Inventory Management in Service Logistics Industry

Talking Logistics

What is Inventory Management? For Manufacturing it’s about carrying zero or minimum inventory. For Logistics the focus is on high inventory turns. Inventory Management is about having a right balance of expectations from different functions of the supply chain.

Gaining Clarity on Inventory Effectiveness

Supply Chain Shaman

The impact of complexity on inventory is not quick. To help, today I want to share some of the insights from our recent Inventory Optimization study. Inventory management is a hot issue. Companies invest in project after project, yet inventory levels remain the same.

Multi-echelon inventory optimization vs inventory optimization

ToolsGroup

Editor’s Note: Last year ToolsGroup became Microsoft’s partner for Multi-echelon Inventory Optimization (MEIO) in Industrial accounts. Microsoft and I collaborated on a blog introducing the basic concept of MEIO, comparing it with Inventory Optimization. Inventory Optimization

The Inventory Accuracy “Confidence Gap”

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. And it begins with improving their inventory accuracy.

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. Inventory is both.

Multi-echelon inventory optimization vs inventory optimization

ToolsGroup

Editor’s Note: Last year ToolsGroup became Microsoft’s partner for Multi-echelon Inventory Optimization (MEIO) in Industrial accounts. Microsoft and I collaborated on a blog introducing the basic concept of MEIO, comparing it with Inventory Optimization. Inventory Optimization

The Right Technology for Inventory Management

Logistics Viewpoints

Managing inventory in 2019 has become an even more complex challenge according to our industry peers and PINC customers. In my previous article titled “The High Cost of The One Percent Inventory Accuracy in Your Supply Chain“, I explored significant challenges, costs associated to inventory management, and what one percent of inventory accuracy represents to your operation. Guest Commentary Inventory Management

Winning the Inventory Battle in the Consumer Products Industry

Logility

The Consumer Products Industry experienced a 32% growth in active items in 2015 and that trend has accelerated over the last 18 months. reduction in finished goods inventory (days). reduction in inventory obsolescence (percent of inventory value).

Lean Inventory: Using Lean Initiatives To Manage Inventory

Cerasis

What is Lean Inventory Management? More firms are implementing lean inventory management techniques to reduce costs, improve flexibility and have more time to focus on their customers. What is Lean Inventory Management? Attributes of Lean Inventory Management.

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Five Reasons Why Are We Not Making Progress on Inventory Management

Supply Chain Shaman

At the session, we discussed why companies have not made more progress on inventory management. Note in Figure 1, that eight industries have gone backwards and four moved forward. Days of Inventory Pre and Post-Recession. IT View of the Current State of 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.

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.

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.

Provoking the Industry to Move Past Incrementalism

Supply Chain Shaman

Putting a stick in the eye of the industry is hard work. When we study 600 public companies by peer group, at the intersection of inventory turns and operating margin, only 5% drive improvement. The industry has too many events. In neither industry, despite the spend of 1.7%

Life Sciences Industry Inventory Optimization Health Check

Logility

One potential way to reduce costs without lowering the quality of healthcare is to optimize how much inventory is required and where that inventory is positioned. Minimizing the amount of inventory required to provide advanced healthcare reduces both working capital and obsolescence.

Drone-Powered Digital Inventory

PINC YMS

Even though 90% of inventory is stationary in the supply chain, according to industry experts, inventory accuracy at distribution centers, warehouses, and plants ranges from 89% to 99% *. That’s because most of the inventory management process is still a manual activity. innovation inventory robotics Logistics Viewpoints warehouse drones

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

Kinaxis

by Jeswin Philip The Food Packaging Trends and Advances report from PMMI forecasts that the US Food and Beverage industry will experience a 2.9 % CAGR through 2022. The report also mentions that the global growth rate is almost double that of the US food industry.

What’s shaping the steel industry today?

Quintiq

In recent years, the steel industry has seen creative solutions to long-standing challenges, emerging technologies, and niche market explorations – all of which are changing this traditionally conservative industry. The post What’s shaping the steel industry today?

How Demand Forecasting Helps You Manage Inventory

AFFLINK

As businesses scale, they need to investigate the accuracy of their inventory management and forecasting processes. Through better demand, an organization will be able to better manage inventory, increase revenue, and improve customer support.

