Inventory Management vs Product Information Management (PIM)

Supply Chain Game Changer

The following Product Information Management (PIM) article was written by guest author Alex Borzo, a content contributor at Amber Engine , a software company passionate about eCommerce. Inventory management starts with the fundamental in and out of your supply chain. Subscribe Here!

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.

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Real-time Information Increasingly Important for Manufacturers

QAD

Digital transformation strategies are delivering more responsive solutions and real-time information to change the way organizations operate. This access “reduced the time information travels from Chicago to New Jersey by just four milliseconds, from 17 to 13 milliseconds.” . Manufacturers Thrive on Timely Information. Can manually intensive processes provide timely information from suppliers?

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.

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). Focusing on this information once per month during the S&OP meeting is too late for all business units to align. Companies should have seamless integration between order entry, inventory management, forecasting and supply planning models and purchase order status to sense risk, pull levers to mitigate potential risk, and communicate within and outside the organization. This is especially important for new product releases, in store programs or promotions (sales, end caps, PDQ. etc) or online promotions (company run or 3rd party). Depending on total supply chain lead time, not having real time visibility and analysis of this information can significantly affect sales and the bottom line.

Accurate Costing Information Lacking in Supply Chain

Material Handling and Logistics

Supply chain and finance departments need to work more closely and adopt costing practices that are progressive and focused on informing internal decisions. Supply chain professionals aren’t getting the cost information that they need according to a recent survey from APICS and the Institute of Management Accountants. It enables better make-or-buy decisions, defines landed versus delivery costs and determines the realistic cost of holding inventory.”.

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? People working in or associated with Supply Chains seem obsessed by data yet data itself tells you absolutely nothing. Really, not a lot apart from the fact that something is being measured or calculated.

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. Jill , Nike and H&M who missed sales projections, upset customers with out-of-stocks, and had to clear excess inventory through deep discounting. Inventory distortion” (the combined cost of out-of -stocks and overstocks) accounts for $1.1 For example, say you have $5,000,000 of inventory at cost on hand.

Five Suggestions for Practical Inventory Management

Logility

The real problem, however, was inventory. The client had a warehouse full of old stock that had been sitting unwanted for years , and there wasn’t enough room to accommodate the inventory that they were selling. . Just get rid of the old s tock and create plenty of room for the inventory that sells , thereby eliminating the need to move to a larger, more expensive facility. What is the right inventory level for your business? .

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

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. So when I started to think about planning processes in the context of IoT, I was wondering if we can conquer those two old enemies of planning effectiveness: information deficiency and information latency. Will IoT design enable us to get demand signals from the products and sensory information from the entire set of physical infrastructure for planning?

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. Lean supply chain and inventory management enable Small Medium Businesses (SMB) to improve efficiency and increase profits. What is Lean Inventory Management? Flow: Understand how inventory flows in your warehouse and apply Lean principle: 5S to clear any obstacles that do not add up.

Lean 263

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?

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. The equivalent of 7% of America’s GDP is tied up in inventory, and accounts receivable and payable. Implementing inventory optimization. The challenges of inventory optimization can be immense.

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. But from an operational supply chain planning perspective, turns is a crude metric because it doesn’t recognize the difference between “good” and “bad” inventory. Gartner delved into this issue in a recent report, Build the Capability for Inventory Health Assessment.

How Barcode Scanning Can Revolutionize Your Inventory Management

DELMIA Quintiq

Implementing something as simple as barcode scanning can completely transform your inventory management system. inventory optimization and management. Their design offers the storage of information in a compact and easy to access form. Just a simple code scan can provide access to a wealth of information in the time it takes to blink. These systems require barcode labels or tags to be affixed to bins or individual inventory parts. Access to Information.

11 Inventory Management Best Practices

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! Inventory Management Best Practices article originally published by, and permission to publish here provided by, Dave Joseph at veridian.info. Supply chain leaders are continuously looking for ways to improve inventory management, and the role of technology in the supply chain offers significant advantages. Use ABC Analysis to Categorize Your Inventory. Recognize the Relationship Between Sales and Inventory.

