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. But that’s not the only shift in manufacturing. Data availability and advanced analytics are also shaping the industry by providing new insights into efficient manufacturing processes. It then uses this model to understand the impact of demand forecasting on inventory.

Manufacturing ERP Plays a Key Role for Sustainability

QAD

Sustainability has become increasingly important in recent years and is now a vital component of many organizations’ social, economic and environmental efforts. Other recent examples include Mercedes-Benz’s pilot project for using blockchain to track CO2 emissions and Perrier’s program winners for developing sustainable and circular packaging solutions. The Sustainability Movement in Business and Manufacturing. How Does an ERP System Support Sustainability?

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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. But that’s not the only shift in manufacturing. Data availability and advanced analytics are also shaping the industry by providing new insights into efficient manufacturing processes. It then uses this model to understand the impact of demand forecasting on inventory.

Four Things You Probably Didn’t Know About Inventory Planning and Sustainability

ToolsGroup

You can’t scan the headlines without coming across an article or advertisement about sustainability, but there is precious little information about how supply chain planning software supports green initiatives. I think it’s time we started spreading the good news: when you harness demand and inventory planning to slash unnecessary expenses and improve service to customers, you also reduce waste and support sustainability. Here are just a few of the sustainability benefits.

ERP Sustains Manufacturing during COVID-19

IQMS

The COVID-19 pandemic has pushed manufacturers to rapidly shift gears, from addressing work-from-home policies to managing extreme swings in demand and uncertain supply chains. In the process, it has highlighted an aspect of manufacturing ERP that is not as visible in more normal times— business continuity. Never in the history of ERP have we seen it play a bigger role in the continuance of manufacturing operations around the world. All Posts Manufacturing Trends & News

Top 10 2020 Manufacturing Trends

IQMS

Bottom Line: 2020 manufacturing trends are driven by manufacturers’ strong confidence in their ability to deliver high-quality products that earn repeat orders while delivering excellent customer experiences. Running lean and struggling to find the employees they need to keep up the pace of production across their shop floors, small and mid-tier manufacturers are prioritizing Inventory Control and Scheduling to make themselves as efficient as possible.

The Formula for Fast and Sustainable Growth in Life Sciences

QAD

As many life science companies have realized, scalability without sustainability doesn’t lend itself to longevity in the industry. Growing too quickly has plagued many life science businesses with operational inefficiency and an inability to sustain current business operations.

Still managing your inventory with spreadsheets?

ToolsGroup

Most companies are still trying to use Excel to optimize their inventories. Supply Chain Insights’ 2018 Inventory Optimization Technologies Study suggests the number may be as high as 75%. So inventory optimization software is still “low hanging fruit” for those seeking higher levels of supply chain maturity and improved use of supply chain analytical tools. Much of inventory is a hedge against uncertainty. Inventory needed to mitigate the risk of short shipments.

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.

How Food Manufacturing Software Drives Profit [w Case Studies]

Unleashed

Effective inventory management is crucial to reducing costs in any manufacturing business. Cost reductions in food manufacturing can be achieved by using food manufacturing software that improves ordering processes and minimises overstocking of expensive raw ingredients.

Lean Manufacturing

LeanCor

A motor manufacturer’s warehouse space and on-hand materials were growing exponentially as it received, processed, and stored material for potential future use. As a result, warehoused inventory increased from one to seven warehouses due to lack of a defined inventory and replenishment strategy. LeanCor used PFEP as the foundation of the future state parts strategy and 5S to sustain optimal inventory levels and locations.

Lean 186

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.

How Sustainability Will Fundamentally Change Your Supply Chain

Supply Chain Nation

As buyers have more access to information, companies won’t have a choice on whether to focus on a sustainable operation or not; it will be as baseline an expectation as one-day-delivery. This touches almost every aspect of supply chain in every industry: from ethical sourcing to incorporating recyclability into the design, to biodegradable packaging materials, to end-to-end supply chains that can lower waste, buffer, and excess and obsolete inventory.

Still managing your inventory with spreadsheets?

