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. Train your warehouse staff – I am frequently amazed (or, dismayed ) at the level of training supplied to workers in warehouses, or in shipping and receiving departments.

5 Tips to Improve Omnichannel Inventory Management

Unleashed

That includes the importance of robust inventory management to retail. Ensuring you don’t fail at order fulfilment begins with understanding your inventory and supply chain. In an increasingly complex eCommerce world, keeping track of inventory is tricky. Many brands are turning to omnichannel inventory management to meet the challenge. We’re going to share five tips to help you make omnichannel inventory work for you. Smart warehousing.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Improving inventory management

EFT

Factory closures, blank sailings, massive cuts to air freight, reduced warehouse capacity and more have hit business-as-usual and often turned carefully calibrated chains on their head. There, “You're talking about … 20 to 25 warehouses,” across the country to give that same day coverage.

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. Considering 3 warehouse storage policies, the first policy is to store items anywhere.

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

Cerasis

This is the second part of my series on various ways to reduce overall costs as it relates to logistics and warehouse cost reductions. 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. First, take a physical wall-to-wall inventory.

Lean 191

Top 25 3PL warehousing companies in 2020 (by revenue)

6 River Systems

Third-party logistics companies ( 3PLs ) specialize in distribution, warehousing and fulfillment services. Today, there are many top 3PL warehousing companies that handle warehousing, fulfillment, logistics and distribution services for companies of all sizes. Penske manages 25.8

Inventory Management Mistakes: What Supply Chain Leaders and Managers Need to Know

Veridian Solutions

Inventory management mistakes constitute a significant cost contributor in today’s supply chains. According to Rod Daugherty of Manufacturing.net , the costliest problem is due in large part to poor inventory visibility and planning. What Are the Most Common Inventory Management Mistakes? As noted by Logistics Bureau , the most common inventory management mistakes include: Carrying excess inventory. 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. Considering 3 warehouse storage policies, the first policy is to store items anywhere.

Fast Forward Your Business with Inventory Management Best Practices

EMERGE App

How about taking a hard look at what you’re currently doing with inventory for your business? So, regardless of your business size, we know and truly understand your pain points about dealing with inventory in all shapes and sizes. Here are some no-nonsense, hard-hitting inventory management best practices you can implement RIGHT NOW for your business! Inventory Management Best Practices. Raw materials can also be managed inside EMERGE App.

Optimizing Inventory Management for Online Retail

RELEX Solutions

Online retailers aren’t even physically limited by warehouse space, as not all products need to be stored in their own warehouses. While traditional inventory limits may not apply to many online retailers, they still need to make smart, data-driven decisions about what to stock if they want to attract and retain a loyal customer base. E-commerce inventory management should never be approached as a one-time or even as a periodic decision.

Why Large Companies Increasingly Opt for 4PL Services

Logistics Bureau

By contrast, the third-party logistics model is where a manufacturer retains oversight of its supply chain but outsources such processes as warehousing, shipping, packing, and distribution to a 3PL provider. Unlike a 4PL, however, it won’t manage the paint maker’s entire supply chain.

Warehouse layout optimization tips to increase production

6 River Systems

Labor costs, on an average, constitute more than 65% of the expenses for a warehouse. It is a best practice to review the operation of your warehouse before implementing automation, but it also has a significant impact on production and operational efficiency. The processes in a disarrayed warehouse cannot easily be automated as automation heavily relies on warehouse layout optimization, as well as standardized processes and procedures. Warehouse Efficiency

Warehouse Cost Savings: 5 Key Areas of Focus and 13 Practical Objectives

Cerasis

A Director of Operations, Warehouse Director or Manager, or even the Director of Supply Chain or Logistics, are always in the pursuit of continuous improvement as well as warehouse cost savings in both time and money. With the myriad of tasks and personell, a director or manager must oversee, how on earth are they to get everything done? 5 Key Areas to Focus on in the Pursuit of Warehouse Cost Savings. Implement Vendor Management System (VMI).

