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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.

Inventory Optimization 101 – Smart & Effective Inventory Management

ThroughPut

What is Inventory Optimization? Inventory Optimization is defined as a method of balancing the manufacturers’ capital investment constraints and goals along with the defined service-level goals over a large assortment of stock-keeping units (SKUs) while considering all demand and supply volatility situations. It includes the practice of having the right levels of inventory to meet your target service levels while keeping a minimum amount of capital locked for inventory.

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Inventory Optimization 101 – Smart & Effective Inventory Management

ThroughPut

What is Inventory Optimization? Inventory Optimization is defined as a method of balancing the manufacturers’ capital investment constraints and goals along with the defined service-level goals over a large assortment of stock-keeping units (SKUs) while considering all demand and supply volatility situations. It includes the practice of having the right levels of inventory to meet your target service levels while keeping a minimum amount of capital locked for inventory.

10 Commandments of Inventory Management

Supply Chain Opz

Inventory management is one of the most important tasks for supply chain management professionals. However, most inventory control theories are too complicated or too difficult to apply to real world situations. Then, this article will show you 10 simple principles that you can use to streamline your inventory management practices right away. 3) Forecast at the right level Standard inventory management textbooks suggested that forecast be done at a product family level.

Integrated Supplier Management Boosts Performance

QAD

The disruption caused by the COVID-19 pandemic has certainly increased the awareness among manufacturers for improved communication and collaboration with suppliers. Manufacturers require integrated supplier management to ensure the timely flow of goods and information.

What’s the Difference Between Freight Management and Logistics Management?

Supply Chain Game Changer

In business it is not uncommon to hear the words “Logistics Management” and “Freight Management” thrown around interchangeably. “Logistics” and “Freight” both conjure up imagery associated with the movement and transportation of goods whether by truck, car, rail, ocean liner or any other form of transportation. What is Freight Management? But what activities are thus considered to be a part of Freight Management?

10 Inventory Management Hacks You Can Do in 10 Days

Supply Chain Opz

Inventory management is one of the most important tasks for supply chain management professionals. However, most inventory control theories are too complicated or too difficult to apply to real world situations. Then, this article will show you 10 simple principles that you can use to streamline your inventory management practices right away. 3) Forecast at the right level Standard inventory management textbooks suggested that forecast be done at a product family level.

Why is Supply Chain Such a Great Career Path?

Supply Chain Game Changer

SCM encompasses the integrated planning and execution of processes required to optimize the flow of materials, information and financial capital in the areas that broadly include demand planning, sourcing, production, inventory management and storage, transportation — or logistics — and return for excess or defective products. These jobs could involve working in a Warehouse, Distribution Centre, Manufacturing operation, or in an Office environment, or all of the above.

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What Exactly Is Supply Chain Management? 10 Different Definitions!

Supply Chain Game Changer

Yet all of the functions that we now associate with Supply Chain have been around for a very long time: Planning, Inventory Management, Logistics, Procurement and Purchasing, Warehousing and many more. I worked in Materials Handling, Packaging Engineering, Warehouse Space Planning, Resource Planning, Procurement, Inventory Management and Control, Production Control, Systems Management and other areas. Subscribe Here! Email Address.

Supply Chain Costs: A Definitive Guide for Manufacturers

ThroughPut

Manufacturers usually define supply chain costs using the total cost of ownership. Most manufacturers aim at creating the most optimum supply chain for their organizations. Since these internal costs can significantly increase the total cost of supply, manufacturers should have the right method to identify and quantify them to avoid making purchase decisions based on inaccurate or incomplete data. Procurement costs. Inventory costs. Inventory management-.

Supply Chain Costs: A Definitive Guide for Manufacturers

ThroughPut

Manufacturers usually define supply chain costs using the total cost of ownership. Most manufacturers aim at creating the most optimum supply chain for their organizations. Since these internal costs can significantly increase the total cost of supply, manufacturers should have the right method to identify and quantify them to avoid making purchase decisions based on inaccurate or incomplete data. Procurement costs. Inventory costs. Inventory management-.

Supply Chain Costs: A Definitive Guide for Manufacturers

ThroughPut

Manufacturers usually define supply chain costs using the total cost of ownership. Most manufacturers aim at creating the most optimum supply chain for their organizations. Since these internal costs can significantly increase the total cost of supply, manufacturers should have the right method to identify and quantify them to avoid making purchase decisions based on inaccurate or incomplete data. Procurement costs. Inventory costs. Inventory management-.

Supply Chain Risk Management is a Cirque Du Soleil Calibre Act!

Supply Chain Game Changer

What if a hurricane destroyed our manufacturing building? Without raw materials, components, subassemblies, products or services a company will not be able to manufacture, distribute, sell and deliver to its customers. If there is only one supplier for your materials and the supplier has a problem in manufacturing, quality, allocation, or even financial solvency this can disrupt your supply lines. Inventory Performance. Subscribe Here! Email Address.

