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. Then, this article will show you 10 simple principles that you can use to streamline your inventory management practices right away. Imagine an inventory controller reserves the items but warehouse workers can''t find where they are.

IoT Inspired Smart Warehouses Are Reinventing Inventory Management

Cerasis

The internet allows for unlimited scalability and boosted efficiency in warehouse inventory management. The so-called “smart warehouse” takes advantage of these defining factors by connecting systems to streamline inventory management and overall productivity. Warehouse managers must understand why changes of standards and use of the Internet of Things (IoT) are needed and how smart warehouses can meet the demands of today and tomorrow.

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Inventory Optimization 101 – Smart & Effective Inventory Management

ThroughPut

What is Inventory Optimization? Inventory Optimization is defined as a method of balancing the manufacturers’ capital investment constraints and goals along with the defined service-level goals over a large assortment of stock-keeping units (SKUs) while considering all demand and supply volatility situations. It includes the practice of having the right levels of inventory to meet your target service levels while keeping a minimum amount of capital locked for inventory.

Inventory Optimization 101 – Smart & Effective Inventory Management

ThroughPut

What is Inventory Optimization? Inventory Optimization is defined as a method of balancing the manufacturers’ capital investment constraints and goals along with the defined service-level goals over a large assortment of stock-keeping units (SKUs) while considering all demand and supply volatility situations. It includes the practice of having the right levels of inventory to meet your target service levels while keeping a minimum amount of capital locked for inventory.

Why Ignoring Automated Inventory Management is Killing your Supply Chain

EazyStock

Inventory management. Automated inventory management is nothing new to huge, enterprise-sized companies. So what exactly is automated inventory management? Excuses for not Automating Inventory Management.

10 Inventory Management Hacks You Can Do in 10 Days

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. Then, this article will show you 10 simple principles that you can use to streamline your inventory management practices right away. Imagine an inventory controller reserves the items but warehouse workers can''t find where they are.

Warehouse Cost Reductions: 3 Understandings Driven By Inventory Management & Lean Principles

Cerasis

Today, I will now address how a focus on inventory will allow for warehouse cost reductions as well. A Focus on Inventory Control Begets Warehouse Cost Reductions. First, look at inventory as MONEY/CASH. Inventory cost is defined as the cost of holding goods in stock. If you are looking for warehouse cost reductions, chances are you are stocking too much inventory. Understand Data Integrity to Reduce Inventory Costs.

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How Inventory Management is Paving the Path Forward in an On-demand World

Unleashed

Inventory management in an on-demand world is one of the biggest challenges in the supply chain today. Inventory management involving brick-and-mortar stores as well as eCommerce is ever-evolving and more dynamic than ever before. This article looks at how inventory management is paving the path forward in an on-demand world and what this means for business owners. What if the distribution centre manages both store and eCommerce inventory stock?

How AI Solves the Riddles of Inventory Management

Aera Technology

by Kaushal Dave, Vice President of Cognitive (AI) Solutions, Aera Technology The problems that pervade inventory management are well known: Excess inventory languished in warehouses, tying up millions of dollars in working capital. How can we best manage expiring inventory?

How Procurement can Improve Inventory Management

SYSPRO Smarter ERP

One thing that procurement departments are working intensively on at the moment is how to spend more effectively. Given that direct and indirect materials make up at least 50% of the typical manufacturer’s costs, what procurement can do to improve inventory management is an obvious place […]. The post How Procurement can Improve Inventory Management appeared first on SYSPRO US.

Healthcare Purchasing and Inventory Management Meets Invoicing Automation | Hybrent Announces Partnership Integration with Sage Intacct

Hybrent

Hybrent’s complete supply chain suite including eProcurement, Inventory Management, Invoicing Integrations, and Reporting functions streamline the procure-to-pay process for healthcare organizations. . Many Healthcare providers lack the tools or resources to effectively manage their vendors and supply costs. Hybrent also integrates with Practice Management Systems and Electronic Medical Records.

