Inventory Management: Technology Enablers

Kinaxis

by Andrew Dunbar The modern day inventory manager described in this series is the backbone of your company’s inventory planning process. She has a strong understanding of supply chain fundamentals and is an expert at controlling the key levers impacting the inventory company’s investment in inventory. It should be up-to-date (daily at a minimum), and include all the input data required to make your inventory planning decisions.

The Future of Inventory Management

Kinaxis

by Andrew Dunbar This post concludes my inventory management blog series. Throughout this series I’ve proposed an elevated role for the inventory manager that challenges the assumption that an inventory manager is a victim of his colleagues’ business decisions and plays only a limited role in formulating inventory results. Inventory management is not a stand-alone business process that occurs after other processes are complete.

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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. 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.

The Go-To List of Ways to Improve Inventory Management

Veridian Solutions

Today’s warehouse managers need better inventory management strategies. This is nothing new, but as the world has evolved, the ability to improve inventory management has evolved in stride. Supply chain leaders should follow these key strategies for ways to improve inventory management. The best way to gain improved accuracy and insight into your inventory is to eliminate it from your purview.

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. This post will discuss some of the metrics and analysis tools that an inventory manager needs to identify risk and opportunities and to make intelligent decisions to optimize the performance of their inventory.

Are you getting the most out of your inventory management process?

Kinaxis

by Andrew Dunbar Inventory is often the single largest asset on a company’s balance sheet and your inventory management process can have a huge impact on your organization’s bottom line. Understandably, the inventory management process is getting a lot of attention by organizations looking to squeeze out some extra profit in a challenging marketplace. Finance and business management will prioritize inventory reduction to increase profitability.

Speed up your eCommerce Business with Inventory Management Software

Vinculum

Inventory management plays a vital role in building a sustainable, scalable and profitable eCommerce business. No matter how expert you are, how bigger or smaller your business may be, what products you sell, or who do you serve, lack in your inventory management can bring bigger challenges in your business success. Thus, inventory Management Software is really an essential tool for your business to gear itself up. What is Inventory Management System?

Six Ways Warehouse Inventory Management Software Optimizes Efficiency

IQMS

The Warehouse Inventory Management Software market grew to $1.4B Warehouse Inventory Management software and systems help reduce infrastructure costs and enable the reallocation of existing IT resources to drive productivity improvements, according to IDC. Warehouse Inventory Management Software is seeing increased adoption as manufacturers expand globally through mergers, acquisitions, and regionally-focused manufacturing strategies.

Warehouse Management Software – A Blueprint for Warehouse Excellence & Inventory Management

ThroughPut

What is Warehouse Management Software? A Warehouse Management Software (WMS) is one that helps plan, control, and manage the day-to-day manufacturing operations in a warehouse along with the guidance of inventory movement, optimizing order picking, and shipping of customer orders.

Thrifty Inventory Management to Save Money and Increase Profits

Unleashed

This is all very well, however to achieve this goal, inventory management needs to be a focus. If inventory management is not considered carefully as a business improvement metric, then it can insidiously become a money trap which of course will simply erode any profits to be made. This is where efficient, lean and thrifty inventory management comes in. Business Tips inventory control inventory cost inventory management supply chain

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. Using Metrics to Measure the Health of the Business.

3 Core Metrics & 10 Soft Metrics for Measuring Supply Chain Performance

Cerasis

The average Supply Chain management professional measures their Supply Chain by reviewing cost reduction. 3 Key Metrics for Measuring Supply Chain Performance Beyond Cost Reduction. If cost reduction is not the only thing to measuring supply chain performance, that begs the questions: "Maybe we should be measuring other Supply Chain Management activities and what would they be?". The goal is to keep inventory levels at a minimum to meet customer needs.

Warehouse Management Software – A Blueprint for Warehouse Excellence & Inventory Management

ThroughPut

What is Warehouse Management Software? A Warehouse Management Software (WMS) is one that helps plan, control, and manage the day-to-day manufacturing operations in a warehouse along with the guidance of inventory movement, optimizing order picking, and shipping of customer orders. The WMS guides the overall order and inventory replenishment on the factory floor. How can a Warehouse Management Software help manufacturers? Effective supply chain management.