ToolsGroup

Most companies are still trying to use Excel to optimize their inventories. Supply Chain Insights’ 2018 Inventory Optimization Technologies Study suggests the number may be as high as 75%. So inventory optimization software is still “low hanging fruit” for those seeking higher levels of supply chain maturity and improved use of supply chain analytical tools. Much of inventory is a hedge against uncertainty. Inventory needed to mitigate the risk of short shipments.

Manufacturers Should Focus on This Most Critical Component for Manufacturing Operations Excellence

Cerasis

We conclude this two part series about manufacturing operations excellence by consultant Chuck Intrieri, by outlaying why manufacturers should focus on a critical component that will help sustain manufacturing operations excellence for years to come. What is Driving Sustainable Manufacturing Operations Excellence? What is the most important part of manufacturing? The most important resource in manufacturing is people.

When is Inventory Too “Lean”? Finding the Right Balance

ToolsGroup

I learned about “lean manufacturing” (or simply “lean”) back in the 1990s when I met James Womack and read his book “ The Machine that Changed the World ”. But we have also seen companies misinterpret the lean message when it comes to inventory. It's good to trim bloated inventory and free up working capital. And we especially don’t want an environment where a shift in demand or a contraction in the business cycle leads to eating huge inventory losses.

Lean 216

4 Key Trends to Watch in Smart Manufacturing and Supply Chain

Cerasis

The advancements in 3D printing and 'Additive Manufacturing,' coupled with supply chain efficiencies, could make distributed manufacturing a reality, ushering in the era of smart manufacturing. The Continual Coverage and Now Reality of Smart Manufacturing with 3D Printing. I remember reading an MIT paper on manufacturing technology trends a couple of years ago. It had a fascinating mention of " Additive Manufacturing " (AM) and how it could be a game changer.

3 Uses of IoT Tech Spurring Sustainability in Supply Chains

Cerasis

In the shipping and manufacturing industries, that same “worldwide web” is now being deployed to encourage more energy-efficient operational and communication strategies for a low-carbon economy, thanks to IoT Tech. IoT Tech is Driving Sustainability in the Supply Chain. But perhaps the most far-reaching changes will center around the use of large data systems to drive sustainability in logistics and supply chains.

Lean Manufacturing: Is it Really Worth It? 16 Big Benefits Say, “Yes.”

Cerasis

Customer expectations of reliable quality and rapid delivery forces today’s manufacturers to either shorten cycle times or lose business. There are multiple good models for lean manufacturing operations. Who Needs Lean Manufacturing? A company in need of lean manufacturing practices tends to be easy to identify, typically displaying multiple of the following symptoms of operational deficiency: Inventory amasses in buffer stocks. cuts inventory costs.

Lean 263

Inventory Management in Service Logistics Industry

Talking Logistics

What is Inventory Management? For Manufacturing it’s about carrying zero or minimum inventory. For Logistics the focus is on high inventory turns. Inventory Management is about having a right balance of expectations from different functions of the supply chain. Inventory Management is a function that should always be in sync with your supply chain strategy and in turn depends on your overall business strategy. What does it mean for inventory?

Steel Fabrication and General Manufacturing Tips and Tricks for 2015

Cerasis

Still in all most fabricators have seen steel sales rise and customer demands and inventory requirements increase over the past several years. Now is the Time for Manufacturing to Look at Logistics Efficiency. Manufacturing seems heading for a long awaited comeback. The post Steel Fabrication and General Manufacturing Tips and Tricks for 2015 appeared first on Freight Logistics Company | Cerasis. Manufacturing manufacturing tips

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.

Podcast: Rob O’Byrne on Digital Transformation, Sustainability, and Diversification in Sourcing

Requis

Manufacturing sites have been rationalized in terms of, “we don’t need five factories in this country, we only need three, then two, then we don’t need them at all, we’ll move them to China”. Circularity and sustainability are really hot topics in parallel with digital transformation.

Improving inventory management

EFT

What’s more plenty on the retail side have found themselves with held inventory but it suddenly locked away in stores that people could no longer frequent, browse and shop from. I believe that you're going to see sustained push to e-commerce. Inventory management, evolved.

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.

