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. It then uses this model to understand the impact of demand forecasting on 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. It then uses this model to understand the impact of demand forecasting on inventory.

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The Inventory Accuracy “Confidence Gap”

Talking Logistics

Note: The following is an excerpt from “ Omni-Channel Logistics Leaders: 5 Key Insights to Improve Inventory Performance for 2019 ,” based on research conducted by Adelante SCM and LEGACY Supply Chain Services with input from nearly 100 supply chain professionals from retail, manufacturing, and logistics service providers companies in the United States and Canada. And it begins with improving their inventory accuracy. The Inventory Accuracy “Confidence Gap”.

What’s New in Inventory Optimization?

ToolsGroup

Principal Analyst James Cooke of Nucleus Research just published his 2016 Inventory Optimization Value Matrix which highlights this year’s key trends, including functionality and usability. He reiterates why his firm sees inventory optimization (IO) solutions as so important. Interestingly, he notes that while most companies justify inventory optimization based on inventory savings, improving service to customers is actually the biggest motivation and payback in most projects.

Omni-Channel Logistics Leaders: The Importance of Real-Time Inventory Visibility

Talking Logistics

The research focused on the inventory visibility and optimization challenges that companies face today related to omni-channel fulfillment and the actions they should take to elevate their omni-channel performance. You can read and download the full report at [link].

4 Ways Sonus Improved Demand Planning and Reduced Inventory by 20%

Kinaxis

To combat its planning issues, Sonus took four steps to improve demand, reduce inventory, and share information better across the entire network. Sonus worked to seamlessly connect data from multiple sources, including traditional enterprise resource planning (ERP) software, existing Excel spreadsheets, and even its customer relationship management (CRM) tool. The post 4 Ways Sonus Improved Demand Planning and Reduced Inventory by 20% appeared first on The 21st Century Supply Chain.

2019 Forecasting and Inventory Benchmark Study

Supply Chain Brain

What does best-in-class forecasting and inventory management look like? Now in its ninth year, E2open’s 2019 Forecasting and Inventory Benchmark Study is the most consistent, comprehensive and useful study of its kind. What’s more, the data from this study doesn’t come from surveys and questionnaires, it is sourced from real data from E2open’s diverse customer base.

Five Steps to Launch a Supplier Scorecard

Logility

Featured Download. Download. Short Registration - Multi Part - BLOG FEATURED DOWNLOAD. Phone * Company * Job Title * Zip Code * Source Asset Source Download ID. 2 Identify and get access to the right data sources.

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Selling on Shopify for Beginners: Sourcing, Designing, and More

ShipBob

Source your products. Before you build an online store, you need to source your products. There are several avenues you can take to source products from working with local stores or suppliers to wholesale distributor options. Another great option is to source from global marketplaces such as Alibaba and Indiamart, which both offer bulk goods at a low cost. . Download: ShipBob & Shopify Plus: The Winning Fulfillment & Ecommerce Tech Stack.

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.

How Safety Stock Absorbs Demand Volatility

ToolsGroup

But companies can overcome this obstacle by positioning the right inventory across the supply chain to absorb such volatility. Surprisingly, there is an immediately available, relatively straight-forward alternative – fixing your inventory (safety stocks) to cope with the forecast uncertainty. That’s because inventory planning and demand forecasting are two sides of the same coin. Getting the Right Inventory Mix. Not all inventory is created equal.

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By all means use forecasting time fences. And by all means violate your time fences.

Demand Solutions

An item's forecasting time fence often mirrors the item's planning or sourcing lead time. If it takes two months from when an item is ordered to when it's received into inventory, there's logic in not changing the forecast within that two-month period, since a change to the forecast will have no impact on the item's availability. Download and read Bill's " 12 Supply Chain Forecasting Lessons " white paper today.

Innovative Approaches to Supply Chain Risk

Kinaxis

This key supplier had been identified and sure enough, you have a second source primed and ready to go. We have a problem.” The alternate source uses the same supplier in Taiwan. Adding to this challenge is the reluctance of suppliers to share their sources with their customers for competitive reasons. Efficiency programs like lean drove us to reduce suppliers and cut inventory.

