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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. Inventory Management is a function that should always be in sync with your supply chain strategy and in turn depends on your overall business strategy. What does it mean for inventory?

Make Freight Sourcing More Efficient!

Supply Chain Game Changer

Freight sourcing team article and permission to publish here provided by Katharine Barrios at xeneta.com. Freight sourcing and procurement is a critical component of the whole supply chain and is crucial to the success of the business. In order to achieve maximum efficiency in freight sourcing and procurement, you need a strong team to handle the requirements. These are the must-haves for any effective freight sourcing team. The shipping industry is fragile in nature.

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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?”

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”.

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. Data availability and advanced analytics are also shaping the industry by providing new insights into efficient manufacturing processes. Colin: How do inventory optimization (IO) and multi-echelon inventory optimization (MEIO) enable manufacturers to operate more efficiently?

Use of Blockchain in Supply Chain & Logistics: Looking to Examples Across Industries for Better Understanding

Cerasis

Even JP Morgan, Microsoft, and Google, reports Jonathan Chester of Forbes , are working to increase blockchain development and innovation, and supply chain leaders need to understand how the use of blockchain in supply chain and logistics will bring about lasting change and improvements in efficiency. Blockchain is entering a phase of development that will affect every aspect of supply chain and logistics management, ranging from procurement to forward logistics and beyond.

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

Talking Logistics

Note: The following is an excerpt from “ Omni-Channel Logistics Leaders: Top 5 Inventory Insights ,” 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. Source: “Omni-Channel Logistics Leaders: Top 5 Inventory Insights,” Adelante SCM & LEGACY SCS.

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. Data availability and advanced analytics are also shaping the industry by providing new insights into efficient manufacturing processes. Colin: How do inventory optimization (IO) and multi-echelon inventory optimization (MEIO) enable manufacturers to operate more efficiently?

Talking Logistics: PINC and project44 Partnership Commentary

PINC

PINC and project44 announced a partnership this week that “aims to empower industry-leading shippers and carriers with end to end real-time shipment visibility and yard management automation capabilities for an enhanced supply chain experience.” By Adrian Gonzalez.

Pursuing a Career in Logistics and Supply Chain

Logistics Bureau

The truth be told, the supply chain management profession is extremely broad and the range of jobs in the industry is vast. Sourcing. Strategic Sourcing Manager. Purchasing & Inventory Clerk. Logistics Manager. Reverse Logistics Manager.

Podcast: Rob O’Byrne on Digital Transformation, Sustainability, and Diversification in Sourcing

Requis

Supply chain and logistics consultant, educator, and podcast host Rob O’Byrne has over 40 years of supply chain experience. He has been helping companies design more profitable supply chains for over 25 years, most of them as founder and CEO of Logistics Bureau.

Improving inventory management

EFT

What’s more plenty on the retail side have found themselves with held inventory but it suddenly locked away in stores that people could no longer frequent, browse and shop from. In his opinion the way you do that is “By putting inventory close to customers.

The Benefits of Evolved Vendor Managed Inventory Model Led by Web-Based VMI

Cerasis

So why do we feature content related to Vendor Managed Inventory? In a VMI model, part of the equation is the inbound & outbound flow of the inventory. Inventory is then put on pallets and shipped as freight. Distributors will inbound to a manufacturer the inventory needed and transportation management, especially inbound freight management, efficiency is paramount to an effective vendor managed inventory model. We never ran out of or had too much inventory.

The Consumer Packaged Goods Industry Shines During the Pandemic

Enterra Insights

Colin Stewart, Executive Vice President of Business Intelligence at Acosta, notes, “All industries are feeling its effects, but brands and retailers in the consumer packaged goods industry are among those on the front lines of this fight. ”[1] The first impact felt by the CPG industry was panic buying. According to Tricia Ewald, a Managing Partner for marketing and communications at ICF, the CPG industry has stepped up to meet pandemic challenges.

Healthcare Logistics

LeanCor

Healthcare Logistics: A Network Design Case Study. 23 million dollars in total healthcare logistics cost savings; how would that make you feel? The healthcare industry is embracing lean concepts to increase efficiency and decrease costs. Executives are utilizing supply chain consulting to diagnose areas for improvement and develop a plan to end supply chain pain within the healthcare industry. Improved service levels with overall inventory reduction.

