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. However, there has been a “50%” rise “in food and beverage essentials” for the retail giant, which has meant a huge reorientation in purchasing and demand planning.

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.

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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.

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. If you’re the size of the world’s largest retailer or electronic device maker, or even the government, supplier adoption can be an easier equation to solve. The post Want better supplier adoption of your procurement portal?

Bad Retail is Dead — Long Live Retail

Enterra Insights

Brick-and-mortar retailers continue to declare bankruptcy at an alarming rate. Ben Unglesbee ( @Ben_RetailDive ) and Cara Salpini ( @CaraSalpini ) bluntly write, “Last year was a dismal one for certain retailers. Those ‘certain’ retailers include ones with a lot of debt, that depend on malls and whose business is especially susceptible to the explosion of Amazon online and off-price sellers in the physical world. Bad retail is dead.”[2].

Retail 100

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. of retailers and manufacturers.

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.

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.

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?

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. Prior to this requirement, a bank might be able to lend money to a large retailer such as Walmart and charge 2%, and concurrently lend funds to Sears at a higher rate of 10% due to increased risk.

How Order Management System (OMS) Software Aids Retailers

Veridian Solutions

The use of an order management system can dramatically improve product cycle times, reduce errors in order fulfillment , and lend itself to better inventory management strategies. What’s Keeping Retailers in the Dark Ages and Away From Advanced Systems? Ways an Order Management System Helps Retailers Succeed. An order management system is essential to success in retail. Less segmentation and isolation of inventory. Real-time inventory visibility.

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. If you are looking for warehouse cost reductions, chances are you are stocking too much inventory. Understand Data Integrity to Reduce Inventory Costs.

Lean 191

Optimizing Retail Supply Chains to Meet Demand and Reduce Costs

CH Robinson Transportfolio

The modern retail consumer. Digital retailers have changed consumers’ expectations across the entire retail landscape, with convenience and immediate access to almost any product now foremost in consumers’ minds. And with the advent of services like online ordering, parking lot pickup, and home delivery, retailers increasingly need to become supply chain specialists, or work with those who are, to stay competitive. . Gaps in modern retail supply chains.

Omnichannel Retail Requires Close Collaboration with Logistics Providers

Enterra Insights

The next time you feel the need to toast someone, raise your glass to all the supply chain professionals involved in omnichannel retail operations. John McAteer, Vice President of Sales, Retail, and Technology at Google, writes, “In retail, there’s no space for standing still. Empowered by mobile, people can get exactly what they want instantly and effortlessly, and they expect retailers to meet their needs faster than ever before.”[1]

Specialty Retailer Engages Chainalytics for Technology Selection and Procurement Service

CHAINalytics

Chainalytics Helps Leading Specialty Retailer Select New Forecasting and Replenishment Planning Technology It’s no surprise to anyone that the world of retail is changing quickly, and it seems that no retailer is immune. This includes one of Chainalytics’ clients, a leading specialty equipment retailer. Integrated Demand & Supply Planning Forecasting Inventory Optimization Omni-channel Replenishment Planning S&OP Specialty retail

Optimizing Retail Supply Chains to Meet Demand and Reduce Costs

CH Robinson Transportfolio

The modern retail consumer. Digital retailers have changed consumers’ expectations across the entire retail landscape, with convenience and immediate access to almost any product now foremost in consumers’ minds. And with the advent of services like online ordering, parking lot pickup, and home delivery, retailers increasingly need to become supply chain specialists, or work with those who are, to stay competitive. . Gaps in modern retail supply chains.

Can an AI put together your procurement better than you?

EFT

GoExpedi, a procurement solutions and supply chain management provider, has announced the initial release of predictive ordering capabilities for its e-commerce and company management platforms. GoExpedi will continue to provide data analysis for all its customers which includes reviewing catalog management, inventory planning and cost reduction.

How to Manage Inventory in a Growing Business

EazyStock

Inventory Management, Business Growth & Expanding Product Portfolios. At EazyStock we talk to a lot of small- and mid-sized businesses (SMBs) who are struggling to effectively manage their inventory. Three common causes for this are: Complex supply chains as businesses rely on a vast network of manufacturers, distributors and retailers. In this three-part blog series we’re looking at each of these inventory management problems.

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. Multinationals employ thousands of planners and spend millions of dollars on alphabet soup of software to manage inventory and other links in the supply chain, from ERP, MES, MRP, CRM and WMS to planning and logistics tools.

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. Read on to discover the most common MRO inventory challenges and issues, the consequences of leaving them unresolved, and most importantly, the potential benefits of overcoming them. MRO Inventory Forecasting: A Matter of Opinion?

How to Make Your Business Punchout Ready!

Supply Chain Game Changer

Manage Procurement Spend Like It’s Your Own Business! A punchout catalog allows your clients to access your inventory right in your procurement system directly. All while this is happening your order through your supplier has been put in for the client, or the inventory has been pulled off to be shipped to the buyer. Many companies are choosing to implement a punchout system to lower their procurement costs. Hey Procurement! Subscribe Here!

3D Printing Set to Streamline the Retail Supply Chain Through Reduced Lead Times and Inventory

BluJay Solutions

Yet the potential for manufacturers and retailers/distributors to streamline and simplify production and distribution processes as well as increasing the possibilities for customization of products is clear, and media and industry interest in how to harness this technology to drive innovation is gathering pace. The attractiveness of 3D printing for manufacturers and retailers/distributors centers around reducing both lead times and the risks involved in holding inventory.