The Ins and Outs of SDE Analysis in Inventory Management

Unleashed

Inventory control encompasses all aspects of managing a business’ inventory stock, from purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering. Inventory control is such a critical function for many businesses spanning every industry. Without effective inventory control methods, the supply chain can suffer , you risk not being able to meet customer demands adequately, and your business’ bottom line will reflect this.

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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Procurement Interview Questions & Answers

Supply Chain Game Changer

Procurement, or Purchasing, is an area of Supply Chain that involves and requires very specific skills and expertise. This is particularly apparent if you are hiring a Procurement professional, you are looking for a Procurement job, you are looking to outsource anything, or you are dealing with Procurement people in the course of conducting business. Check out this list of 25 Procurement and Purchasing questions and answers. What is risk management?

Hybrent Launches Major Healthcare Software Update with Innovative Inventory Management Modules

Hybrent

Hybrent announced a major software upgrade to their med supply ordering and inventory management system with the release of Hybrent 3.0. Unit of Use Management. Recording accurate usage reduces errors and automates inventory management practices. Managing high dollar surgical items provided by vendor reps during surgery is a challenge for healthcare providers. Contract Management Module. Project Management Module. Budget Management.

Procurement & Suppliers: Paying Attention to Terms & Conditions to Keep Supplier Relations Postitive

Cerasis

Editor's Note: Today's blog is by our great friend, Chuck Intrieri where he gives us a fantastic example of how Procurement and Suppliers can enhance Supplier Relations by navigating the "Battle of the Forms.". However, in many circumstances, the supplier will send an invoice that contains one set of terms, while the procurement professional will issue a purchase order which contains additional or different terms. Procurement

URM™ Stores Inc. Selects Herlitz Inventory Management to Improve Efficiencies and Increase Profits in its Purchasing Process

Herlitz Inventory Management

Herlitz Inventory Management deployed its HIMPACT inventory and buying solution to manage over 45,000 SKUs. Cambridge, MA, July 5, 2017 — Herlitz Inventory Management, a best-of-breed supply chain provider founded by the creators of E3 Corporation and internationally recognized for their inventory management expertise, today announced that URM™ Stores Inc. holds 25,000 SKUs plus 20,000 seasonal items, which is managed by 12 buyers.

EazyStock vs your ERP: Who wins the inventory management battle?

EazyStock

?. One of the most common questions we receive is “We already have an ERP inventory module. Through better inventory management, we’ve been able to support our stock management and procurement processes much better, which has even resulted in higher profits!”

What Are Some of the Necessary Skills of Great Inventory Managers?

Unleashed

If optimal inventory control is imperative to maintaining a successful, sustainable and profitable business, then it’s obvious that capable inventory managers play a crucial role in achieving this. Inventory managers are responsible for leading a team of workers as they manage the flow of inventory stock in, through and out of the business. Great inventory managers. Inventory forecast capabilities. Inventory cost analysis.

Overcome Foodservice Disruptions: Focus on Technology, Service Networks, and Transportation

CH Robinson Transportfolio

While inventory levels and demand requirements continue to remain irregular, the most successful companies focus on technology, service networks, and expedited transportation options to overcome challenging market conditions. No one could predict how much uncertainty 2020 would bring.

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.

Integrated Supplier Management Boosts Performance

QAD

Manufacturers require integrated supplier management to ensure the timely flow of goods and information. The global and disruptive nature of sourcing makes effective procurement management with suppliers more complex. Integrated Supplier Management Benefits.

The State of Supply Chain Trends Part II: AI, Procurement, & the New Lean

Cerasis

From artificial intelligence to refocusing on procurement, the state of supply chain continued to explode throughout 2016, and you need to understand why. Consequently, all processes, including inventory management, logistics, data analytics and ongoing performance management, as reiterated by the staff of Supply Chain 24/7, improvement, can be optimized, creating a more efficient, direct and intelligent supply chain network.

