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.

Trade promotion forecasting: the present and the near future

ToolsGroup

The next step is to accurately predict the uplift from baseline expected to be generated by the promotion so that supply chains can optimize inventory to properly support the promotion. Trade promotion forecasting is difficult: getting it right involves factoring in many variables.

Santa & Opening Presents - Christmas S&OP For Parents

Enchange Supply Chain Consultancy

Christmas Humour Supply Chain S&OP Logistics Management Inventory Management & Stock Control“Dashing through the snow In a one horse open sleigh…”.

S&OP 107

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. Inventory is both.

Supply Chain Visibility: Past, Present, and Future

Talking Logistics

Once you’ve built the digital network and data record, you can start to overlay executable processes to collaborate with partners on functions such as bookings, inventory management, and cost management. The post Supply Chain Visibility: Past, Present, and Future appeared first on Talking Logistics with Adrian Gonzalez. Achieving end-to-end supply chain visibility has been the Holy Grail for industry executives — always desired, but seldom achieved.

Five Reasons Why Are We Not Making Progress on Inventory Management

Supply Chain Shaman

At the session, we discussed why companies have not made more progress on inventory management. The presentation is on slideshare.) In the case of Apparel and Automotive industries there are slight improvements, but they have shifted inventories to suppliers.

Regaining control: Inventory management best practices (Part one)

Kinaxis

by Richard Cushing It happens to be axiomatic that you cannot manage your inventory if you do not control your inventory. Managing versus controlling inventory. Inventory management best practices.

SanDisk’s Story of Customer Segmentation Strategies Using Inventory Postponement

Supply Chain Shaman

Spinnaker Management Group asked me to co-present on a demand-driven webinar with SanDisk. Instead, in the SanDisk journey , they adjusted the speed of response to their customer segments, and actively designing inventory postponement strategies. So, why did I ask SanDisk to present?

Retail’s Phantom Inventory Menace, or the Ghosts of Christmas Present

Supply Chain @ MIT

Even with today’s sophisticated inventory management systems, retailers are woefully unaware of just how low on-shelf availability is for many of the products they carry. The culprit is “phantom inventory”—goods that […]. Featured Strategy managing missing inventory MIT Center Transportation & Logistics phantom inventory retailers' inventory problems Supply chain research why products go AWOL in stores

How Demand Forecasting Helps You Manage Inventory

AFFLINK

As businesses scale, they need to investigate the accuracy of their inventory management and forecasting processes. Through better demand, an organization will be able to better manage inventory, increase revenue, and improve customer support.

When SMBs Hit the Inventory Planning Complexity Wall

ToolsGroup

Inventory planning is especially important to small-to-midsize businesses (SMBs). Nobody wants to tie up more working capital than necessary in inventory, but SMBs typically have leaner resources, and a higher cost of capital means it’s more expensive to fund excess stock.

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? ’ Poor inventory performance can create a significant obstacle to growth and profitability.

The Two Levers of Inventory Optimization

Logility

Back to present day and the supply chain. Two powerful levers a company can use to optimize inventory are “Working Capital” and “Customer Service Levels.” Can you model your end-to-end supply chain to determine your optimal inventory locations and levels?

The Past, Present, and Future of Technology in the Warehouse

Logistics Bureau

Even now, in our less labour-intensive warehouse environments , technological progress continues to disrupt and transform the way we manage inventory storage and throughput. Improved inventory management. Imagine stepping back in time to visit a large warehousing operation in 1990.

Don’t Take a Holiday from Inventory Management

Talking Logistics

The Importance of Inventory Management. When it comes to inventory management, new trends are demonstrating that less is more. Having less inventory on-hand increases liquidation, allowing for a more agile response to shifting consumer trends. Companies that have too much inventory on-hand right now are struggling to clear out space ahead of the season, slashing prices and concerning stakeholders as profit margins creep downward.

Three New Ways Retailers Can Improve Inventory Performance

ToolsGroup

By using data to stock items with higher forecasted demand, they can reallocate cash that would normally be tied up in poorly performing inventory, avoid margin erosion from markdowns and dead stock, and increase overall on-shelf availability metrics.

Retail 205

Why Have We Not Reduced Inventory?

Supply Chain Shaman

This year supply chain leaders will celebrate thirty years of progress in supply chain management; but we have not made progress on one of the funamentals: inventory management. Have the early adopters of inventory optimization seen a reduction in inventory on their balance sheets?”

Vendor Managed Inventory Model for Supply Chain Cost Reductions

Cerasis

Below I will outline how a vendor managed inventory model, in conjunction with reverse marketing, value analysis, and collaboration will achieve supply chain cost reductions. Vendor Managed Inventory Model for Supply Chain Cost Reductions. The distributor maintains the inventory plan.

