’t ever been used, we move them to the central inventory core, where they are still available, but not pulled every time.

COVID-19: Implications on inventory planning, sourcing and procurement

EFT

It has been a huge challenge to understand what is changing moment-to-moment, let alone predicting what will happen, so eft by Reuters sat down in a webinar with experts working at the coalface of inventory planning and distribution to understand what can be done to survive and thrive. Visibility is the centrepiece … not only in terms of where my inventory is, in which channel, and where to move it, but also in consumer demand, and how can I be ahead of that game and forecast the demand?”

Healthcare Utilization Management: Solving the Mystery of the Missing Inventory

NC State SCRC

I recently had a chance to interview a supply chain director from a mid-sized hospital in New York state, that was very insightful in helping me to think about the challenge around inventory management. And my clinical system which documents how many we used with patients shows that we used 90 of those Band-Aids. If you bought it, and documented that you used it, then you better not be cheating the system.

8 Inventory Costing Methods That You Might Not Know About

EMERGE App

Inventory costing or valuation is an accounting concept that has a direct impact on your gross profit and thus taxable income. Methods of valuing inventory are simply different cost-flow assumptions about how to allocate your cost of goods available for sale. They do not resemble your physical flow of goods, but rather, they allocate costs to either cost of goods sold or your ending inventory. We’ll start by explaining why inventory costing is important.

Vendor Managed Inventory? Think twice and consider the risks!

Supply Chain View from the Field

Historically, businesses have used one of two extremes for inventory management: push-based or pull-based. Push-based inventory management uses demand forecast to manage inventory and replenish from the supply base. Pull-based inventory management, on the other hand, uses consumption to replenish from the supply base and manage inventory. Inventory levels actually increased at downstream (buyer) facilities.

Is Your Company on top of its Inventory Planning Game?

Logistics Bureau

Good inventory management, like everything else, starts with good planning. But planning isn’t just the start; it’s the very foundation of effective inventory control. Inventory planning also happens to be an area that many companies fail to prioritise sufficiently. The Basics of Inventory Planning. Good inventory planning supports a number of vital business objectives including: Customer service and satisfaction. The Cost of Poor Inventory Planning.

Tips for Getting Executive Buy-in for Supply Chain Planning Software

ToolsGroup

For example, instead of simply stating forecast accuracy improvement as a benefit explain how this will ultimately reduce inventory and working capital and increase service levels. Benefits realized include optimizing inventory requirements associated with safety stock, increased forecast accuracy that aids a better production plan, in-stock improvements, and supporting new product and promotional items.” Blog demand forecasting Featured inventory optimization

WMS and Cycle Counting: How to Reach Inventory Management KPIs

Veridian Solutions

Greater control and efficiency in modern warehouse management rests on the reliability and accuracy of your inventory management processes. Warehouse Managers need to understand the challenges of cycle counting, how the right KPIs can help, and how to leverage WMS and cycle counting best practices to develop the best inventory management KPIs. Which Inventory Management KPIs Are the Best? Carrying cost of inventory.

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Video Podcast: Five Core Competencies of Inventory Optimization

Logility

A key characteristic of best-in-class companies is their success in using inventory optimization (IO) and cash management techniques to free up working capital. The amount of a company’s working capital trapped in inventory can be expressed as days inventory outstanding (DIO). To combat these and other supply chain challenges, operations research experts developed a discipline called Inventory Optimization about a decade ago.

Video 100

Video Podcast: Five Core Competencies of Inventory Optimization

Logility

A key characteristic of best-in-class companies is their success in using inventory optimization (IO) and cash management techniques to free up working capital. The amount of a company’s working capital trapped in inventory can be expressed as days inventory outstanding (DIO). To combat these and other supply chain challenges, operations research experts developed a discipline called Inventory Optimization about a decade ago.

Video 100

Transport Management System: Making your Logistics Supply Chain Successful

20Cube Logistics

It offers complete visibility into transport operations (air, sea, road or rail), compliances and documentation and ensures that consignment is delivered on time at the right delivery point. Better inventory management : Manage orders and shipments in real-time.

WooCommerce and Inventory Management Software

EMERGE App

Then we’ll examine why you need a robust inventory management system behind WooCommerce. We’ll move on to present EMERGE App as an inventory management solution and the benefits of them working together. EMERGE App is one such add-on for inventory management. Why use EMERGE App and WooCommerce for inventory management? EMERGE App is an easy to use order, purchase, and inventory management system that works in any web browser. Introduction.

10 Best Practices for Inventory Cycle Counts

EMERGE App

They’re disruptive I know but they’re an essential part of maintaining inventory accuracy. Here, we’ll introduce inventory cycle counting and show you how it can complement your annual stock take exercise. Firstly, we’ll cover exactly what is meant by an inventory cycle count or cycle counting. At the end of it all, you should appreciate why cycle counting is important for everyday accurate inventory records. What is an Inventory Cycle Count?

Hybrent Launches Major Healthcare Software Update with Innovative Inventory Management Modules

Hybrent

Hybrent announced a major software upgrade to their med supply ordering and inventory management system with the release of Hybrent 3.0. Recording accurate usage reduces errors and automates inventory management practices. With BOA, you have a vendor supported paperless process to easily collect information needed to complete your Charging, Clinical Documentation, and Purchase Orders processes while confirming items used are contracted and priced correctly.

Control Towers: If Only There Was A Clear Definition

Supply Chain Shaman

For example, only 29% of manufacturing companies can access total cost data and 31% struggle to see the impact of business decisions on inventory. Pictures, images, text, email, sentiment, contracts, documents are all areas of opportunity. Global Supply Chains Inventory Management Market-Driven analytics control tower performance measurement Supply chain excellence visibilityWe finished dinner. I pressed my neatly folded napkin to my lips.

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Aged Inventory Reports: What are they and how do they impact inventory control?

Unleashed

Aged inventory generally refers to inventory stock that has been held for longer than six months usually due to low consumption or slow sales. Aged inventory is not an overnight occurrence however, any surplus of inventory stock is both costing you money and restricting your cashflow. Aged inventory reports. The length of time inventory stock typically sits on the shelf or in the warehouse before being used or sold. Implications on inventory control.

Stripe and Inventory Management Software

EMERGE App

It’s not inventory management as that’s why you’re here. No sophisticated online software solution can help you if your payment systems are offline and separate from your inventory management solution. Next up we’ll explore why you should use Stripe and EMERGE App in managing your orders and inventory. Finally, we’ll see how easy it is to integrate Stripe with everyday inventory management tasks in EMERGE App. Introduction.

Online Inventory Control and the Importance of Purchase Order Tracking

Unleashed

They also provide a framework for accurate inventory control because POs use a single number to link each stage of every transaction related to a company’s purchase spend. By implementing a user-friendly, smart and reliable online inventory control system you can achieve total control and transparency to monitor and track purchase orders as they move through the procurement lifecycle. Online inventory control.