[VIDEO] Logistics Beacons: Using Proximity As A Logistics Oversight Service

Cerasis

The global logistics industry generates $9.1 The global Third Party Logistics (3PL) industry generates $750 Billion in revenue as a part of that figure. trucking industry alone generates approximately $700 Billion in revenue. Air and sea cargo industries generate $62 Billion each. In the most simple of terms, any product that is produced – or the raw goods used to produce it, are moved through some sort of logistics network.

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Transforming the GCC Chemical Industry with Supply Chain Integration – LogiSYM September 2020

The Logistics & Supply Chain Management Society

The GCC chemical industry is second largest manufacturing industry in value add, after refining. 2017 Facts and Figures report by Gulf Petrochemicals and Chemicals Association (GPCA), the chemical industry accounts for 3.1 GPCA confirms GCC chemical industry’s key problem is ensuring a smooth flow of raw materials to reach production plants across the globe for finished good production.” But the chemical industry is still lagging in digitisation.

The Internet of Things and the Retail Industry

C3 Solutions

What's interesting is how the use of IoT technologies to track inventory throughout the supply chain can dovetail with the kind of visibility you gain when you implement a best-of-breed dock scheduling system from C3 Solutions. This article is part of our Retail Program.

Why Large Companies Increasingly Opt for 4PL Services

Logistics Bureau

SUMMARY: Because 4PL providers handle a company’s entire chain, including challenges that are thrown up by advances in technology, they are increasingly being favoured over third-party logistics (3PL) providers, especially by big companies with complex supply chains. 4) Industry.

The Top 5 Changes That Occur With AI in Logistics

Cerasis

There’s no other way to describe it: Artificial Intelligence (AI) is revolutionizing the world of logistics. Here are the top five ways in which Artificial Intelligence is transforming the logistics industry as we know it: 1) Predictive Capabilities Skyrocket When AI in Logistics is Implemented The capabilities of AI are seriously ramping up company efficiencies in the areas of predictive demand and network planning. Logistics

7 Incredible Benefits of Cloud-Based Logistics Management

Cerasis

In the below article I propose to have a look at the main benefits and advantages of the cloud-based logistics management. Each industry has its peculiarities, among the others, in the logistics, manufacturing, and supply. The cloud-based supply chain software can be customized to suit your industry, your transportation , freight-forwarding and warehousing specialty, import-export regulations. The cloud-based logistics is a “pay-per-use” model. Logistics

Collaboration in the Automotive Industry: Enabling Intelligent IT-Managed Supply Chains

Talking Logistics

The challenge is to manage a very large network of different and globally-dispersed suppliers, forwarders and other logistics providers. Reasonable linking of various data sources (= intelligent integration) in order to have continuously-updated data with high significance and quality instead of fragmented and isolated information. Inventory and transportation costs are reduced significantly, while production processes are accelerated and delivery times are decreased.

Supply Chain and Logistics Predictions for 2016

Talking Logistics

Google did not acquire a third-party logistics (3PL) company or a logistics software vendor. For example, 3PLs and software vendors did pay more attention to serving the needs of small and mid-sized businesses (SMBs) and companies in the Energy and Process Industries (see TMS for SMB: Breaking Down the Barriers , Oil & Gas Companies Focus on Eliminating Supply Chain Waste , and Collaboration and Optimization in the Oil & Gas Industry ).

Don’t Take a Holiday from Inventory Management

Talking Logistics

The Importance of Inventory Management. When it comes to inventory management, new trends are demonstrating that less is more. Having less inventory on-hand increases liquidation, allowing for a more agile response to shifting consumer trends. Companies that have too much inventory on-hand right now are struggling to clear out space ahead of the season, slashing prices and concerning stakeholders as profit margins creep downward.

The Supply Chain Detective™ and the Inventory Turnover Mystery!

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! The company I had just joined went to market declaring that it was a world leader in Distribution and Logistics. As I settled into the job and started learning, and studying, the various Supply Chain metrics I was surprised when I looked at the Inventory Turnover performance of the company. Looking at recent and historical Inventory performance I could see that turnover always stayed around 5-6 turns with little variation.