How Does Procurement Create Value? Insights from CPO Speakers at Zycus Horizons Conference

Supply Chain View from the Field

In addition to the procurement executives, I also got to meet Captain Dick Phillips, the captain of note in the film “Captain Phillips” We had a chance to talk about his experience, and he also presented to the group about the incredible experience he went through. Chris Sawchuck from the Hackett Group interviewed three heads of procurement from three large companies, and asked an important question. Does procurement add to top line revenue.

How Machine Learning Is Redefining Supply Chain Management

IQMS

Key factors influencing inventory levels, supplier quality, demand forecasting, procure-to-pay, order-to-cash, production planning, transportation management and more are becoming known for the first time. Reducing freight costs, improving supplier delivery performance, and minimizing supplier risk are three of the many benefits machine learning is providing in collaborative supply chain networks.

10 Vital Supply Chain Lessons from the Coronavirus Pandemic!

Supply Chain Game Changer

China was locking down hundreds of millions of people and closing manufacturing facilities. As China is the largest manufacturing country in the world the economic repercussions were really starting to be felt. And with less manufacturing output there were fewer container ships leaving Asia full of goods meaning activity in ports in North America and Europe would slow down rather quickly. Automotive manufacturers are looking to manufacture ventilators.

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Supply Chain as a Service (SCaaS)!

Supply Chain Game Changer

The 3 Pillars of Digital Procurement! I began my career working in a manufacturing plant within an international company that was completely vertically integrated. From component manufacturing through to subassembly manufacturing and end product assembly they did it all. Within 10 years the company experienced a number of site closures and declared that manufacturing was no longer a core competency. Subscribe Here! Email Address.

Is Your Supply Chain A Cost Centre or a Value Creator?

Supply Chain Game Changer

From planning to negotiating to buying, from moving goods to processing goods, and from managing data to managing inventory. Lean for instance is equally applicable in Supply Chain as it is in Manufacturing or anywhere else. The Supply Chain in the Financial sector is different from Manufacturing and Distribution for instance. The Cash Cycle is a function of the days of Accounts Receivable, Accounts Payable, Inventory and Capital Expenditures. Subscribe Here!

3 Best Practices to Improve Your Flatbed Shipping Performance

CH Robinson Transportfolio

Flatbed shipping is an important contributor to the overall economy as several key industries leverage this solution for the movement of their critical freight. And, accordingly, each industry procures and manages capacity differently to navigate these challenges and drive positive outcomes.

Using Digital Supply Chain Planning to Respond to Market-Changing Disruptions like COVID-19

ToolsGroup

Macro events like the Coronavirus crisis trigger demand volatility that affects every link in your global supply chain—from the raw materials you procure to setting safety stock levels to planning logistics and promotions. Examples of this include expediting with LTL and air freight and costly in-network transfers from warehouse to warehouse–all of which erode profit margins. Blog demand forecasting Featured inventory optimization machine learning supply chain planning

Are We Facing the End of Supply Chain Management?

Supply Chain Game Changer

Blog post originally published by, and permission to publish here provided by, Argentus at [link] , a boutique recruitment firm focused on Supply Chain and Procurement. The HBR article outlines an interesting development: more retail and manufacturing companies are adopting “digital control towers” for their supply chains. Companies will always need people who can build relationships with vendors when conducting large-scale Procurement. Subscribe Here! Email Address.

Supply Chain Predictions!

Supply Chain Game Changer

Check out Procurement Experiences, Trends and the Future! In the book, The Living Supply Chain , the authors argue that, “Speeding up the supply chain is at the root of everything that is good: improved revenue, reduced working capital, higher profitability, and less obsolete inventory. Kuebix TMS offers full tracking and visibility of your freight expense down to the SKU level across every mode and along every step of its journey. Subscribe Here! Email Address.

Commodity (or Category) Management – What is your Buying Strategy?

Supply Chain Game Changer

Check out What Exactly Is Procurement? A well constructed Procurement Strategy will raise the value of the Supply Chain to your company. “Commodity Management” may also be referred to as Category Management, Strategic Procurement or Merchant Management for instance. I use the term Commodity Management to represent the strategic procurement of materials regardless of what specific industry or company vernacular you may use. Subscribe Here! Email Address.

Top 10 Global Supply Chain Risks

Supply Chain Game Changer

Inventory Turnover Breakthrough … Go Back To The Basics! Risks exist in land, air and ocean freight. Poor grasp of hazards in your supply chain will increase freight spend and diminish brand value. Extreme weather represents one of the most significant risks to ocean freight on the globe. Someone with malicious intent could bring down entire supply chain networks and force freight rates to skyrocket. Supplier consistency applies to manufacturers as well.