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Why is Supply Chain Such a Great Career Path?

Supply Chain Game Changer

What is Supply Chain Management (SCM)? As such it was many years before I actually heard of the term “Supply Chain Management” Regardless I pursued my interests and took on an increasingly diverse set of progressive jobs as time went on. Now as I look back on my career virtually everything I did falls under the banner of Supply Chain management. Some people are motivated by opportunities to manage, lead and get promoted. Subscribe Here! Email Address.

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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. We feel so strongly about this that we do not have an inventory planning role.” His feeling was that inventory is an asset to manage. Inventory is both. Inventory management is a complex subject.

What Exactly Is Supply Chain Management? 10 Different Definitions!

Supply Chain Game Changer

When I began my career there was no such thing as “Supply Chain Management” Supply Chain was not a title to be found anywhere on any organization chart. So what exactly is the definition of “Supply Chain Management”? Subscribe Here! Email Address.

4 Ways To Improve Procurement For Increased Customer Satisfaction

Slimstock

Though it’s often overlooked as an element of customer satisfaction, procurement is an essential component for delivering that satisfaction. Procurement involves buying goods and services that keep an organization operating; it ensures warehouses are well-stocked with the proper supplies at all times. Procurement can be responsible for up to 70 percent of a company’s revenue , so small changes in procurement functions can have a major impact on profitability.

Top 7 Benefits of System driven Inventory Projections

Arkieva

Scientific and system-driven Inventory Projection facilitates a quick decision-making process and enables a prompt analysis of alternative what-if scenarios. The following are the top 7 benefits of system driven inventory projection. Top 7 Benefits of System driven Inventory Projections was first posted on September 5, 2019 at 10:26 am. ©2017

Upstream Unconventional Oil and the Chemicals Used in Drilling: A Supply Chain in Need of Improvement

Logistics Viewpoints

Business Intelligence Chemical Industry Inventory Management Mobile Technologies Procurement/Sourcing Unconventional Oil includes shale oil and oil from tar sands. In producing oil, chemicals are injected into the ground to increase flow. The amount of chemical treatment is tied to the oil and gas production rates; treatments need to be adjusted as production rates vary. In many situations production treatment chemicals represent the second highest […].

Supply Chain Risk Management is a Cirque Du Soleil Calibre Act!

Supply Chain Game Changer

In thinking about the show and its construct I thought about the incredible amount of risk that the performers and producers are managing. Supply Chain Professionals, although not usually theatrical, also work in an environment in which they are managing a tremendous amount of risk. What are the risks that Supply Chain people deal with every day and what is Supply Chain Risk Management? Supply Chain Risk Management. Inventory Performance. Subscribe Here!

5 Procurement Strategies For Small Medium Enterprises

CormSquare

staffing, financing, inventory management, customer service, marketing etc. Subsequently, procurement tends to be an afterthought, when it should be approached strategically! Small businesses spend between 40% – 65% of sales revenue on procurement of inputs.

How to Make Your Business Punchout Ready!

Supply Chain Game Changer

Manage Procurement Spend Like It’s Your Own Business! A punchout catalog allows your clients to access your inventory right in your procurement system directly. All while this is happening your order through your supplier has been put in for the client, or the inventory has been pulled off to be shipped to the buyer. Managing your punchout payment information does call for a bit more attention put towards security. Hey Procurement!

The Basics of Walmart Replenishment

SupplyPike

Learn about: Cross-docking Walmart’s inventory technology Shelf-scanning robots Vendor-management inventory. Walmart’s global inventory is worth more than $32 billion on any given day and presently operates more than 11,500 stores across 27 countries.

Confessions of a High Priced Expediter!

Supply Chain Game Changer

As the Executive responsible for the Commodity/Category Management team he tapped me on the shoulder, often, to get involved and find these parts! At the next monthly Global management call the CEO made a point of thanking me in front of the entire company. Subscribe Here!

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? Subscribe Here! Email Address.

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