Integrated Supplier Management Boosts Performance


The disruption caused by the COVID-19 pandemic has certainly increased the awareness among manufacturers for improved communication and collaboration with suppliers. Manufacturers require integrated supplier management to ensure the timely flow of goods and information.

5 Pillars of Effective Supplier Management


This article focuses on effective supplier management. The five pillars of effective supplier management covered in this article are: Supplier Information Management. Supplier Lifecycle Management. Supplier Performance Management. Supplier Risk, Diversity and Compliance Management. Supplier Relationship Management. 1 Supplier Information Management. 2 Supplier Lifecycle Management.


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5 Tips When Using Inventory Management Software


Without inventory management, businesses, economies, and societies would descend into chaos. Inventory management is one of the most crucial elements in developing strong and resilient supply-chains that aren’t affected by the volatile marketplace. Supplier Management

VMI (Vendor Managed Inventory): How To Use It Right?

Insights Solutions Global

The vendor-managed inventory approach plays an important role in reducing the overall supply chain cost. The post VMI (Vendor Managed Inventory): How To Use It Right? Supplier ManagementBut how can you make sure that you're doing VMI the right way? What are the most commonly seen mistakes that you should avoid? appeared first on Insight Solutions Global.

How to Increase Your Inventory Turnover Ratio


Have you ever wondered what the fuss is regarding the inventory turnover ratio? Inventory turnover ratio (ITR) is a benchmark that allows enterprises to realize the efficiency of their inventory management systems. Supplier Management

Coronavirus Series – Inventory Management Challenges & Solutions


Common challenges include unpredictable customer behavior, unreliable inventory supplies, rising logistical costs and internal capacity constraints. It’s already apparent that those supply chain management (SCM) teams that can adapt their operations and respond quickly to these issues will be one step ahead of their competition. Inventory optimization software is an important piece of the puzzle. Save Time by Automating Inventory Management Calculations.

Two Ways You Can be in Control of Lead Time


Most businesses store inventory to ensure they have enough to meet a surge in customer demand. However, they run the risk of tying up capital in excess inventory. Unleashed has recently released a few new enhancements that you can use to perfect your inventory control. The supplier tells her that the expected delivery date for those products will be on the 15th of September. Lead Times for Suppliers. Product inventory control lead time supplier management

How to Tell if Your Suppliers are Underperforming


Not all suppliers are created equal: some are better at providing low-cost goods, while others are great at customisation. Some suppliers have optimised for fast-shipping times, and some suppliers focus on high-quality materials. Regardless of whether you make, manage or move products, suppliers are a vital part of your company’s success. Without reliable suppliers, you could be jeopardising with your business model.

DIFOT: A Metric of Supplier Performance


It can be used to measure supplier performance so that you can easily and quickly get a feel for which suppliers are consistently reliable in their supply and which either do not deliver in full or are perpetually late in delivery. When it comes time to reassess the approved supplier list, then you can use these metrics to disqualify problematic suppliers and improve your own performance and supply chain. Measure supplier performance.

7 Benefits of an Inventory Management System


Are you one of the small and medium businesses (SMBs) that does not have an inventory system in place? It is shocking to imagine that there are companies operating without an inventory management system in this day and age. The post 7 Benefits of an Inventory Management System appeared first on ProcurePort Blog. Supplier Management

What Makes a Supplier “Strategic”? Not Spend Volume.


The recent disruptions to supply chains caused by the coronavirus epidemic in China have given supply managers the world over pause for thought. Leverage your supplier management for maximum benefit with the white paper: How to Achieve Holistic Supplier Management. Strategic Supplier Management. Supplier ecosystems are increasingly diverse. Strategizing for a diverse range of suppliers. Holistic Supplier Management.

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Managing Underperforming Suppliers: What You Need to Know


Supply chains are becoming progressively more complex as businesses rely on a large network of manufacturers, wholesalers, retailers and a growing portfolio of inventory stock varieties to meet consumer demand for more choice. Stocking goods in the right quantities to meet demand maximises inventory turnover rates and will ensure that goods move quickly into and out of the warehouse. That being the case, what is it you need to know to manage underperforming suppliers?

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Double Inventory Turnover In 9 months!

