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?”

Strategic sourcing enters a new age. Are you keeping up? (Part 2)

ivalua

In last week’s blog , I began discussing telltale signs that you have entered the new age of strategic sourcing. Leading manufacturers have proven that best-in-class strategic sourcing can create measurable and sustainable shareholder value by contributing to top line growth and bottom line profitability. Improving costs remains a core competency for any sourcing organization. Inventory. The post Strategic sourcing enters a new age.

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Five Tips on Sourcing Products From China

EMERGE App

Google a phrase like “sourcing products from China” and you’ll instantly be faced by almost 39 million results! You need to source for products to sell at wholesale prices to your retail customers. And the place to source for most, if not all, of your products is in China. This blog post doesn’t aim to be the ultimate guide to sourcing goods from China. I like to start with a broad-based search at Alibaba and Global Sources. Introduction.

Sourcing Offices: a shift of paradigm

KEPLER Consulting

Over last decade, sourcing offices became a major piece within globalized footprint of western retailers. After a first era of development and opportunity catch up particularly positive and characterized by consistent purchasing gains , most of these Sourcing Offices are now searching for their second breath. Back to the origins, the Sourcing Offices have been developed by retailers for two main reasons: #1 Gather demands coming from various entities within a same group.

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.

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.

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.

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

Strategic National Stockpiles and Sourcing for the National Interest!

Supply Chain Game Changer

Trump’s action with 3M raises questions for any country about what their Strategic Stockpiles should be and whether future sourcing decisions and actions should be based on parochial nationalistic needs or magnanimous global needs. But given this foresight why are we now in a situation in which these strategic inventories are insufficient for our actual needs? Sourcing mapping for existing and potential suppliers. National versus International sourcing planning.

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. WooCommerce is an open-source e-commerce plugin for WordPress. A major reason for WooCommerce’s popularity is the free and open-source nature of the product, extensions, and plugins. EMERGE App is one such add-on for inventory management.

Chain of Custody: The source of control in global supply chains? – IoT Beyond the Buzz

Global Trade Management

The chain of custody certification offers the ability for public and private entities to chronologically document (physically or electronically) the ingredients, components and final products, their condition from production to destination as well as along the distribution lines recording any disruption in the product’s environment that could negatively influence the products quality or performance. This documentation should be precise enough to also be validated by a court.

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Made in “I Really Don’t Know”

Talking Logistics

As reported in USA Today : [In a sourcing practice nicknamed “China plus one”], big brands like Rip Curl send their specifications — what they want made and how much they’re willing to pay for it — to sourcing agents, who find factories that agree to fulfill them. Here are some recommendations: Identify and document the root causes of poor supply chain visibility. Define and document Supply Chain Mapping business processes.

Control Towers: If Only There Was A Clear Definition

Supply Chain Shaman

While there are many types of visibility (see Figure 1), the most common use case is either sourcing or transportation visibility. 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. We finished dinner. I pressed my neatly folded napkin to my lips.

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Supply Chain Wars: Episode V – The Corporation Strikes Back

Logility

Higher analytics maturity levels often lead to improved product quality, increased revenues and service levels while decreasing inventory. Product Life-Cycle Management: Whether your company is a manufacturer, distributor or retailer you need real-time visibility into product data and the ability to share this information between design, planning manufacturing, merchandizing, costing, sourcing and logistics.

Supply Chain Scope: New Study Shows Rise in US Inventories; California Estimated to Improve Freight Efficiency by 25% in 2030

Arkieva

A new study by the SupplyChainDigest analyzing the main components of working capital: Days Sales Outstanding (DSO), Days Inventory Outstanding (DIO), and Days Payables Outstanding (DPO) revealed an uptick in DIO. Changes have also been made throughout the document to clarify and emphasize the collaboration between the responsible agencies and other regional planning efforts, including funding.”. New Study Shows a Rise in US Company Inventories. Source: Commerce Dept.