Digitized Procurement: Your Setting-off Point to Autonomy

Jaggaer

Sourcing automation. Sourcing Strategy Advisor. To learn more about autonomous procurement and the journey to get there, download our new white paper written by Michael Lamoreux, Spend Matters. The new sourcing platform brings us the opportunity to connect data much better and generate new value-adding information for our internal business partners.” – Head of Regional Procurement, DPDHL. Autonomous Procurement Source-to-Pay

Elephant in the Room: Thoughts on Metrics That Matter in Semiconductor and Hard Disk Drives

Kinaxis

With China already a source for semiconductor raw materials and the China/India end consumer market growing, there will be pressure to supply chips and hard drives to local China/India OEM’s first. Understanding inventory planning will take on a new dynamic. On the downside, it appears that these industries are struggling with inventory issues. The research shows the cash-to-cash cycle has increased, as have days of inventory, and inventory turns are on the decline.

3D Printing Set to Streamline the Retail Supply Chain Through Reduced Lead Times and Inventory

BluJay Solutions

The attractiveness of 3D printing for manufacturers and retailers/distributors centers around reducing both lead times and the risks involved in holding inventory. In reality, retailers routinely pass the inventory risk to their suppliers, particularly since the phenomenal growth of multi-channel retailing, with direct dispatch (or drop ship) suppliers bulking up retailers’ online offerings without requiring a financial commitment or warehousing space.

HobbyCraft reduce stock by 20% without impacting service levels

Supply Chain Movement

With more and more lines being sourced from the Far East, the challenge for the team was to maintain availability, whilst keeping overall stock value in line with company expectations.”. >> >> Click the button to download the article now. HobbyCraft UK case inventory management. Please fill in the following fields to activate the download button. HobbyCraft, with head offices in Bournemouth, are the UK’s leading retailer of craft products.

Don’t Get Left Behind (Again) by Advanced Technology

QAD

Plus, there is an app I can download on my phone or tablet that will listen to a few seconds of a song and tell me the name, artist and album. Time and Inventory Management Advancements. Someone would take my punch cards and in a day or so enter the inventory into a card catalog of each item of material that I had used. No limit to the amount of data, the style, the source or the amount of history you want to store.

Integrated Planning: Is It Rubbish? Be Careful What You Ask For….

Supply Chain Shaman

Each are good at localized planning within a focused area of demand, supply, network design, transportation planning, material sourcing or finite scheduling. The greatest value happens when companies can link across source, make and deliver. We are also in the cusp of a technology evolution with cognitive computing and open source platforms. On Sunday, I spent the day at the Barnes Foundation with an old friend Karen.

Procurement Technology: An Update from Spend Matters in Baltimore

NC State SCRC

On software, there is a move towards government-wide software licenses, to begin to appoint individuals to manage software license inventory, and establish government-wide solutions that are smarter on refresh cycles. 22,000 sourcing events. $50 An example was provided to show how a requisition can be generated in 90 seconds and drive locked in savings through a preferred source, and avoids over-specifying the requirement.

How to Get Started with Value-add Forecasting (Part 2)

Logility

Take a data asset inventory. Once the project is defined, it is critical that an inventory of all data assets is taken. Answering the questions that the business has may require gathering additional data, purchasing data from third parties, or reformatting existing data sources. Download. Short Registration - Multi Part - BLOG FEATURED DOWNLOAD. Phone * Company * Job Title * Zip Code * Source Asset Source Download ID.

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? We call it a single source of “data truth.” Download: The OneSCM Workflow Engine is Your Key to Complete Supply Chain Orchestration. The successful music orchestra is a myriad of ensemble instruments working together to create beautiful music.

How To Start Your Brewery On The Path To Success

Unleashed

How many stock-outs, an event that caused inventory to be exhausted? Stock & Inventory Control. Assign a serial number to ensure you know where they’ve gone and when they come back into your inventory. Connect your sales people with your live inventory system wherever they are. All the information about their products, inventory and stock were in their brewer, Luke Nicholas’ head. Download the pdf here.

Blockchain in Supply Chain: 2 Ethereum-Based Projects That Demonstrate How Blockchain Can Improve Supply Chains

Cerasis

Download white paper. What makes Ethereum different is that it actively encourages software development teams to use its open-source protocol to design tokens that run on top of the Ethereum blockchain. Provenance ensures transparency in supply chains, with the aim of encouraging brands to source materials and labor in an ethical and fair trade manner. Supply chains are messy. Blockchain in Supply Chain Can Help. A manufacturer in China doesn’t read the specs on an order.

