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.

Why Supply Chain Managers & Procurement Should Collaborate

Cerasis

The roles of logistics and procurement in an efficient supply chain cannot be overstated. According to Paul Myerson , reports Industry Week, up 70 percent of a company’s costs come from procurement and logistics operations. Meanwhile, this large volume of expenses is directly related to 80 percent or a company’s working capital via inventory and accounts payable. So, why do supply chain managers not take advantage of this data with respect to procurement?

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. Check out this list of 25 Procurement and Purchasing questions and answers. And you don’t need to purchase an expensive procurement technology suite to do so.

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? Attributes of Lean Inventory Management.

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SanDisk’s Story of Customer Segmentation Strategies Using Inventory Postponement

Supply Chain Shaman

I find that in this world of the global multi-national that procurement processes have become convoluted and increasingly complex. (In In my opinion, we have made procurement increasingly complex without adding value.

Procurement Transformation Delays – The Role of Personality!

Supply Chain Game Changer

Article provided to Supply Chain Game Changer by Katalin Brennan at Eyvo E-Procurement. We’ve all heard of the need for Procurement to embrace the Digital Transformation for many years. There are few procurement-specific personality surveys available. Subscribe Here!

4 Reasons to Integrate Order-to-Cash & Procure-to-Pay

OneSCM

The ease of implementing and onboarding supply chain management solutions gives wider visibility in manufacturing, as well as orders and inventory. In some instances, sales can become risky; procurement staff maintain higher buffer stock levels as a safety net.

MACHINE LEARNING AND PROCUREMENT

Eyvo

MACHINE LEARNING AND PROCUREMENT. Importance of Machine Learning in Procurement. Procurement, on the other hand, has been famously known to increase efficiencies and time and cost savings. One of the most eminent aspects of procurement is managing supplier relationships.

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.

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

5 Ways SMEs Can Improve Inventory Turnover

Unleashed

To ensure your small business is operating efficiently, effectively managing inventory and meeting customers’ needs, you should aim to improve inventory turnover. Inventory turnover is the number of times a business sells and replaces inventory within a specified timeframe. The inventory turnover ratio is used to determine the effectiveness of inventory control and how long a business takes to sell its on-hand inventory stock. Procurement.

MACHINE LEARNING AND PROCUREMENT

Eyvo

MACHINE LEARNING AND PROCUREMENT. Importance of Machine Learning in Procurement. Procurement, on the other hand, has been famously known to increase efficiencies and time and cost savings. One of the most eminent aspects of procurement is managing supplier relationships.

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.

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. Integrate all supply chain systems, increasing savings in transportation management, procurement and everywhere in between.

It’s Time to Revisit Vendor Managed Inventory

synchrono

A few decades ago, Vendor Managed Inventory (VMI) was a hot topic. Many manufacturers saw it as a way to reduce inventory levels and costs. As materials are received into inventory, they are scanned into the system – and, they are scanned again when consumed.

The Procurement Economy in 2019: Bracing Yourself for the Future

Jaggaer

As we’ve explored in our last two blog posts, economists are predicting a decline in global economic growth due to policy and trade issues both in the United States and the European Union , bringing an increased risk to supply chains and procurement organizations. This also required creating a flexible supply chain by creating preferred responses to possible changes, as well as realigning inventory in order to free up cash. Procurement Resources

Inventory Turnover – A Formula For Achieving Game Changing Results!

Supply Chain Game Changer

As we have discussed in other blog posts we have tackled Inventory Turnover several times, amongst many other challenges. Your challenge may be trying to improve Inventory performance or trying to create a transformational improvement in some other area. Subscribe Here!

Logistics & SCM, PLM, Manufacturing, and Procurement 2016

Supply Chain Movement

Logistics & SCM, PLM, Manufacturing, and Procurement 2016. URL: sapinsiderevents.wispubs.com/2016/Vienna/SCM-PLM-MFG-Procurement-CRM/. Logistics & SCM, PLM, Manufacturing, and Procurement 2016, sponsored by SAP, is the most important educational event of the year for organizations using SCM, PLM, manufacturing, and procurement solutions to fortify their business operations and infrastructure with proven methodologies and measurable, value-driven results.

