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. In the final part of my inventory management best practices series, I take a look at some additional practices that are important, or even crucial , to successful supply chain efforts.

Gaining Clarity on Inventory Effectiveness

Supply Chain Shaman

When I went through the training to learn the new software, I struggled. The impact of complexity on inventory is not quick. To help, today I want to share some of the insights from our recent Inventory Optimization study. Inventory management is a hot issue. Companies invest in project after project, yet inventory levels remain the same. The rise of the global multinational has greatly impacted inventory requirements. What Drives Inventory Effectiveness?

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Exploring QAD Online Product Training

QAD

Check out these upcoming training opportunities to expand your skill set with QAD’s new Adaptive UX functionality! Available QAD Training Courses. There’s never been a better time to consider online training courses from QAD!

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. The numbers (read: quantities) in the ERP system aren’t reliable because, while the company is busy “managing” its inventory, it has pretty much neglected the matter of “controlling” their inventory. Inventory management best practices.

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. It takes training.

What is Inventory Shrinkage?

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! Inventory Shrinkage article and permission to publish here provided by Jake Rheude at redstagfulfillment.com. There are many terms for inventory shrinkage: warehouse shrinkage, product shrinkage, loss of product.

Top 14 Logistics and Supply Chain Management Training Programs and Courses in 2016

GlobalTranz

Today, Kelly shares the top 14 Logistics and Supply Chain Management training programs and courses available in 2016. From these lessons you will learn to plan supply chains that enhance inventory network benefit, build and amplify production network coordination and joint effort, identify dangers and configuration hazard relief systems, explore production, purchasing, and distribution methodologies for a worldwide environment.

Course 191

Seven Misconceptions on Managing Inventory in a Market-Driven World

Supply Chain Shaman

When it comes to the management of inventory in value chains, frustration abounds. Executive, after executive, lament, “They have purchased many technologies and sponsored many projects to reduce inventories, but they are not seeing results.” ” I have been studying the evolution of inventory technologies as an industry analyst since 2002. Inventory is the culmination of many business decisions. The Inventory Management Journey.

How Digital Mobile Inventory Modernizes Food Manufacturing

RFgen

End-to-end supply chain traceability is achievable through mobile inventory solutions and barcoding. Efficient technologies for inventory management may provide the answer. Mobile inventory technology uses barcodes to track inventory movements at key points through the supply chain.

Food 60

Your supply chain is costing you money – Reason #10 Failure to adequately train your supply chain planning staff

Kinaxis

Reason #6 Not effectively managing inventory. Reason #10: Failure to adequately train your supply chain planning staff. A bad decision can result in missed orders, significant inventory, or scrapped materials. They do their jobs moving inventory from here to there, opening orders that the system says should be opened, cancelling orders that the system says should be cancelled, yet never questioning why or whether it makes sense.

Process Based Inventory Turnover Improvement!

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! Inventory management is a critical area for most companies. Too much inventory, especially the wrong inventory, can negatively impact cash flow, return on investment, customer satisfaction, and profitability.

Inventory Optimisation for Greater Inventory Control

Unleashed

The biggest challenge of inventory control is getting the balance right, to meet the challenge of matching supply volumes to customer demand and with any good enterprise or activity, it usually pays to start with the basics. Inventory optimisation basics. Unique, short and unmistakable numbers for inventory items. An accurate beginning counts of all inventory stock. Software to track inventory activity in real time. Robust inventory control policies.

Online Leadership Training

LeanCor

A Preview of LeanCor’s Online Leadership Training. The popularity of online leadership training is skyrocketing. Many companies are discovering the benefits of using online leadership training to help team members boost their knowledge and add cross-functional value to the organization. Here’s a sample of three key concepts covered in LeanCor’s online leadership training: There is a Learning Opportunity in Any Situation: Be Willing to Learn.

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. In the case of Apparel and Automotive industries there are slight improvements, but they have shifted inventories to suppliers. Days of Inventory Pre and Post-Recession. The technology teams, focusing on implementation and go-live dates, believes that inventory technologies and processes are equal to the challenge. IT View of the Current State of Inventory.

3 Inventory Control Techniques to Improve and Maintain Inventory Accuracy

Unleashed

Inventory accuracy is vital to an organisation’s long-term success. Profits depend on the sale of inventory stock and if you don’t know what or how much you are selling then you could be missing an opportunity to maximise sales. Having poor and inaccurate inventory control can be costly because it causes issues such as unplanned stock-outs, the shipping of wrong products to customers, wasted resources trying to locate misplaced items and inventory shrinkage.

Exploring QAD Remote Training Opportunities

QAD

Consider this unique opportunity to sharpen your skills with training in QAD’s new Adaptive UX functionality. Available QAD Training Courses. This detailed functional training will teach you all about how to use and personalize the Action Centers that are available with the new Adaptive UX. You’ll discover how optimization can help you reduce inventory and labor costs, decrease safety stocks and excessive WIP inventory, and increase On Time and In Full Production.

Digital Inventory Management Key Battleground in Transformation of Brick-and-Mortar Retail

GlobalTranz

As e-commerce growth accelerates, shippers are working overtime to manage available inventory. It catalyzed brick-and-mortar retailers to offer online shopping opportunities, which require much more than manual inventory management practices. As a result, brick-and-mortar retail has become more focused on digital inventory management, a building block in the road to omnichannel supply chains , than in the past. Ease of use and training requirements.