WMS and Cycle Counting: How to Reach Inventory Management KPIs

Veridian Solutions

Greater control and efficiency in modern warehouse management rests on the reliability and accuracy of your inventory management processes. Using the right WMS and cycle counting best practices can dramatically shape the productivity of your operation from slotting optimization to returns management and beyond. Challenges in WMS Cycle Counting Managing a WMS and cycle counting is essential to reducing supply chain costs and fulfilling more orders.

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Digital Inventory Management Key Battleground in Transformation of Brick-and-Mortar Retail

Veridian Solutions

As e-commerce growth accelerates, shippers are working overtime to manage available inventory. It catalyzed brick-and-mortar retailers to offer online shopping opportunities, which require much more than manual inventory management practices. As a result, brick-and-mortar retail has become more focused on digital inventory management, a building block in the road to omnichannel supply chains , than in the past. eCommerce Inventory Management Retail

4 Ways Big Data is Changing Inventory Management

EazyStock

High data volumes present the biggest challenge to conventional IT structures since on-premise solutions typically do not have the capacity to manage large datasets. Big Data and Master Data Management. Master data manages core information that is critical for business processes.

FORECAST DRIVEN INVENTORY MANAGEMENT

The Smart Software

Ensure inventory policy matches business strategy. The post FORECAST DRIVEN INVENTORY MANAGEMENT appeared first on Smart Software. Various team members can create their own scenarios, perhaps dividing the work by product line or sales territory.

6 Benefits of Effective a Reverse Logistics System & The 9 Core RevLog Metrics to Track

Cerasis

While conventional logistics optimizes the flow of goods from producer to consumer, reverse logistics manages the processes for inverting that flow to deal with returned parts, materials and products from the consumer back to the producer. Thus, reverse logistics management has developed into a discipline that produces cost reductions, adds efficiencies and improves the consumer experience. Importance of Metrics in Reverse Logistics Management. Financial Management.

Elephant in the Room: Thoughts on Metrics That Matter in Semiconductor and Hard Disk Drives

Kinaxis

Supply Chain Insights recently published a Metrics That Matter report covering both the Semiconductor and Hard Disk Drive (HDD) industries. Semiconductor is poised to consolidate, which will have huge impact on the metrics. Understanding inventory planning will take on a new dynamic. On the downside, it appears that these industries are struggling with inventory issues. by CJ Wehlage.

Supply Chain Leaders Rearranging Deck Chairs? Yes, I Think So.

Supply Chain Shaman

The supply chain is complex non-linear system that is easily thrown out of balance through a focus on functional metrics. They rock back and forth in improving singular metrics but struggle to improve a portfolio of growth, margin, inventory performance, and asset utilization. As an appetizer to this article, please indulge me by letting me share some favorites: Management is about arranging and telling. Stop the Focus on Functional Metrics.

DIFOT: A Metric of Supplier Performance

Unleashed

Delivery In Full On Time, or DIFOT, is a metric used to analyse how accurate and efficient your supply chain is. When it comes time to reassess the approved supplier list, then you can use these metrics to disqualify problematic suppliers and improve your own performance and supply chain. If you are measuring your own DIFOT scores as a distributor, you can use the metrics to promote your own success and ability to fulfil demand.

Seven Misconceptions on Managing Inventory in a Market-Driven World

Supply Chain Shaman

When it comes to the management of inventory in value chains, frustration abounds. Executive, after executive, lament, “They have purchased many technologies and sponsored many projects to reduce inventories, but they are not seeing results.” ” I have been studying the evolution of inventory technologies as an industry analyst since 2002. Inventory is the culmination of many business decisions. The Inventory Management Journey.

History Repeats Itself Without Supply Chain Leadership

Supply Chain Shaman

It is also a story for a young supply chain manager attempting to make a difference, but feeling stymied. Frank, the line manager for manufacturing, dominated the meetings. My job, as the plant engineering manager, was to drive innovation and implement technology improvement.