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. Those of you that manage inventories know how hard it can be to get the quantities just right. If you maintain too little inventory, you have stockouts, line stoppages and unhappy customers. So what strategies are out there to maintain inventories at the “right” level?

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. Colin: How do inventory optimization (IO) and multi-echelon inventory optimization (MEIO) enable manufacturers to operate more efficiently? IO uses powerful analytics to generate the right inventories to meet demand, address demand volatility, and achieve targeted service levels.

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. Multi-Echelon Inventory Optimization (MEIO) looks at the end-to-end supply chain to enable users to make more informed decisions about the location, amount and type of inventory. Inventory (both finished goods and materials) can then be allocated to more critical demand. Inventory OptimizationAs the (U.S.)

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. Colin: How do inventory optimization (IO) and multi-echelon inventory optimization (MEIO) enable manufacturers to operate more efficiently? IO uses powerful analytics to generate the right inventories to meet demand, address demand volatility, and achieve targeted service levels.

Inventory Forecasting Overview Part 1

Valogix

This blog post provides some basic information about viable inventory forecasting techniques. Forecasting is one of the key steps in inventory planning but not the only one. inventory forecasting

Process Based Inventory Turnover Improvement!

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! Inventory management is a critical area for most companies. Too much inventory, especially the wrong inventory, can negatively impact cash flow, return on investment, customer satisfaction, and profitability.

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. Recent research from the Aberdeen Group found that organizations using a product information management (PIM) system achieve significant competitive advantages. 75% higher inventory accuracy.

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. It’s about learning to transition from long-held inventory systems and processes, having new conversations across logistics and sales, and the shifting role of supply chain planners. This article will share five things you need to know about optimizing inventory in the digital age.

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? ’ The authors, Anandhi Narayanan, Senior Manager, Advanced Customer Solutions, Charles Thomas, Director, IT Customer Solutions, Stacey Greene, Director of Inventory Optimization and Robert Rejano, Processes and Applications Advisor, all with Celestica, describe the critical steps needed to drive inventory performance improvements.

Ending Inventory Explained: How to Calculate and Its Importance

Unleashed

Calculating how much ending inventory you have on hand at the end of a financial year can often be a stressful challenge. You’re likely juggling between creating inventory reports and fulfilling end of year sales. We’ll shed some light on: What is ending inventory.

Consignment Inventory Management: The Complete Guide

EMERGE App

There are different ways for retailers to get and sell their inventory. The most common being where a retailer purchases their inventory and stocks it in their warehouse for the customers to buy. However, consignment inventory can be a risk-free option for the retailer.

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. But then you look at historical trends and see that lately, your inventory has been growing by 3% each quarter. Below are five levers that I believe should be available to an inventory manager to help them effectively plan and manage inventory.

6 Inventory Control Techniques for Stock Optimization

EazyStock

Inventory Control Techniques that use Stock Optimization Best Practices. There are hundreds of inventory control blog posts on how to organize warehouses, track goods and pick and pack efficiently. Firstly, let’s get a few definitions: What is inventory control?

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. Traditional ABC inventory models segment inventory into A, B and C categories based on annual consumption value. As we showed in a previous blog, it’s not the only way to segment your inventory, nor nearly the best. Lord calls this “situational inventory”.

Metrics that Matter: Inventory Effectiveness

QAD

The effective use of a manufacturer’s inventory investment is an important determinant of the company’s success. Excess and obsolete inventory is a drain on resources, as is excessive safety stock. Managing an Inventory Investment. Inventory effectiveness measures the process that delivers the right part to the right place at the right time, while minimizing investment and meeting customer requirements. Best Practices for Inventory Effectiveness.

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.

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. To understand the relationship between probabilistic forecasting and inventory, view your supply chain as a dynamic system, subject to uncertainty and unpredictable change. which then provides better information from which to decide how much inventory to stock.

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.