SanDisk’s Story of Customer Segmentation Strategies Using Inventory Postponement

Supply Chain Shaman

Instead, in the SanDisk journey , they adjusted the speed of response to their customer segments, and actively designing inventory postponement strategies. This included monthly reviews between business units and central operations teams and adaptive inventory segmentation policies.

When is Inventory Too “Lean”? Finding the Right Balance

ToolsGroup

Since then, lean practitioners have gone on to make great strides and contributions, not only in the automotive industry but in many other types of businesses and organizations. But we have also seen companies misinterpret the lean message when it comes to inventory.

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The Future of Inventory Management

Kinaxis

by Andrew Dunbar This post concludes my inventory management blog series. Inventory management is not a stand-alone business process that occurs after other processes are complete. How does your inventory manager’s role compare to the one I’ve described here?

Planned Obsolescence in the Durable Goods Industry

Logility

The consumer durables industry is experiencing significant supply chain threats, from product proliferation, intense global competition, evolving regulations and constrained supply brought on by a long period of sustained growth as shown in the graph below. Inventory Optimization

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.

Industry 4.0 getting whipped

Supply Chain Movement

Or might we be returning to old supply chain principles that vanished in the era of mass production – a ‘make-to-order’ culture marked by personal service, bespoke products and minimal inventory? In our utopian Industry 4.0 My hope is that as Industry 4.0

Using Lean to Manage Inventory!

Supply Chain Game Changer

What is Lean Inventory Management? More firms are implementing lean inventory management techniques to reduce costs, improve flexibility and have more time to focus on their customers. What is Lean Inventory Management? Attributes of Lean Inventory Management.

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Improving the Transportation Solve: Jointly Optimizing across Inventory and Transportation

Logistics Viewpoints

Food & Beverage Industry Inventory Management Logistics Outsourcing Supply Chain Optimization Transportation Management Systems inventory Mananged Transportation optimization TMSWhen a company is looking to reduce their freight spend, while maintaining or improving service levels, there are two main paths they can take. They can buy and implement a transportation management system (TMS).

Inventory Metrics: From Insight to Action

Kinaxis

by Andrew Dunbar Over the last several weeks, this blog series on Inventory Management has explored the objectives and roles of inventory managers and outlined several of the improvement levers available to them. So, what do you need to measure to manage your inventory ?

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.

[INFOGRAPHIC] 6 Logistics Industry Trends Set to Transform 2016 & Beyond

Cerasis

Changes in manufacturing processes, which will increase production, lead to one ultimate result--the logistics industry must change. For third-party logistics providers ( 3PLs ), logistics industry trends will dramatically affect how logistics providers of all sizes operate.

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Inventory Management Levers – Success Through Collaboration

Kinaxis

by Andrew Dunbar So you’re an inventory manager, and your CFO just asked you to reduce inventory by 10% before year end to free up some capital for next year’s big investment in R&D. Figure 1: The theoretical on hand inventory level of a single item.

Medicine's Inventory Nightmare

Elementum

In the pharmaceutical industry, supply chain disruptions can mean the difference between life and death for patients whose survival depends on consistent, timely access to the right medications and medical supplies. However, many hospitals and medical institutions struggle to provide adequate care due to inventory issues resulting from a dependence on outdated and inefficient supply chain management systems. For more about flexible inventory management, read our recent blog.

Shaw Industries implements Collaborative Forecasting and Inventory Optimization

Supply Chain Movement

Shaw Industries, a carpet manufacturer and floorcovering provider, has recently decided to implement the Central & Collaborative Forecasting and Inventory Optimization solution from OM Partners within its Hard Surfaces division. Shaw Industries plan to roll the solutions out to other divisions like Carpet & Tile over the course of the coming years.

Three Critical Supply Chain Capabilities for Private Label Industry Success

Logility

To combat this complexity and provide high service levels on brands that directly shape a retailer’s core reputation requires expertise in the crucial disciplines of demand planning, inventory optimization, and manufacturing planning. eBook: The Inventory Optimization Handbook

Inventory Optimisation for Greater Inventory Control

Unleashed

The biggest challenge of inventory control is getting the balance right, to meet the challenge of matching supply volumes to customer demand and with any good enterprise or activity, it usually pays to start with the basics. Inventory optimisation basics. Unique, short and unmistakable numbers for inventory items. An accurate beginning counts of all inventory stock. Software to track inventory activity in real time. Robust inventory control policies.