Overcome Foodservice Disruptions: Focus on Technology, Service Networks, and Transportation

CH Robinson Transportfolio

While inventory levels and demand requirements continue to remain irregular, the most successful companies focus on technology, service networks, and expedited transportation options to overcome challenging market conditions. No one could predict how much uncertainty 2020 would bring.

Zara – The Benefits of Agile Procurement / Supply Chain

ivalua

The man is called Amancio Ortega , and journalists were surprised to find out he is the founder of the retail store Zara. . The key to Zara’s ability to establish an agile Supply Chain rests on the following unique approaches: Procurement Methodology: Zara’s Procurement team doesn’t work on the number of finished clothes but on the quantity of raw materials needed to manufacture the clothes. How an agile Supply Chain drives a sustainable competitive advantage.

Is The Retail Industry Melting Down?

Supply Chain Game Changer

Argentus is a boutique recruitment firm focused on Supply Chain and Procurement. It doesn’t take a genius to see that the retail industry has changed over the past decade and a half. Retailers have increasingly been forced to sink or swim based not on marketing or product differentiation – as in the past – but on the success of their Supply Chains and eCommerce operations. Bloomberg: “ Stores are closing at a record pace as Amazon chews up retailers. ”).

Allopneus.com Optimizes Inventory and Improves Competitiveness with ToolsGroup

ToolsGroup

ToolsGroup supply chain planning software allows Allopneus.com to improve inventory quality while reducing storage space at its national distribution center by almost 20%. As a result, we need to have more than 20,000 SKUs in stock,” explains Pierre-Jean Coltat, procurement and planning manager at Allopneus. Inventory management is the key. Inventory management is the key to quality of service and competitiveness,” emphasises Coltat. “To NEWS RELEASE.

The Basics of Walmart Replenishment

SupplyPike

Learn about: Cross-docking Walmart’s inventory technology Shelf-scanning robots Vendor-management inventory. Walmart’s global inventory is worth more than $32 billion on any given day and presently operates more than 11,500 stores across 27 countries. In order to maintain that inventory, the retail giant uses three basic strategies for replenishment : Cross-Docking. Walmart’s inventory strategy primarily revolves around cross-docking.

Understanding Supply Chain Management

SupplyPike

Supply Chain Management (SCM) is a systematic and controlled procurement operation. Procurement usually comprises a diverse range of suppliers chosen according to a conceived ability to supply merchandise at the right price. These activities can involve storage and transport of inventory or supplies, monitoring of day-to-day activities, the preparation behind these processes, and blending these different components throughout the supply chain. Inventory Map.

SCM 48

Bed, Bath & Beyond – Second Quarter 2020 E-commerce & Supply Chain Initiatives

Logistics Trends and Insights

Like many store-based retailers, BBB closed its stores in March because of COVID-19 and shifted its focus on e-commerce. Omnichannel capabilities including inventory and warehouse management capabilities such as advanced allocation logic and replenishment strategies to improve customer experience. In terms of inventory, Tritton noted, “We’re definitely trading on leaner inventory which is partly by design and partly based on sales accelerating and availability of inventory.

Time to turn around inventory falls by two days says new report

EFT

Indicative of this is the falling time retailers are taking to get returns back into their stock. The median time for retailers to move returns back to inventory ready for resale has fallen from 2017 to 2018, from a median of seven days down to five days. Increasingly retailers and manufacturers are looking at building distribution capabilities into more and more facilities and the sharing of inventory and fulfilment engines.

Subscription Box Retail: Match Supply with Growing Demand

FLEXE

With an outsourced, on-demand distribution network, subscription box retailers can save money on logistics and invest more time and money into marketing, customer engagement, and quality of products and packaging. For subscription box retailers, the value proposition is strong. As disruptive as the industry has been, subscription box retailers face unique operational challenges that other eCommerce retailers don’t. How much inventory you want to carry.

URM™ Stores Inc. Selects Herlitz Inventory Management to Improve Efficiencies and Increase Profits in its Purchasing Process

Herlitz Inventory Management

Herlitz Inventory Management deployed its HIMPACT inventory and buying solution to manage over 45,000 SKUs. Cambridge, MA, July 5, 2017 — Herlitz Inventory Management, a best-of-breed supply chain provider founded by the creators of E3 Corporation and internationally recognized for their inventory management expertise, today announced that URM™ Stores Inc. was founded in 1921 when five retailers banded together to form the corporation.

The Probabilistic Model of Inventory Control Explained

Unleashed

Regardless of the industry, it is necessary for manufacturers and retailers to maintain the right quantities of inventory stock to ensure the smooth running of production operations and sales activities. Holding certain levels of inventory stock helps companies to avoid lost sales, will reduce ordering costs, help to maintain efficient production runs and reduce customer service dissatisfaction. Probabilistic model of inventory control. Probabilistic inventory methods.

Flipkart-Walmart Deal and What It Means for the Indian Online Retail Sector

Shipsy

Global retail giant Walmart recently acquired 77% stake in Indian e-commerce leader Flipkart for US$16 Bn, making it the world’s largest e-commerce acquisition ever. It has been almost a decade that the company is finding it difficult to expand its retail operations due to country’s restrictive foreign direct investment policy (FDI) for retail operations. The Walmart-Flipkart deal is likely to have far-reaching consequences when it comes to the overall retail market in India.

India 40

Are you Managing Multi-Channel Inventories and Logistics?

The Logistics of Logistics

What is the multi-channel challenge: It is having the right inventory sold in store, online, through a catalog, or a combination of all of these issues. Retailers and e-tailers use these channels. When the Internet came onto the scene, many retailers segmented their customers by sales channels.They had customers in warehouse and they had on line customers. Retailers have to maximize throughput daily and manage for peak demand.