Regaining control: Inventory management best practices (Part four)

Kinaxis

by Richard Cushing In part one of my inventory management best practices series I argue that inventory cannot be managed until it is controlled, and present the notion our general willingness to apportion blame upon unreliable data from enterprise resource planning (ERP) systems is misplaced.

Science of Supply Chain: Researchers Affirm Benefits of Eliminating Information Delays

The Network Effect

The post Science of Supply Chain: Researchers Affirm Benefits of Eliminating Information Delays appeared first on The Network Effect. Digital Supply Chain Supply Chain Management information latency inventory management science of theoretical minimums STM supply chain optimizationThe “Science of Theoretical Minimums” (STM) might sound dry and academic, but lurking within is a proven path to dramatic.

Supply Chain Inventory Optimization – Beyond the Analytics

Cerasis

While analytics offer remarkable insights into supply chain inventory optimization, warehouse managers must still understand how the use of slotting optimization technology impacts other processes. With 7 percent of America’s gross domestic product (GDP) tied up in inventory, reports the 21 st Century Supply Chain Blog , your organization must go beyond the analytics and understand the broad impact of analytics in your company. Better Inventory Management Needs Complete Control.

Inventory Management Remains Challenging

Enterra Insights

Every business person who deals with inventory management is involved in a balancing act. Keep too little inventory on hand and you risk losing sales and, on occasion, customers. Keep too much inventory on hand and the costs add up resulting in lower profits. It’s little wonder inventory management systems have gained popularity. ”[1] He adds, “Even with all this power, there are several disadvantages to inventory control worth considering.”

Automated Order Processing and Proactive Inventory Management

Speaker: Irina Rosca, Director of Supply Chain Operations, Helix

Organizations need to focus on demand driven supply planning, utilizing real time information on customer orders from all marketplaces (e-commence, Amazon - or other online retailers, and point of sale data from brick and mortar).

Five Things You Need to Know about Inventory Optimization in the Digital Age

ToolsGroup

With all the buzz around digital transformation, someone peering in from outside supply chain may assume most businesses have already digitized essential tasks like inventory planning. This article will share five things you need to know about optimizing inventory in the digital age.

Supply Chain Analytics: Is your data providing information & actions?

Enchange Supply Chain Consultancy

Supply Chain Inventory Management & Stock Control Supply Chain Analytics ITWho coined the term “Big Data”? How did we get there without tiny data, ordinary data, slightly larger data, chubby data and bordering on big data?

The Answer Isn’t More Truck Drivers – It’s More Information

Talking Logistics

Rather than harping on needing more trucks and drivers, a new approach needs to be taken to determine a solution for the existing problems; the industry needs better information to better utilize existing trucks and drivers. It’s not a driver problem…it’s an information problem.

Texas 161

Inventory Can Be Scary

ToolsGroup

“Your inventory problem is scary because you’re selling out before you can make new items to meet demand”. Many retailers agree that inventory can be scary. Inventory distortion” (the combined cost of out-of -stocks and overstocks) accounts for $1.1

Product Information Management for the Modern Supply Chain

Oracle SCM

Without timely access to accurate product information, for example, product innovation and commercialization slows, as does communication between suppliers and selling partners. The Value of Product Information Management. 75% higher inventory accuracy.

Supply chain inventory optimization – Beyond the analytics

Kinaxis

But the sheer complexity of supply chain networks, and the impact design decisions have on operational performance, makes supply chain inventory management aligning inventory investments with on-time customer delivery and margins a major challenge. Implementing inventory optimization.

Will the Internet of Things (IoT) Help Eliminate Information Latency and Deficiency in Supply Planning?

Kinaxis

More and more sensors are getting embedded in the “things” and leading to an explosion of information availability. Will IoT design enable us to get demand signals from the products and sensory information from the entire set of physical infrastructure for planning?

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 to Measure Inventory Health

ToolsGroup

Financial executives measure inventory health with metrics like inventory turns because they view the firm from a financial viewpoint - such as how much working capital is being tied up. The concept of inventory health is based on this expectation.

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.

With Tariffs In Flux, Digital Inventory Technology Might Be The Solution To Holiday Bloated Inventory Levels

Talking Logistics

The tariff situation has companies in a quandary as they debate whether to “load up” on inventory now — to ward off the impacts of potentially-higher tariffs on imported goods — or hold off for now and hope that the political environment calms and things get to back to “normal.”

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.

Accurate Costing Information Lacking in Supply Chain

Material Handling & Logistics

Supply chain and finance departments need to work more closely and adopt costing practices that are progressive and focused on informing internal decisions. It enables better make-or-buy decisions, defines landed versus delivery costs and determines the realistic cost of holding inventory.”.