Time to turn around inventory falls by two days says new report

EFT

The median time for retailers to move returns back to inventory ready for resale has fallen from 2017 to 2018, from a median of seven days down to five days. of retail respondents report that their average time to restock returns is three days or less, marking out a clear focus on agility of inventory that can accommodate a more e-commerce-centric environment and a higher returns volume. . Gabi Weisel, Director Global Indirect Procurement, Estée Lauder.

It’s Time to Welcome The Supply Chain CEO!

Supply Chain Game Changer

Argentus is a boutique recruitment firm focused on Supply Chain and Procurement. Over the past few decades, companies have realized that the way they bring products to market – from sourcing parts and services, to manufacturing, to shipping, to distribution – isn’t just a practical necessity, but an avenue for competitive advantage. Whereas different Supply Chain functions used to be siloed (planning, operations, procurement, etc.), Subscribe Here! Email Address.

Supply Chain Personified! The Link Between Your Company Silos!

Supply Chain Game Changer

The procurement of materials and goods and services, and the timing of this procurement, payment terms with suppliers, and the buildup and disposition of inventory all dramatically impact the amount of cash that a company has and uses. The management of the Sales, Inventory and Operations Planning (SIOP) process within a company dictates the entire tactical and strategic planning of resources at all levels. Manufacturing/Operations. Subscribe Here!

The Supply Chain Detective™! In Search of Broken Supply Chain Clues!

Supply Chain Game Changer

Most companies have a Procurement function, Distribution, Logistics, Planning, Inventory Management, Product Data Management, and Operations. In the area of Procurement they did a lot of benchmarking and highlighted deficiencies in our materials costing and pricing processes, and the resultant uncompetitiveness and financial shortfall that resulted therefrom. Cash constraints, and borrowing money to fund operations and finance inventory. Subscribe Here!

Is it time to integrate your supply chain design with execution?

JDA software

its inventory management and where and how well it deploys inventory to optimize customer service levels and profitability. its transportation management and how well it continually procures, plans, executes and monitors freight. Inventory management. Likewise, operational considerations like optimized inventory management have never been more important. Supply Chain inventory management network design supply chain design transportation management

Inspirational Supply Chain Quotes

Supply Chain Game Changer

I made two interesting discoveries: The components were all manufactured by other companies, and the system that retailed for $3,000 cost about $600 in parts.” ~ Michael Dell. Bottlenecks govern both throughput and inventory.” ~ Eliyahu M. Freight and Logistics Guest Blog Post Procurement Supply Chain Management Leadership Quotes SCM supplychain supplychainmanagementSubscribe Here! Email Address. Article originally published and provided by [link].

How to Get a Job in the Supply Chain Sector

Logistics Bureau

It touches many departments, from production, procurement, shipping, accounting, and finance to marketing, warehousing, research and development, and sales. They also need to keep a check on inventory levels and identify obsolete stock. Manage inventory levels.

Screen Time! Is That Enough To Be Good In Supply Chain?

Supply Chain Game Changer

Or do you really need to “Go Outside and Play” and go into Warehouses, Distribution Centres, Manufacturing facilities, Logistics operations, Planning and Purchasing offices, and more to really understand how the Supply Chain works? ERP systems, Financial and Planning Systems, Order Management activities, Supplier Management Systems, Inventory Controls, and Distribution activities all have as their user interface a screen of some kind. Subscribe Here! Email Address.

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Imagining the Supply Chain of the Future!

Supply Chain Game Changer

The back bone of all of it is Digital Technology: The Internet of Things (IoT) End to End Digital Connectivity Cloud Computing Blockchain Big Data Artificial Intelligence Predictive Analytics Machine Learning Virtual Reality Augmented Reality Voice Activated Technology Wearable Devices Robotics 3D Printing and On Demand, Additive Manufacturing Cyber Security Autonomous Vehicles Drones Software as a Service (SaaS) and much more. Subscribe Here! Email Address.

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

BluJay Solutions

Yet the potential for manufacturers and retailers/distributors to streamline and simplify production and distribution processes as well as increasing the possibilities for customization of products is clear, and media and industry interest in how to harness this technology to drive innovation is gathering pace. The attractiveness of 3D printing for manufacturers and retailers/distributors centers around reducing both lead times and the risks involved in holding inventory.

The Supply Chain Game Changer Job Board!

Supply Chain Game Changer

It includes functional areas such as Procurement, Purchasing, Freight, Logistics, Planning, Material Handling, Inventory Management, Cash Flow Management, Quality Management, Diversity, Customer Support, Systems Design and Deployment, Business Process Engineering, and Business Management. The Hottest Jobs in Supply Chain and Procurement! SCM #SupplyChain #supplychainmanagement #logistics #freight #transportation #distribution #procurement. Subscribe Here!