5 Future Applications of the Industrial Internet of Things in Manufacturing & Logistics

Cerasis

Manufacturers are set to invest up to $70 billion in the Industrial Internet of Things ( IIoT ) by 2020, reports John Greenough of Business Insider. The development and deployment of autonomous vehicles, machine-to-machine communication abilities and preventative maintenance could all team up to result in even greater savings in 2016, which will further increase investments for the Industrial Internet of Things. Growth of the Industrial Internet of Things Continues.

Throw Back Thursday: Remembering ‘Meeting Customer Demand in a Complex Industry’ from Kinexions

Kinaxis

Today I’d like to share the interview on ‘Meeting Customer Demand in a Complex Industry’ at Kinexions. In this video hear, Gary Dietz, Manager, Global Logistics and Supply Integrated Supply Chain and Logistics, Kennametal, as he discusses the challenges his company faces in gaining full visibility of supply and demand, and in dealing with increasing supply chain volatility. by Melissa Clow Kinexions is in 26 days!

23 logistics professionals share the #1 way to reduce logistics costs

6 River Systems

According to the 30th Annual State of Logistics Report by the Council of Supply Chain Management Professionals (CSCMP), companies spent $1.64 trillion on logistics and transportation services in the United States in 2018, an increase of 11.4%

Logistics Management

LeanCor

The Art of Logistics Management. How is it that supply chain and logistics management can make such a difference? After all, isn’t logistics “merely” a company’s management of material, product, and information flows in the supply chain? Those who work in the field of logistics recognize difficulties associated with getting the right product to the right place at the right time in the right quantity and condition at the lowest possible cost.

4 Benefits of the Use of Bluetooth Technologies in Logistics

Cerasis

However, Bluetooth technologies are creating a subset of the IoT, expanding its benefits and use among shipping and logistics providers. Before deciding to forgo the use Bluetooth-enabled technologies, logistics providers need to think about the driving forces behind them and how they will further benefit the industry. In reality, there are millions of reasons to use Bluetooth-enabled technologies within the shipping and logistics industry.

21 logistics experts share the most important ingredients in developing an effective logistics strategy

6 River Systems

There are several elements in an effective logistics strategy, with the ultimate goal of identifying the most cost-effective service levels and developing plans and processes that enable the company to operate as close to those optimal service levels as possible. in the logistics industry.

Logistics Industry’s Slow Economic Comeback Continues in Spite of Challenges

Supply Chain Network

The Council of Supply Chain Management Professionals (CSCMP) released its 22nd “Annual State of Logistics Report®,” presented by Penske Logistics, today at a press conference at the National Press Club in Washington, DC. The report reveals that business logistics costs rose to 8.3 This year’s report presents an overview of the 2010 economy, the industry’s key trends, and the total U.S. logistics costs for 2010 and their percentage of the U.S.

How Artificial Intelligence and Global Economic Factors Affect Inventory Optimization

ThroughPut

Through the targeted use of Artificial Intelligence (AI), Machine Learning and other technologies, leading global innovators are constantly trying to enhance the effectiveness of their inventory management. What one can’t ignore, however, is all the external factors that also directly, and indirectly, affect inventory processes.

Is Technology Revolutionizing or Simply Changing Logistics?

Enterra Insights

”[1] Many pundits claim new technologies are revolutionizing or transforming logistics. Kushal Nahata ( @kushalnahata ), CEO and Co-founder at FarEye, writes, “The need to deliver on rapidly evolving customer expectations and simultaneously ensure profitability are driving businesses to rethink the way they have been executing supply chain and logistics operations. Disruptive technologies transforming logistics. How technology is changing logistics.

The Digital Opportunity for 3PL Logistics Operations!

Supply Chain Game Changer

Third-party logistics (or 3PL) providers, are standing on the brink of breakout growth. The shipper ecosystem is burgeoning with more delivery orders, more inventory to be managed, more deliveries and more services than ever before. While 3PL providers want to adapt to this new market opportunity, their existing logistics operations often have a hard time keeping pace with these growing demands. 3PLs and Logistics Operations – What’s Changed? Subscribe Here!

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