Supply Chain Game Changer

World Class Inventory Turnover Breakthrough Elements! “If we are truly a Supply Chain Services Company, then why is our Inventory Turnover only at 7?”, I had just joined the company and in studying their financial performance it stood out to me that if we were truly a Supply Chain Services company then having only 7 Inventory turns was extremely uninspiring. Could we double inventory turnover? Setting the Target to Double Inventory Turnover.

Double Inventory Turnover In 9 months!

Supply Chain Game Changer

Check out World Class Inventory Turnover Breakthrough Elements! “If we are truly a Supply Chain Services Company, then why is our Inventory Turnover only at 7?”, I had just joined the company and in studying their financial performance it stood out to me that if we were truly a Supply Chain Services company then having only 7 Inventory turns was extremely uninspiring. I met with the management team within my first week. days of Inventory in the company.

Identifying and Mitigating Supply Chain Risk in the Age of COVID-19


To learn more about how supplier management can help navigate turbulent times, download our Holistic Supplier Management whitepaper. How can we look at s upply c hain risk management more critically ami d COVID -19 , and react quickly ? So how can supply chain professionals manage and mitigate risk more effectively? For example, s ay you are a medical devices supplier with a range of products. Supplier Management

What is VMI (Vendor Managed Inventory)?

Insights Solutions Global

What is vendor-manged inventory (VMI)? The post What is VMI (Vendor Managed Inventory)? Supplier ManagementHave you been using the VMI approach correctly to help your business run? What more do you need to know about it if you want to make the most out of it? appeared first on Insight Solutions Global.

Don’t Let Inventory Levels Bloat Your Working Capital

Logistics Bureau

Sometimes I think that short list of hard-to-control entities should be amended to include inventory. For something that sits on a shelf until somebody moves it, inventory seems to have a heck of strong will. Why Prioritise Inventory Control? Make no mistake; inventory is tough to control effectively. At the same time, failing to control your inventory levels is the surest way to bloat working capital to a truly unhealthy degree. Inventory - S&OP inventory

How Europe is Coping with Supply Chain Disruption


“It’s good to hear that suppliers filing for bankruptcy is not one of the most common impacts you’re seeing right now.” She predicted that shoppers would see more restricted ranges on supermarket shelves “to allow more throughput from suppliers and manufacturers of food”. The broader issue is that border controls and travel bans limit the ability of supply managers to identify and qualify new suppliers. Supplier Management Supplier Network

Inventory Carrying Costs & How They Impact Profitability


Maintaining cost-effective inventory levels is critical for any manufacturer, wholesaler, supplier or retailer. But just how much inventory is the right amount to hold? What are inventory carrying costs? Inventory carrying costs (or inventory holding costs) refer to the overall expenses associated with holding or carrying items of inventory. Inventory service costs. Inventory risk costs. Inventory service costs.

Online Inventory Control and the Importance of Purchase Order Tracking


A purchase order (PO) represents a legal contract between a business and its suppliers for the purchase of goods and services. They also provide a framework for accurate inventory control because POs use a single number to link each stage of every transaction related to a company’s purchase spend. Online inventory control. POs fulfil an important inventory control function and suppliers use them to compare the original order to what was shipped.

Supply Chain Wars: Episode V – The Corporation Strikes Back


You could make the case that Supply Chain Management has grown up in the same 40 year period. While I am not sure the Star Wars movies and books had much influence on supply chain management, being a Star Wars fan and a supply chain professional I couldn’t pass up the opportunity to mix the two together! Higher analytics maturity levels often lead to improved product quality, increased revenues and service levels while decreasing inventory.

Top 5 Reasons You Need Procurement Tracking Software

EC Sourcing Group

Once upon a time, companies had to manage purchasing departments and procurement management as though it was the Dark Ages. Procurement Tracking Software and Management Software: What Is Procurement Software? Verification of POs with your suppliers. Inventory maintenance.

Why Large Companies Increasingly Opt for 4PL Services

Logistics Bureau

Unlike a 4PL, however, it won’t manage the paint maker’s entire supply chain. Even slight delays or inventory shortages can have a severe impact on a company’s bottom line. Ambient and/or temperature-controlled storage of supplier freight. Tracking and managing orders.

How to Deal With Underperforming Suppliers


So, you’ve identified that some of your suppliers are underperforming. Whether it’s consistently late deliveries or delays in production, it’s time to manage what’s going on. Instead of waiting until your order is due into the workshop and finding out it hasn’t arrived, get in contact with the supplier sooner. Set reminders in your online inventory management system about when the item is due and have strict check-in points. Contract management systems.