What is supply chain management for wholesale?

TradeGecko

Supply chain management involves controlling the upstream and downstream flow of materials and finances from sourcing to manufacturing and distributing, to retailing and finally into the hands of the end consumer. Efficient supply chain management also ensures that a company maintains a constant flow of fresh products at an optimal level that matches customer demand while keeping inventory levels at a minimum to minimize carrying costs. Download this FREE tool

The 3D printing revolution you haven’t heard about

Supply Chain Movement

The technology makes it possible to print and have parts in a few hours, without the need to buy large volumes, and with positive implications for the environment as customers source products locally, and quickly. For industries where storage for parts inventory is limited, this is welcome news. We may even see manufacturers source 3D-printed parts on their own premises, bypassing the supply chain altogether. We’ve read the articles and watched the TV stories.

What the Analysts Are Saying About…A&D Supply Chains

Kinaxis

I spread my Supply Chain wings at an Aerospace company and since Aerospace and Defense is a key vertical market for Kinaxis, the recent Supply Chain Metrics That Matter: A Focus on Aerospace & Defense report was downloaded on my laptop to read on my next flight. Think about those design, sourcing and delivery challenges. A supply chain based so heavily on external sources is susceptible to more risk than catching a flight on time out of Newark. by Bill DuBois.

Expert Explains How to Improve Supply Chain Efficiency

Supply Chain Opz

By reducing lead times due to shorter delivery routes, inventory and waste in the system can be reduced without sacrificing service levels. If the final “manufacturing” of the product can be performed by the customer (such as downloading, storing, printing and, increasingly, 3D-printing of files), then this approach also solves the “final mile problem”.

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Rising Above Supply Chain Disruptions

DELMIA Quintiq

Here are a few tactics: Monitorinventory, including components and sources,with digital supply-chain mapping. Differentiate how you hold inventory by using a multi-echelon optimization approach to prevent shortages. To learn more, download our exclusive ebook about supply chain planning. .

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

Arkieva

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. Plant managers are very focused on optimizing throughput and utilization while the sales force is focused on satisfied customers with a tendency to prefer available inventory. Below you will find some questions to ask those you meet: Do we have sole source suppliers?

Supply Chain Digest Presents the Best in Supply Chain Content.

Supply Chain Digest

Inventory Management/Optimizat. Watch our companion Video and download others Megatrend Executive Briefs at www.scdigest.com/Supply_Chain_Megatrends.php. Supply Chain Digest is the industry’s premier interactive knowledge source, providing timely, relevant, in-context information. Search. or Search by TOPIC. Select Topic. Bar Coding/Label Printing. Compliance Networks. Consumer Goods and Retail Supp. Demand Planning/Forecasting. Distribution/Centers. ERP Systems.

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How the cloud and counterfeiting are affecting the pharmaceutical supply chain

The Network Effect

These capabilities can also work to reduce inventory by providing data on inventory from downstream supply chain partners, which can be leveraged to model demand and regulate drug supply. Producers of both innovative products and generics are being confronted with a growing number of counterfeits which are deliberately and fraudulently mislabeled with respect to identity and/or source.

Solving the Supply Chain Planning Puzzle

Logility

However, multi-plant sourcing and scheduling increases complexity and the need for enabling technology to develop an integrated plan for both aggregated levels of production and site level production to meet customer orders.

Push vs. Pull in your supply chain…what’s the difference?

The Network Effect

They also lead to other problems like high carrying costs, discounting, disposals, missed sales, weak customer loyalty, shortages, high debt loads, inventory disposals, emergency shipments, rescheduled production and attenuated profits. Only immediate customer requirements are drawn from the protective inventories upstream. The result is an automated inventory policy driven by actual pull requirements at the granular level. Loren Kerns (Flickr).

6 Supply Chain Disciplines to Enable Profitable Growth

Talking Logistics

Supply chain management spans many functions and processes, including demand planning, sourcing, merchandising, supplier relationship management, inventory management, inbound and outbound transportation, distribution management, and store operations. I encourage you to download and read the book for all the details, as well as use the online grader tool to assess your current capabilities in these areas. How much inventory do we have across our network?