ABC Analysis of Inventory: Optimize Business Bottom Line

OptiProERP

The most common concern supply chain management experts struggle with is accurately identifying the causes of inventory inconsistencies. If a discrepancy is identified when users pick an item or perform a count, an inventory correction needs to be performed. Categorizing your inventory.

Improve Your Inventory Control with Demand Forecasting

Unleashed

Demand forecasting and planning sounds like a complex task requiring input from a team of accountants and economists but, in reality, it’s an easy way to improve your inventory control. In simple terms, demand forecasting uses supply chain information to plan the levels of stock needed to meet expected demand which gives greater inventory control to the supplier. A holistic approach to inventory control. Anticipatory Inventory Could be the Answer.

The Ongoing Evolution of Inventory Control

Unleashed

Prior to the industrial revolution, inventory control was all but not existent. Or perhaps they wrote down all sales and deducted the transactions from the inventory quantities they presumed they had. These were passed to employees in the storeroom, who would present the items to the front counter for the customer. Managers could then record inventory stock and sales data. Barcodes for inventory control. The evolution of inventory control.

Accurate Inventory Forecasting, No Crystal Ball Needed

Unleashed

Proper demand forecasting and inventory control can save a company from buying too much or too little of something, which of course avoids expensive overstock scenarios or stockouts. Accuracy and the ability to capitalise on forecasts will depend on the success of a company’s inventory control practices and ability to understand itself and its market. The only way to accurately predict future inventory demand is to use accurate, timely data.

What is Web Based Inventory Management Software?

EMERGE App

You run a lean business model with minimal overheads and using web-based inventory management software plays a big part in this. And you expect the same standard for inventory management software. What to Expect from Web-Based Inventory Management Software. Introduction.

Phantom inventory, and what makes it so scary

Alloy

That’s exactly what phantom inventory is: when a product is not reported as out-of-stock because the stores’ systems register that they have on-hand inventory, but in reality the product is not available. In other words, the recorded inventory is like a phantom?—?it

What Does IoT Mean for Inventory Management?

Unleashed

The dawn of the Internet of Things (IoT) is upon us and it is set to revolutionise many industries including inventory management. However, before we can understand how inventory management will be affected by IoT and how we can optimise this, we must first understand what exactly it is. So, what does this mean for inventory management and supply chains? Of course, the more components present, the more difficult it is to streamline the process for optimum efficiency.

Inventory Optimization Maturity Curve: A Walkthrough

Logility

As I talk to customers and practitioners from all corners of the supply chain world, I find that Inventory Optimization has different meanings between companies, departments and even people within the same organization.

Inventory Optimization Maturity Curve: A Walkthrough

Logility

As I talk to customers and practitioners from all corners of the supply chain world, I find that Inventory Optimization has different meanings between companies, departments and even people within the same organization.

Inventory Optimization Maturity Curve: A Walkthrough

Logility

As I talk to customers and practitioners from all corners of the supply chain world, I find that Inventory Optimization has different meanings between companies, departments and even people within the same organization.

Using Technology to Improve Inventory Management and Reduce and Expedite Returns

Veridian Solutions

Using technology in the warehouse is one of the most effective ways to improve inventory management and reduce returns. Since returns represent a significant cost to companies, it is imperative for retailers to take steps to improve inventory management and manage returns.

Financial Benchmarking for Inventory Turns and Working Capital

Arkieva

Using so called orbit charts, we have benchmarked companies on EBIT% versus Inventory Turns. That benchmark helped to reveal the ‘best practice frontier’, which in turn helped in setting aggressive but aligned targets for EBIT% versus Inventory Turns.

A Quick Method for Assessing Inventory Health

ToolsGroup

Last week we discussed a Gartner framework for gauging inventory health, but noted that the Inventory Quality Ratio (IQR) could take a while to implement ( Click here to read last week’s blog). This is different than traditional ABC inventory classification (to see why, see this blog ).

Inventory forecasting and replenishment in an omni-channel world

Cognira

Inventory forecasting and replenishment in an omni-channel world Introduction Omni-channel retailing has changed the entire nature of inventory demand. Customers select from the available delivery and inventory options, but, their final selection may not reflect their first choice, ie.

Do You Understand Your Chief MRO Inventory Challenges?

Logistics Bureau

Given this knowledge then, does your organisation place enough importance on the management of MRO inventory? If yours is one of them, and you’re wondering where and how to start getting a grip on MRO inventory, this post might help. MRO Inventory Forecasting: A Matter of Opinion?

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?

Inventory Forecasting And Replenishment In An Omni-Channel World

Cognira

Omni-channel retailing has changed the entire nature of inventory demand. New delivery options and supply methods are constantly being added which makes the previous inventory positioning strategy less than ideal. This flexibility opens up all new inventory stocking strategies.