How To Decrease Your Purchase Order Cycle Time


You can set it up to communicate with your online inventory management system so you can have transparency over the course of the order. An online inventory management system that talks to your procurement software so it can help decrease human mistakes and keep data up-to-date. In addition, an online inventory management system can automate some of the re-ordering and take some time off the procurement team’s hands. Decrease the number of suppliers.

A 3-Step Guide: Identifying Underperforming Suppliers


Properly tracking and evaluating supplier performance helps ensure smooth operations and profitability. If a supplier seems to always have an excuse, you’re not wrong in being sceptical if it’s a common occurrence and affects your business schedule. Perhaps it might be that a supplier is never wrong, and you notice their frequent attempts to sidestep responsibility and put the blame on someone else. These are some common signs that you may be working with a bad supplier.

How to Identify Underperforming Suppliers and to Choose the Right Ones


Regardless of the industry you are in, managing your suppliers has benefits for your business. A successful company will embrace suppliers, viewing them as partners in helping to grow the businesses in a way that is mutually beneficial. They will have formal systems in place to track and evaluate supplier performance to ensure the smooth running of the business, its overall productivity and profitability. Identify underperforming suppliers.

Why is Supply Chain Such a Great Career Path?

Supply Chain Game Changer

What is Supply Chain Management (SCM)? As such it was many years before I actually heard of the term “Supply Chain Management” Regardless I pursued my interests and took on an increasingly diverse set of progressive jobs as time went on. Now as I look back on my career virtually everything I did falls under the banner of Supply Chain management. Some people are motivated by opportunities to manage, lead and get promoted. Subscribe Here! Email Address.

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What Exactly Is Supply Chain Management? 10 Different Definitions!

Supply Chain Game Changer

When I began my career there was no such thing as “Supply Chain Management” Supply Chain was not a title to be found anywhere on any organization chart. Yet all of the functions that we now associate with Supply Chain have been around for a very long time: Planning, Inventory Management, Logistics, Procurement and Purchasing, Warehousing and many more. So what exactly is the definition of “Supply Chain Management”? Subscribe Here!

What are the best Supply Chain Strategies for 2021


Supply Chain Risk Management on the World Stage – Lessons Learned. Efficiency concepts like using lean initiatives and just-in-time delivery to manage inventory have become commonplace for many years and have made individuals like Deming household names in many business schools.

Guest Blog: Real-world Advice for Getting Started on eKanban


Through this guest blog series, I’d like to share some of my experiences implementing supplier quality and Lean manufacturing initiatives by focusing on eKanban systems. reduced inventory waste and carrying costs and more) asking people to change the way they work is also real. From the plant floor to senior management, buy-in starts with a clear rationale and explanation of how the new eKanban process or Lean methodology will add value. by Jim Shore.

Three ways supplier collaboration creates real value for manufacturers


The term “supplier collaboration” can mean many things to many people depending on your functional perspective. If you work in product design or engineering, supplier collaboration is focused on integrating strategic suppliers into your product innovation efforts. If you work in strategic sourcing and supplier management, supplier collaboration enables you to achieve (or beat!)

Omni-channel Emerging as Top Retail Logistics Issue

Supply Chain Network

Networked companies have a single version of information related to inventory status, POs, inventory, shipments, payments and documents. Tom Boike, Vice President, Supplier Management, UPS. Associations Conferences Emerging Trends Inventory Retail Retail E-Commerce Supply Chain Management

Telltale Signs You Are Using Bad Data


However, as organisations increase investment in the technology for data collection and processing, there is no parity of time and resources those same businesses put towards data management and governance. Data is out-of-date, obsolete and needs regular data management. Inventory control is out of control with constant stock-outs and inventory waste. Supplier management takes too long, impacting efficiencies and costs.

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Critical Questions to Analyze Total Cost in Your Inbound Logistics Strategy


While many companies are turning attention to supply chain management, too often they are leaving their own houses in disarray by not properly organizing the work of inbound logistics. A typical inbound logistics process will have the following activities and cost drivers: Parts ordering and supplier management. Inventory management and associated carrying costs. Do we wait for truckload quantities from suppliers or do we make multiple daily deliveries?