VIDEO: Inventory Management 5 & 6: Economic Order Quantity and Inventory Performance Metrics

TradeGecko

TradeGecko has produced a series of inventory management videos, brought to you by our very own Geckos, to delve into the basics of inventory management. To learn all about Economic Order Quanitity (EOQ) and find out more about which metrics to track when it comes to inventory management, keep watching. Getting started Inventory Management

Better Merchandising Decisions with Better Inventory Management

Unleashed

Inventory management is vital for many businesses; it can make or break your bottom line. So why are 43% of small businesses still using manual methods or worse not tracking inventory at all? If you are not managing your inventory stock effectively without data and analytic capabilities, then you are also losing out on significant insights to make smart merchandising decisions. Improve your inventory control with better forecasting.

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. In business there are many drivers of inventory, and the management of inventory levels requires discipline and a cross-functional focus. What Drives Inventory Effectiveness?

Looking Beyond Red Arrows

Supply Chain Shaman

It is hard work to maintain the status quo in metrics performance. A balanced portfolio of metrics delivers the greatest value. As a result, supply chain leaders focus on unrealistic goals of inventory or costs, they will throw the system out of balance. Companies balance supply chain metrics better in good times than bad. Reader’s note, the way to reach this chart is to first identify the average value for the metric for the period of 2010-2016.

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.

What Gets Measured Is What Gets Done!

Supply Chain Game Changer

As with many aspects of your business there can literally be dozens and dozens of different metrics. Results Metrics and Contributing Factor Metrics. This is the high level objective and this is the Results metric. Every other metric is subordinate to the Results metric.

Control Towers: If Only There Was A Clear Definition

Supply Chain Shaman

The focus is on functional metrics, but are unable to get to overall supply chain metrics. For example, only 29% of manufacturing companies can access total cost data and 31% struggle to see the impact of business decisions on inventory. Global Supply Chains Inventory Management Market-Driven analytics control tower performance measurement Supply chain excellence visibilityWe finished dinner. I pressed my neatly folded napkin to my lips.

Data 266

Don’t Make These 8 Horrible Inventory Management Mistakes Before Halloween

EMERGE App

Not cleaning up the inventory skeletons in your closet can mean a difference between a ho-hum year and a bumper year. Here we’re going to cover some common inventory management mistakes that businesses make while winding up the year. Horror 3: Disappearing Metrics.

Cashflow Best Practices For Inventory Managers and Business Owners

Unleashed

To help your business become more financially free it pays to keep close attention to cashflow (among many other metrics and KPIs). Profitable businesses generally have positive cashflows, and a great deal of that depends largely on attention to detail and their ability to manage cashflow.

Replenishment 201: Monitoring Store-Level Inventory

SupplyPike

This month, we thought we’d dig in a little deeper and look into monitoring store-level inventory. Traited Not Valid: The item is on the modular but is not replenishing because the store manager might decide not to order the item for her store due to reasons like low sales, too many returns, too much inventory, etc. Valid Not Traited: The item is not on the modular, but the store manager orders it due to customer demand at her store. How can I manage my replenishment?

10 Inventory Metrics You Need to Know Right Now

EMERGE App

You can with inventory metrics. Why should you care about inventory metrics ? We think these are the top 10 inventory metrics that you need to know right now. Top Ten Inventory Management Metrics. Inventory Turnover. Inventory Turnover = Cost of Goods Sold / Average Inventory. This is the number of times inventory is sold within a period of time, typically a year. Start by reducing your inventory.

Supply Chain: The True Game of Risk

Supply Chain Shaman

Designing value networks and managing what-if conditions is fundamental to managing supply chain risks. Historically, the risk management focus was to reduce insurance costs. Global supply chain leaders understand that designing and implementing a robust risk management practices are essential and fundamental to running the business. What is Risk Management? The most advanced risk management programs are deeply rooted in preventive measures.