Improving Your Manufacturing Operations Using Warehouse Automation  

NC State SCRC

Ian is an expert on warehouse automation, and shares his insights on how you need to get started in thinking about technology and robotics in your warehouse or manufacturing operation. Sandwiched between warehouse and distribution center, manufacturing is where the value gets added. To be fair, many warehouses have benefited from new technology. Here is a look some of the biggest, and a discussion of how warehouse automation benefits manufacturers.

What Is ABC Analysis In Inventory Management?

Abivin

ABC analysis of inventory is the classification of a group of items in decreasing order, based on their value to the business. With the help of ABC analysis, managers can focus their time on other valuable products and adapt their inventory control policies accordingly. Source) 1. Source) 2. For profit margin, the return on items with a higher profit margin may justify higher inventory levels.

50 expert warehouse optimization tips and techniques

6 River Systems

Optimizing your warehouse means examining every corner of your infrastructure and every facet of your workflows and processes to identify and correct inefficiencies. Not only does warehouse optimization result in a healthier bottom line, but it also improves key warehouse metrics like accurate orders and on-time delivery. Implementing the right technologies, such as collaborative mobile robots , can help to optimize resource management and improve productivity.

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. Tom, the colorful warehouse manager, constantly heckled Frank for the increasing inventory levels while Ed, the quiet material/logistics manager, constantly questioned if there was a better way. Inventory Management market-driven value chains

Five Tips on Sourcing Products From China

EMERGE App

Google a phrase like “sourcing products from China” and you’ll instantly be faced by almost 39 million results! You need to source for products to sell at wholesale prices to your retail customers. And the place to source for most, if not all, of your products is in China. This blog post doesn’t aim to be the ultimate guide to sourcing goods from China. I like to start with a broad-based search at Alibaba and Global Sources. Introduction.

Control Towers: If Only There Was A Clear Definition

Supply Chain Shaman

While there are many types of visibility (see Figure 1), the most common use case is either sourcing or transportation visibility. When they built the project, they did not realize that they did not have access to daily data daily for their third-party warehouses and contract manufacturing locations. For example, only 29% of manufacturing companies can access total cost data and 31% struggle to see the impact of business decisions on inventory. We finished dinner.

Data 266

23 warehouse pros reveal the best ways for warehouses to control & reduce fulfillment costs

6 River Systems

Every warehouse strives for efficient order fulfillment. There are many factors that can impact costs, from warehouse replenishment practices to the warehouse equipment deployed to support the fulfillment process. ” Meet Our Panel of Warehouse Pros: Nate Masterson. Read on to learn more about the best strategies to control and reduce your warehouse fulfillment costs. Nate Masterson is the Marketing Manager for Maple Holistics.

What Is ABC Analysis In Inventory Management?

Abivin

ABC analysis of inventory is the classification of a group of items in decreasing order, based on their value to the business. It is important to note that the inventory’s ‘value’ can be based on a number of criteria, such as annual sales revenue, profitability or even annual consumption value. With the help of ABC analysis, managers can focus their time on other valuable products and adapt their inventory control policies accordingly. Source). Source).

BoB vs. ERP – Part 2: Warehousing, Distribution and Logistics

Supply Chain Nation

A common theme in the Tier 1 and 2 landscape of supply chain execution management is the desire to “orchestrate and synchronize end-to-end business processes,” and that “warehousing and transportation are notable points of convergence” (source: Gartner 2017 Magic Quadrant for Warehouse Management Systems ). Or put another way, how closely do we tie the functional abilities of warehouse, transportation and labor management systems to those of the ERP?

BoB vs. ERP – Part 2: Warehousing, Distribution and Logistics

Supply Chain Nation

A common theme in the tier 1 and 2 landscape of supply chain execution management is the desire to “orchestrate and synchronize end-to-end business processes,” and that “warehousing and transportation are notable points of convergence” (source: Gartner 2017 Magic Quadrant for Warehouse Management Systems ). Or put another way, how closely do we tie the functional abilities of warehouse, transportation and labor management systems to those of the ERP?