What to Know Before Implementing a New Inventory Management System

DSI

Optimizing inventory movement is key to improving success. A full inventory management solution switch-over has remarkable potential to transform businesses. warehouse of the future inventory mangement end-to-end visibility

Solving Inventory Management Challenges with Mobile Barcoding for ERP

RFgen

Many inventory management challenges are caused by outdated manual processes. If simply ignored, inventory management problems can snowball, leading to high overhead costs, poor throughput, demand planning, inflexibility, lost business and more. Inventory fuels the modern enterprise.

Practicing Social Distancing while Keeping Inventory Moving during COVID-19 pandemic

PINC

live/drop, type of inventory, type of equipment, load status, etc.). We would like to add to West’s point that It’s also imperative that trailers, containers, and inventory are tracked not just over the road but also while these assets are parked at facilities across the U.S.A. .

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.

Go All-in with Hands-on Training at Explore 2020

QAD

What’s more, QAD subject matter experts will lead on-site, hands-on training courses—helping you discover how QAD Adaptive Applications can address your specific business needs. The post Go All-in with Hands-on Training at Explore 2020 appeared first on QAD Blog.

Management Training Program

LeanCor

4 Basic Leadership Practices – Effective Management Training Program . Most companies offer a management training program that will help a leader to inspire their team and not dictate. Investing in a management training program will help build leadership fundamentals, which will ensure success in your company. Here are four basic leadership practices your team should gain from an effective management training program.

Is your inventory manager a firefighter or an air traffic controller?

Kinaxis

by Andrew Dunbar This is the second blog in my series on Inventory Management. You can find the first one ‘ Are you getting the most out of your inventory management process? Managing inventory can be a challenging job! Inventory managers have to balance multiple conflicting priorities, support multiple internal and external customers, and are typically responsible for millions of dollars spread across multiple sites. Who manages inventory at your company?

Retail Inventory Shrinkage Remains a Problem

Enterra Insights

For the last few years, inventory shrinkage has annually cost U.S. ” Regardless of how inventory is lost, shrinkage costs retailers a lot of money. To reduce shrinkage, retailers need to have a strategy to address each of the ways inventory can be lost. Inventory shrinkage strategies. Addressing inventory shrinkage begins with inventory management. Trujillo explains, “Take the plunge and invest in an inventory management system.

ERP inventory management – how advanced is your ERP?

EazyStock

What is ERP inventory management? When it comes to inventory management, ERP systems are ideal for tracking stock along the supply chain, monitoring stock levels and order processing. ERP inventory management limitations. Does your ERP optimize your inventory levels?

SanDisk’s Story of Customer Segmentation Strategies Using Inventory Postponement

Supply Chain Shaman

Instead, in the SanDisk journey , they adjusted the speed of response to their customer segments, and actively designing inventory postponement strategies. As I sat with the team, and discussed the future of supply chain, they impressed me with their by their use of planning tools and their process diligence on building inventory strategies to enable a customer-segmented supply chain. Platitude: a flat, dull, or trite remark, especially one uttered as if it were fresh or profound.

Causes of Inventory Discrepancy in Your Stocktaking

Unleashed

An inventory discrepancy happens when the actual on-hand inventory stock is different from the item quantity recorded in an inventory system. Frequent causes of inventory discrepancy. Most inventory discrepancies are caused by human error or flaws in inventory control procedures. They can vary from shrinkage through to theft, misplaced stock to simply by placing inventory stock in the wrong location. Read more about inventory shrinkage.

The Growth of Inventory Management

Unleashed

Inventory management originated even before the Industrial Revolution and has certainly evolved with time and expertise to become what it is today. The need for inventory management has always existed where trading was a livelihood and the stock management was imperative to protect one’s resources. A brief history of inventory technology. Inventory management specialists claim that a mere two drones can replace the work output of 100 people, which is quite impressive indeed.

Improving inventory management

EFT

What’s more plenty on the retail side have found themselves with held inventory but it suddenly locked away in stores that people could no longer frequent, browse and shop from. In his opinion the way you do that is “By putting inventory close to customers.

Retail Inventory Management Tips to Get The Most Out of Your Warehouse

GlobalTranz

The wrong retail inventory management strategy increases carrying costs and makes it impossible to stay competitive. Common obstacles encountered when it comes to effective inventory management include having poor visibility into fast-moving versus slow-moving product, extensive travel times between bin locations, and lost revenue due to poor labor productivity. Count all physical inventory, using technology where possible. Customize your inventory management strategy.

5 Steps for Finding and Training Your Warehouse Workers

RFgen

Take the guess work out of training by providing clear results. To ensure clients are receiving the proper, undamaged product in the appropriate time, a business must employ and train efficient warehouse staff. A quick and productive training program is the goal.

Mobile Barcoding and Warehouse Automation for Retail Inventory

RFgen

Retail enterprises must automate their inventory processes with mobility in order to stay ahead. This is no surprise, since retail relies on inventory management software and hardware to track, procure and supply its products. Read More: 3 Ways to Accelerate Inventory Management ».

To Infinity and Beyond! Breakthrough Training Principles to Create a World Class Team!

Supply Chain Game Changer

They required a substantial time commitment to do the training required. The Training Journey Begins! The tone set at the beginning of the training session was humbling and bordered on demoralizing. The Trainer then began what would be several months of intense training. This training was different entirely. Training Lessons To Create a World Class Team. Read our article Inventory Turnover Breakthrough (Part 5) – From Worst to First!

Centralised Inventory Management: Is it right for you?

Unleashed

Inventory management is a game changer when it comes to retail profitability. When your inventory is managed well, other parts of your business reap the benefits. However, the importance of inventory management isn’t always appreciated and can be overlooked by business owners. This is interesting because, from a financial point of view, inventory is one of your greatest assets. If you overstock your inventory, this becomes a liability.