Bitcoin: A New Supply Chain Operating System?

Talking Logistics

The WSJ article and other sources, such as this Khan Academy video series , explain how bitcoin works, so I won’t go into it here. As Casey and Vigna put it, “we imagine bitcoin as some sort of digitally rendered equivalent [to a paper dollar bill], much as a Word document is a digital stand-in for a physical page of text.” Source: [link]. I have to admit, I’ve paid very little attention to all the buzz surrounding bitcoin these past few years.

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Don’t Make These 8 Horrible Inventory Management Mistakes Before Halloween

EMERGE App

Not cleaning up the inventory skeletons in your closet can mean a difference between a ho-hum year and a bumper year. Here we’re going to cover some common inventory management mistakes that businesses make while winding up the year. Inventory Management Mistakes – 8 Horrors of Inventory Management. Let’s face off with these inventory management mistakes that may be lurking in your business right now. Introduction.

4 Supply Chain Areas to Examine in the Face of Disruption

QAD

The desire is to create flexible sourcing and connected supply chain networks that effectively respond to customers’ issues and expectations. With the technology available today and quicker access to information, more precise demand tracking and monitoring allows for appropriate and timely adjustments to better meet customer demands and reduce inventory levels. Reevaluate Lean Inventory.

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Key considerations for brands and e-tailers in India who are gearing up for festive bonanza

Vinculum

Inventory management in real-time. This can be combated by ensuring quality checks to a product before it is shipped and the need to establish a supply chain where inventory is properly distributed, safely stored and is moved by reliable and resourceful shipment companies.

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8-Step Importing Guide For First Timers

EMERGE App

This should serve as a general framework to source products from different countries according to their strengths. We’ve got a great guide on sourcing products from China , for example. By the time you source, produce and receive the goods, the trend would have passed. Or you might need an interpreter if you’re sourcing from a country where English is not widely spoken. Typical Customs Documents. Introduction.

SCRC Student Project Lineup Off to a Great Start…

Supply Chain View from the Field

Students will learn core processes around initial exploration and assessment of supply chain relationships, establishing metrics/expectations for the relationship, crafting and managing contracts, and sustaining continuous performance improvement in sourcing, logistics and operations. Each team will develop a written contract with selected partner(s) that documents the agreement resulting from the negotiation process.

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Is Your Supply Chain Ready for Social Media-Fueled Demand Volatility?

ToolsGroup

That means there are many companies out there struggling to make sense of constantly shifting demand data and to make smart inventory optimization decisions. There are all sorts of data to tap into, such as social sentiment, point-of-sale (POS), inventory, on-shelf availability and more.

Etsy Order, Purchase & Inventory Management for Creators, Makers and Doers

EMERGE App

As a creative entrepreneur, there are various ways to get a handle on managing the orders, purchases, and inventory of your hand-made goods. We’ll show you how EMERGE App — a user-friendly, cloud-based inventory management solution — helps you run your creative business to sell better and faster on Etsy. Manage Inventory. Firstly, why should you consider a third-party inventory management system outside of Etsy? Introduction.

Strong Supply Chains Required For an Economic Rebound: Six Steps To Take

Supply Chain Shaman

My first focus was on China sourcing. China was the source of over 90% of PPE.) As I watch the news and work on client documents in my quarantine, I try to manage my emotions. Instead, use demand sensing technologies to detect patterns with minimal latency into inventory requirements. Consider technologies like 1010 Data in consumer goods in conjunction with demand sensing technologies to replace rules-based consumption of demand into an inventory signal.

8-Step Importing Guide For First Timers

EMERGE App

This should serve as a general framework to source products from different countries according to their strengths. We’ve got a great guide on sourcing products from China , for example. By the time you source, produce and receive the goods, the trend would have passed. Or you might need an interpreter if you’re sourcing from a country where English is not widely spoken. Typical Customs Documents. Introduction.