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. Inventory Management Mistakes – 8 Horrors of Inventory Management. Let’s face off with these inventory management mistakes that may be lurking in your business right now. Introduction.

Making Food & Beverage Supply Chains Pay

IQMS

When production lines are running smoothly, product quality is up, and customer delivery dates are being met it’s a sure sign the supply chain management, inventory, and warehouse management systems supporting the shop floor are tightly integrated. By using supply chain systems to unify inventory and warehouse management, more food & beverage manufacturers can deliver real-time responses to their customers, through any channel, anytime.

10 Signs A Food & Beverage WMS Needs Help

IQMS

An integrated, scalable, secure Warehouse Management System (WMS) can assist in transforming supply chain efficiency into internal process performance gains while ensuring accuracy, compliance and cost control. 10 Signs It’s Time To Replace A Food & Beverage Warehouse Management System. Key problem areas including Order Fulfillment, Inventory Management, Warehouse Productivity, and Transportation Performance.

Supply Chain Shifts From Lean Model

AB&R

This increase in stock means there will be an increased need for the warehouses to store it. feet of new warehouse space will be needed every year for the next 2-3 years. The wholesale retailer is strengthening up it’s last mile efforts, while simultaneously increasing its warehousing capacity. USB reportedly compared the acquisition to building 100 traditional Costco warehouses. That’s where a Warehouse Management System comes in.

Lean 40

50 expert tips on improving warehouse efficiency & productivity

6 River Systems

Most warehouses are on an ongoing mission to maximize productivity by optimizing workflows, automating processes and reducing waste (both time and resources). Warehouses are complex operations with many moving parts and functions happening simultaneously, so while there are plenty of areas to improve productivity, it’s not always easy to determine where your efforts will pay off. More than 50% of your warehouse labor is in pick and pack, so start there.

Managing Warehouse Management Systems (WMS) For Future Growth

IQMS

Bottom Line: It’s time to transition the role of warehouses from cost centers to revenue centers that support new digitally enabled supply chains and business models that require greater accuracy, speed, and scale than ever before. A Warehouse Management System is the tool that can make that happen. Like manufacturing, warehouses, and the systems that manage them, are going through an inflection point.

Healthcare: A Call For Action

Supply Chain Shaman

However, we can start with inventory management and the tracking of materials in the hospital more efficiently. I remember the days of when I first ran a warehouse for a manufacturing company. It was before warehouse management. In those days, it was impossible to track inventory in the warehouse. In the last decade, eCommerce warehouse capabilities and the picking of the each drove even greater advancements. Source: CNN, [link].

How to build an automated warehouse system: which new technologies do you need and why?

6 River Systems

Many warehouses are seeking ways to leverage automation for better efficiency, but building an efficient automated warehouse system requires careful selection of the right technologies. Your warehouse systems and software need to be able to share data between them, but those systems are not all the same and may have different data formats. APIs enable applications to collect data from disparate warehouse information systems, supporting integration and eliminating data silos.

What is Inventory Shrinkage?

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! Inventory Shrinkage article and permission to publish here provided by Jake Rheude at redstagfulfillment.com. There are many terms for inventory shrinkage: warehouse shrinkage, product shrinkage, loss of product.

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”.

Etsy Order, Purchase & Inventory Management for Creators, Makers and Doers

EMERGE App

As a creative entrepreneur, there are various ways to get a handle on managing the orders, purchases, and inventory of your hand-made goods. We’ll show you how EMERGE App — a user-friendly, cloud-based inventory management solution — helps you run your creative business to sell better and faster on Etsy. These include managing your products, raw materials, sales orders, and simple production schedules. Manage Inventory.

Solving Traditional Inventory Challenges with Online Inventory Control

Unleashed

Factors affecting inventory control are becoming equally complex with multifaceted supply chains and vast networks of manufacturers, suppliers, distributors, wholesalers and retailers from which to source, distribute and sell products. Factors affecting inventory management. Inventory stock challenges range from longer, less reliable lead times to difficulty tracking inventory along the supply chain and across multiple warehouses.