Four ways Inventory Optimization can address tighter supply constraints

ToolsGroup

When supplies get tight, inventory optimization can help focus production around the most critical products while reducing requirements for other items. Inventory (both finished goods and materials) can then be allocated to more critical demand. Inventory OptimizationAs the (U.S.)

Lean Leadership: The Importance of Having All the Information

LeanCor

We were all trying to make the appropriate choice so that we could tell the driver as soon as possible and get the ball rolling, but we were not presented with enough information with which to make a viable choice. Collecting Better Information to Make the Right Decision. Most times the decision is difficult because you didn’t have all of the information you needed. Typing an additional email typically takes a lot more time that providing the same information in a new email.

Lean 163

3 Inventory Control Techniques to Improve and Maintain Inventory Accuracy

Unleashed

Inventory accuracy is vital to an organisation’s long-term success. Profits depend on the sale of inventory stock and if you don’t know what or how much you are selling then you could be missing an opportunity to maximise sales. Having poor and inaccurate inventory control can be costly because it causes issues such as unplanned stock-outs, the shipping of wrong products to customers, wasted resources trying to locate misplaced items and inventory shrinkage.

Your supply chain is costing you money – Reason #6 Not effectively managing inventory.

Kinaxis

Reason #6 Not effectively managing inventory. Unfortunately, all the same kinds of things can happen to your supply chain inventory. Except that your inventory costs millions of dollars. So what strategies are out there to maintain inventories at the “right” level?

5 Traits of a Great Inventory Manager

Unleashed

Inventory management is key to the success of any business, big or small. As your business grows, good inventory management will become even more crucial, and you may need to hire an inventory manager who can dedicate their time to ensuring it all runs smoothly. Being a successful inventory manager requires a broad range of skills and know-how. In this article, we explore the key attributes and tasks required of a good inventory manager. Ordering new inventory.

Segmenting Your Inventory by Gross Margin and Demand Variability

ToolsGroup

Gartner Research analyst Paul Lord has developed a thought-provoking approach (shown in the above diagram) for tailoring supply and inventory tactics to different inventory segments. As we showed in a previous blog, it’s not the only way to segment your inventory, nor nearly the best.

Why probabilistic forecasting is better for inventory optimization

ToolsGroup

In this post we’ll explore how probabilistic forecasting not only creates better forecasts, but also improves inventory optimization by improving the stock levels at store and warehouse locations in your distribution network.

Your supply chain is costing you money – Reason #8: Keeping supply chain information in silos (and preventing your users from making the best decisions)

Kinaxis

Reason #6 Not effectively managing inventory. Reason #8 Keeping supply chain information in silos (and preventing your users from making the best decisions). They do this by preventing them from getting (or making it very difficult to get) any more information than they absolutely need to do their specific job. Sometimes this information limitation actually prevents them from doing their job adequately. Want to see summarized information in a cross-tab?

Is Poor Inventory Performance Holding You Back?

Kinaxis

by Alexa Cheater Our partner Celestica recently published the following article, ‘ Is your company being held hostage by poor inventory performance? ’ Poor inventory performance can create a significant obstacle to growth and profitability.

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.

Excess Inventory? No Problem. You Have Trailers In the Yard.­­

Talking Logistics

With the national warehouse vacancy rate hovering at record lows and warehouses bloated with inventory pulled in from China during 2018 to get ahead of impending tariffs, companies can combine flexible storage options with advanced technology to create an end-to-end supply chain solution that works. But even as developers have flooded the market with new inventory, some retailers are still having trouble finding adequate, flexible space. The post Excess 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.

5 Reasons You Need Modern Inventory Solutions for Optimum Inventory Control

Unleashed

When deciding where to prioritise budget spend for greatest return on investment, companies have difficult decisions to make and while inventory control continues to be fundamentally impacted by innovation, it is often overlooked when the time comes to allocate funds. When inventory control is approached as a cashflow measure, the financial impact of excess stock, slow-moving SKUs, stock-outs and obsolete or dead stock, provides a new perspective. Real time inventory.

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. ” Vendor Managed Inventory Model: A Quick Back Story.

Preventing 3 Common Inventory Control Issues

Unleashed

For large corporations or SMEs, correctly managing your inventory stock is imperative to achieving an efficient, sustainable and profitable business. Inventory control , however, brings with it many issues but with the right tools, some of the common ones are easily managed. Problems include product stockouts that result in lost sales opportunities and unhappy customers and product spoilage or dead inventory stock which will incur unnecessary costs and tie up storage space.

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.

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.