Capitalising on Supply Chain Digitisation with Robotic Process Automation – 10 Areas of Opportunities – LogiSYM August 2020

The Logistics & Supply Chain Management Society

Procurement can also have RPA do dynamic searches of websites to source or conduct market research for future buys and tenders. Inventory Management. Regardless of how efficient and effective, all supply chains carry inventory.

eCommerce Considerations During the Coronavirus Outbreak

Vinculum

Chinese on-demand local services have documented the incline in sales of food products. Food delivery networks have become the only source to generate income in this scenario. A B2B sourcing platform of Alibaba seeks to match sellers with hospitals and local governments. Sell on Marketplaces Globally Inventory & Order Management Brands Multi-brand Retailers Marketplaces Industry Insights eCommerce Corona Virus Covid-19

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Confessions of a High Priced Expediter!

Supply Chain Game Changer

The spreadsheet format I developed to track the status of each part was critical because it became the document of record and the single source of the truth. We focussed on establishing Vendor Managed Inventory programs and improving our Lead Times and Parameter Management. Ordering extra inventory is a stop gap solution which will cause other problems down the road. Inventory Management Procurement Supply Chain Management Distribution Logistics SCM supplychain

5 Steps to Supply Chain Orchestration Success

OneSCM

Aggregate data is completely visible so executives know exactly how much inventory they have. Can you see and manage your entire global supply network from one single source? Be sure the supply chain “management” portal enables and encourages all stakeholders to document their actions and communicate with one another in real time, in one place, online. We call it a single source of “data truth.”

So You’re The New Guy – Advice For A New Planner

Arkieva

Formal documents will get you started but the real ins and outs will most likely be shared with you on an informal basis. You must speak the language of the finance department when discussing inventory levels but at the same time, you can talk to the warehouse manager when discussing the same topic from a different angle. Below you will find some questions to ask those you meet: Do we have sole source suppliers? Do we have single source suppliers? Planning is an art.

A Different Solution to the Supply Chain Talent Shortage

ToolsGroup

There is a lot of documented evidence of a shortage in supply chain talent. Planning is becoming increasingly complex; not only due to the increasing demand and supply chain complexity, but also due to the wide range of new data sources such as channel data, retail data and even web data - nearly all of which wasn’t available years ago. At Kronans Apotek, 310 pharmacies were managing inventory locally.

The Importance of Using Supply Chain Management Software in Procurement

EC Sourcing Group

These features automatically sort through documents, verify compliance, and vet unsuitable proposals for you so you can focus on more strategic tasks. The importance of using supply chain management software is notable because of the importance of the supply chain itself.

Walmart: 3 Keys to Successful Supply Chain Management any Business Can Follow

Cerasis

Walmart would not have the ability to provide such low prices and have consistent inventory in the over 5,000 stores in the United States and over 1.3 And on the subject of sustainability, SCDigest.com covered Walmart’s 2015 Sustainability report : Walmart, the world’s largest corporation, is fresh out with its 2015 sustainability report, the eighth such document it has produced. Sources: “Annual Financials for Wal-Mart Stores Inc.”

QAD Supplier Portal: An Introduction

QAD

Both parties gain from accurate and timely access to order, shipment, schedule, invoice, inventory and other related information. Manufacturers we work with often mention their desire for a single source of truth that improves decision-making with suppliers, based on the same set of information. Along with the global and swiftly changing nature of sourcing, inbound supply challenges include: Carrying too much inventory to address potential supply disruptions.

The Power of Downstream Data for Sensing Demand

ToolsGroup

Source: Supply Chain Insights, “The Power of Downstream Data”, July 2017. It includes 3 rd -party syndicated data, direct store-level point of sale [POS] data, store-level inventory data, and retailer or distributor warehouse withdrawal data.”. She says that downstream data “makes a substantial difference in retail execution, inventory management, and improving on-shelf availability.” POS data helps sense and respond to localized demand.

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