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?

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.

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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. Subscribe Here! Email Address.

COVID-19: Implications on inventory planning, sourcing and procurement

EFT

It has been a huge challenge to understand what is changing moment-to-moment, let alone predicting what will happen, so eft by Reuters sat down in a webinar with experts working at the coalface of inventory planning and distribution to understand what can be done to survive and thrive. Visibility is the centrepiece … not only in terms of where my inventory is, in which channel, and where to move it, but also in consumer demand, and how can I be ahead of that game and forecast the demand?”

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.

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. In my research, I find that the companies with the most progressive procurement processes also have the most advanced customer supply chain process evolution.)Without

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

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. Digital procurement has automated the processes and has abolished the tedious methods of traditional procurement. Therefore, procurement is already familiar with such technological advancements and adopting machine learning could be a welcome change.

Want better supplier adoption of your procurement portal? Start by asking your own sales staff.

OneSCM

A good portion of the value provided by automating procurement and payables processes comes from the labor and cost savings generated from fewer errors and less manual work. The procurement portal has to have enough transactional volume running thru it. For companies of this size and influence, supplier adoption of the procurement portal simply becomes a criteria for inclusion in the company’s approved vendor list (AVL).

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. 3) Forecast at the right level Standard inventory management textbooks suggested that forecast be done at a product family level.

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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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. Digital procurement has automated the processes and has abolished the tedious methods of traditional procurement. Therefore, procurement is already familiar with such technological advancements and adopting machine learning could be a welcome change.

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. Bundling order-to-cash and procure-to-pay functions not only gives companies a holistic view of their supply chain operations, but also improves decision-making and business growth. In some instances, sales can become risky; procurement staff maintain higher buffer stock levels as a safety net.

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

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. However, I am aware of one from Pierre Mitchell that found the Myers-Briggs ESTJ type is the dominant one in procurement with over 20% of survey takers. Time to Look into the Future of Procurement! Subscribe Here!

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.

5 Procurement Questions for Santa

Jaggaer

After pulling a few strings, we managed to catch Santa on one of his few coffee breaks at this busy time of year to fire five burning questions at the reigning world champion in procurement. To get a grip on all the orders, I use JAGGAER, a globally recognized for procurement optimization. I especially use the solutions for complex logistics: Vendor Managed Inventory, call-off, Kanban, and more. The post 5 Procurement Questions for Santa appeared first on Jaggaer.

Digitized Procurement: Your Setting-off Point to Autonomy

Jaggaer

In five to ten years, procurement in many of the world’s leading companies will be “truly digital”. They will have succeeded in transforming their procurement organizations to leverage artificial intelligence-based technologies to achieve autonomous procurement. Autonomous Procurement: The Reality versus the Hype. Over the coming months, we will identify and describe the four levels of development stages on the road to autonomous 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.

Supply Chain Financing: Liquid Inventory That Keeps Things Moving

NC State SCRC

It is essentially the flow of funds that keep the supply chain running – think of it as “liquid inventory”, in that it frees up working capital and free cash flow that ensures things don’t grind to a halt.

The Supply Chain Detective™ and the Inventory Turnover Mystery!

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! As I settled into the job and started learning, and studying, the various Supply Chain metrics I was surprised when I looked at the Inventory Turnover performance of the company. The Inventory Turnover Mystery had been solved!

Podcast: Procurement Expert Alan Dunning on Digital Transformation

Requis

On episode 7 of Supply Chain Next, host Richard Donaldson speaks with Alan Dunning, Principal Supply Chain Manager (Procurement & Contracts) for Worley. Alan Dunning has been in procurement for almost 40 years, and has spent the last 20+ years doing project procurement management. Alan and Richard talk about procurement, implementing new technology, and most importantly, the importance of good people in supply chain. ?. Advice to new procurement professionals.

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.

Manage Procurement Spend Like It’s Your Own Business!

Supply Chain Game Changer

Hey Procurement! Procurement. And all of this is managed by Procurement personnel. In What Exactly is Procurement? we offer the definition of Procurement from PurchasingInsight.com which considers that “Procurement is the overarching function that describes the activities and processes to acquire goods and services” That is a very broad, and all-encompassing definition and scope of responsibility. Procurement Responsibilities.

Changing the face and pace of procurement

Requis

But very little real and lasting changes were made to make the procurement process more efficient. Sure, I adapted to meet my customers’ needs and the many changing faces of business during those times, but the actual job of a Procurement Manager largely remained the same. I am passionate about procurement, which is why I am a Fellow of the Chartered Institute of Procurement and Supply (CIPS). However, I am concerned about the future of strategic procurement.

What are the 3 Decision Rules for Inventory Control?

Unleashed

Effective inventory control is a process. It involves many areas of an organisation and is a delicate balance between the three categories of inventory costs. As one of a business’ greatest assets, inventory is also the cause one of the hardest decisions manufacturers, retailers and eCommerce businesses have to make. Therefore, it is important to establish a set of guidelines to improve inventory decisions and optimise inventory control.

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. Digital procurement has automated the processes and has abolished the tedious methods of traditional procurement. Therefore, procurement is already familiar with such technological advancements and adopting machine learning could be a welcome change.

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.

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.

SCM 60

5 ways ERP improves inventory visibility in your supply chain

OptiProERP

Inventory visibility is one of the critical aspects of any manufacturing business. It helps organizations understand how much inventory is available, at what location , and at any given point of time. To ensure inventory visibility, you should have access to view, manage, and update your inventory status from trusted software. What Improved Inventory Visibility does. Inventory ties up money. How ERP Improves Inventory Visibility.

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.

Lean 179

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.

4 Ways Technology Can Simplify Inventory Management

EazyStock

Inventory is the biggest entry in the balance sheet of many distribution companies and fast deliveries are becoming increasingly important in today’s digital world – especially as an increasing number of people are working remotely. On the other hand, piling up too much inventory comes with a price and a high risk of ending up with obsolete stock. Here are some ways technology can help you simplify inventory management. Good software will also perform inventory simulations.

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!