5 supply chain management tips for retail for sustained profitability

6 River Systems

Manufacturing companies have the option of selling directly to consumers without the help of any retail middle men. Here are five supply chain management tips for the retail industry to bring in sustainable profits.

Siemens Commits to Additive Manufacturing

Logistics Viewpoints

Additive manufacturing has certainly gotten a lot of press over the years. In the supply chain space, the idea that inventory costs could be slashed by committing to additive manufacturing has been touted. In manufacturing, a common idea is that additive manufacturing can create more sustainable products by not lathing away materials that are wasted. The post Siemens Commits to Additive Manufacturing appeared first on Logistics Viewpoints.

The Absolut Company: Balancing Service and Inventory Creates a Delicious Mix

ToolsGroup

The world’s #2 selling vodka brand leaves nothing to chance when it comes to quality and sustainability. With continuously shifting consumer preferences and brands around the world rushing to deliver delicious new options for alcoholic beverages, The Absolut Company has been able to navigate the increased complexity while staying true to its heritage and commitment to quality and sustainability. Blog Demand Planning Inventory Optimization Supply Chain Planning Featured

Four Critical Steps for CPG Manufacturers to Compete After a Crisis

DynaSys

The same concept works for business and manufacturing. As the world sorts through life with COVID-19 and trying to plan for the aftermath, many Consumer Packaged Goods (CPG) manufacturers and suppliers are developing and implementing risk management policies and procedures.

What is Vendor Managed Inventory? How to Make VMI Work

My Office Apps

What is Vendor Managed Inventory? Looking to streamline your supply chain and reduce inventory costs? You might want to look into Vendor-Managed Inventory (VMI). Vendor Managed Inventory is a business arrangement where the vendor of a product takes responsibility for making sure the buyer has the agreed inventory. Lean inventory levels – VMI allows your vendors to supply in-demand goods at the right time. The post What is Vendor Managed Inventory?

5 Ways Fashion Supply Chains Can Be More Sustainable

Elementum

And it's why more people are asking clothing companies to look deep into their supply chains and dig out the weeds: 66% of Millennials say they’re willing to pay more for products that are sustainably produced, and 37% of people are willing to switch to another brand if it provides more transparent labelling than their current brand. But achieving sustainability depends on removing these barriers to communicate standards and best practices?—?from 5 Ways to Achieve Sustainability.

5 Ways Fashion Supply Chains Can Be More Sustainable

Elementum

And it's why more people are asking clothing companies to look deep into their supply chains and dig out the weeds: 66% of Millennials say they’re willing to pay more for products that are sustainably produced, and 37% of people are willing to switch to another brand if it provides more transparent labelling than their current brand. But achieving sustainability depends on removing these barriers to communicate standards and best practices?—?from 5 Ways to Achieve Sustainability.

Digital transformation in manufacturing – The accelerators and roadmap for manufacturers

ThroughPut

The relevance of digital transformation in manufacturing. PWC predicts that out of every 2,000 manufacturers, 86% will benefit from cost reductions and revenue gains from their digitization efforts over the next five years. Fortunately, manufacturing is one industry that can easily harness new-age digital technology to deliver greater supply chain efficiency and productivity using smarter, better and safer operations methodologies. Blog manufacturing

Digital transformation in manufacturing – The accelerators and roadmap for manufacturers

ThroughPut

The relevance of digital transformation in manufacturing. PWC predicts that out of every 2,000 manufacturers, 86% will benefit from cost reductions and revenue gains from their digitization efforts over the next five years. Fortunately, manufacturing is one industry that can easily harness new-age digital technology to deliver greater supply chain efficiency and productivity using smarter, better and safer operations methodologies. Blog manufacturing

Digital transformation in manufacturing – The accelerators and roadmap for manufacturers

ThroughPut

The relevance of digital transformation in manufacturing. PWC predicts that out of every 2,000 manufacturers, 86% will benefit from cost reductions and revenue gains from their digitization efforts over the next five years. Fortunately, manufacturing is one industry that can easily harness new-age digital technology to deliver greater supply chain efficiency and productivity using smarter, better and safer operations methodologies. Blog manufacturing