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Do You Want Inventory Turnover Breakthrough? Define and Manage The Levers!

Supply Chain Game Changer

Check out World Class Inventory Turnover Breakthrough Elements! Taking a holistic approach in order to achieve Inventory Turnover Breakthrough results meant that I needed to consider the End To End Supply Chain. Thus we would be able to make a rapid dent in our Inventory levels.

Procurement Trends 2019 – what’s your priority?

Eyvo

There is no shortage of predictions from procurement experts and companies. Anyone can purchase products and services so procurement, as a department, has the challenge of showing value in every aspect of their existence. The post Procurement Trends 2019 – what’s your priority?

Three Simple Analyses To Identify Risky Inventory In Your Supply Chain

Arkieva

If you are running a manufacturing or distribution business, you have to deal with inventory. In supply chains, inventory acts as a shock absorber just like the ones in your car. So, not all inventory is bad. Now, add up all the inventory on items that fall in the A category.

5 steps for Procurement to impact on financial results

Claritum

Claritum Article - Procurement Blog. Address Procurement Strategy. Focus Procurement on supplier optimisation. Don’t lose Procurement’s focus on costs. Keep Procurement up to date. It is procurement at the heart of any impact on P&L.

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. Procurement’s Role Did Become More Important.

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Streamlining and Automating the Procure-to-Pay Process

Talking Logistics

Streamlining and automating the procure-to-pay (P2P) process is something many companies are focused on, especially those dealing with hundreds, if not thousands, of suppliers and high volumes of purchase orders, shipments, and invoices. The order procurement black hole. I began my discussion with Omar by asking him to share some of the challenges procurement people are dealing with in the procurement process. Episode Highlights Elemica P2P procure-to-pay

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.

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.

Excess and Obsolete Inventory: You’re All Responsible for It!

NC State SCRC

The Supply Chain Resource Cooperative held its first ever “Executive Roundtable on Excess and Obsolete Inventory” on the NC State campus on October 25, 2017. Executives need to deal with inventory issues as they arise! Measure life cycle inventory cost.

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.

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? It’s one of the best things you could do for your inventory management, so why are so few companies hopping on board?

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?

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?

The Beginner's Guide to Inventory Control and Management

Supply Chain Opz

What is Inventory Control? Here we will try to answer most common questions about Inventory Control and also provide additional resources you can use. What is Inventory Control? Inventory control often starts with how to know the demand of particular product.

Procurement Trends 2019 – what’s your priority?

Eyvo

There is no shortage of predictions from procurement experts and companies. Anyone can purchase products and services so procurement, as a department, has the challenge of showing value in every aspect of their existence. The race for procuring, pun intended, the best talent has been challenging. Project-based procurement, consultative engagement, product and service specialization, need for geographic presence, among the many factors will permeate procurement.

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?

Four Inventory Optimization Questions Every Life Sciences Supply Chain Team Should Ask Itself

Logility

How do you know if meaningful inventory optimization is possible for your life sciences organization? Supply chains in all branches of the industry involve high-value, high-margin items that tend to trap large amounts of working capital in excess inventory, so the potential benefit is real.

Four Inventory Optimization Questions Every Life Sciences Supply Chain Team Should Ask Itself

Logility

How do you know if meaningful inventory optimization is possible for your life sciences organization? Supply chains in all branches of the industry involve high-value, high-margin items that tend to trap large amounts of working capital in excess inventory, so the potential benefit is real.

INTEGRATED PROCUREMENT – A NEW WAY TO PROCURE

Eyvo

Every company has similar procurement processes that start by identifying the items required for their operational purposes, creating requisitions, issuing orders to the suppliers, receiving the goods and making the payments. Accounts without procurement. Integrated Procurement.