ShipBob

OCTOBER 4, 2023

However, good inventory management also requires strategic inventory reduction instead of simply procuring more goods. This post serves as a comprehensive guide on inventory reduction so you can understand what it is and why it’s needed. You’ll also learn some effective strategies on how to reduce inventory levels to save costs.

Inventory Reduction 52

Inventory Reduction Waste Reduction Cost Reduction Strategies Expense Reduction 52

Silvon Software

SEPTEMBER 26, 2023

Fortunately, modern analytic tools like Silvon’s Stratum solution offer pre-defined metrics and data visualization capabilities to simplify the process of creating and sharing KPI dashboards and reports to management and departmental teams throughout the business.

Procurement Analytics 101

Procurement Analytics Optimal Sourcing Manufacturing Procurement Inventory Reduction 101

Precoro

DECEMBER 11, 2023

As part of the larger procurement process, sourcing involves finding and evaluating suppliers for goods or services that need to be purchased. Goals beyond the best purchasing price fall into strategic sourcing. Simple sourcing takes less time to execute and requires fewer resources to plan, but can cost more down the road.

Negotiating Skills 105

Negotiating Skills Purchasing Skills Optimal Sourcing Sourcing Strategies 105

Unleashed

MARCH 21, 2021

The procure to pay process is complex and far more than simply making a phone call, or sending a few emails to arrange the purchase of goods. Strategically approaching the procure to pay process can see your company reap the rewards. In this guide, we’ll cover: What is the procure to pay process. Negotiating.

Procurement Analytics 59

Procurement Analytics Procurement Solutions Manufacturing Procurement Optimal Sourcing 59

Logistics Viewpoints

OCTOBER 12, 2023

Nearly eight in 10 (78%) consumers consider food waste, likely out of a desire to minimize spending. Lower-income consumers and those using food assistance programs care the most about food waste as a purchase driver—again, suggesting it is a response to higher prices.”

Supply Chain Design Software 228

Supply Chain Design Software Supply Chain Design Supply Chain Planning Software Supply Chain Planning 228

ShipBob

APRIL 15, 2024

That’s why you need to closely measure metrics such as gross margin return on investment (GMROI). Specifically, GMROI measures how much profit you generate from every dollar you invest in your inventory purchases. This metric doesn’t just account for the cost of buying inventory.

Inventory Reduction 52

Inventory Reduction Material Savings Price Reduction Cost Reduction Strategies 52

Logistics Viewpoints

JUNE 1, 2023

That’s why staying on top of the latest supply chain planning trends is so important – they can make all the difference when it comes to staying competitive, reducing costs, and meeting your customers’ needs. They are more likely to shop for discounts and sales and may delay purchases of some items.

Supply Chain Planning Software 193

Supply Chain Planning Software Supply Chain Design Software Supply Chain Planning Supply Chain Software 193

Supply Chain Shaman

JULY 30, 2022

However, two decades later, there is still no technology solution to enable demand visibility or help companies use channel data to translate demand into an inventory, replenishment, or manufacturing strategy. End-to-End Definition Implementation of enterprise data architectures to improve order-to-cash and procure-to-pay. Background.

Supply Chain Design Software 195

Supply Chain Design Software Supply and Demand Supply Chain Planning Software Data 195

RFgen

MARCH 20, 2023

Integrating purchasing and inventory control is critical for forward planning and forecasting in today’s economic climate. The reality is quality inventory data drives sound supply chain strategy. Essential to this process is purchasing. But when purchasing is not monitored alongside inventory, issues occur.

Sourcing Strategies 52

Sourcing Strategies Negotiating Skills Purchasing Skills Manufacturing Procurement 52

SCMDOJO

JUNE 6, 2023

It helps reduce costs, increases efficiency, and can enhance customer satisfaction. Supply chain optimization can achieve this with the help of data analytics. Data analytics helps businesses make data-driven decisions and initiatives. How does data analytics help supply chain optimization? Why is it crucial?

Optimal Sourcing 72

Optimal Sourcing Modeling Supply Chain Optimization Analytics Software 72

Silvon Software

APRIL 29, 2022

Key performance indicators (KPIs) in inventory management are metrics that help you monitor and make decisions about your stock. In inventory management, KPIs matter because they offer information about turnover, sales, demand, costs and more. These types of metrics are Sales KPIs, Receiving KPIs and Operational KPIs.

Optimal Sourcing 114

Optimal Sourcing Inventory Reduction Procurement Analytics Price Mitigation Strategies 114

Unleashed

JANUARY 29, 2024

It involves the identification and elimination of low-performing or unprofitable products and the prioritisation of those that generate the most value for your customers and the greatest revenue for the business. This means that SKU rationalisation can help a business save on costs, increase sales, and enhance customer satisfaction.

Inventory Reduction 52

Inventory Reduction Cost Reduction Strategies Waste Reduction Resource Reduction 52

SCMDOJO

FEBRUARY 29, 2024

It is arguably true that supplier performance management is considered a business practice for measuring, analyzing, and managing supplier performance to reduce cost, and risk and also drive continuous improvement. Most companies rely on on-time delivery, price reduction, and quality service from suppliers to make more profit.

Vendor Strategies 55

Vendor Strategies Resource Reduction Price Reduction Procurement Analytics 55

Logistics Viewpoints

MAY 19, 2022

Containerization eventually reduced shipping and loading costs by at least 75%. The trade with Asia we take for granted today was only possible by mitigating a significant supply chain trade-off – reducing costs without appreciable impacts to quality and service. The myth of the “perfect plan”.

Optimal Sourcing 228

Optimal Sourcing Modeling Supply Chain Optimization Optimization Software 228

Elementum

FEBRUARY 7, 2024

Digital Process Optimization: Streamlining Business for Efficiency In the race to streamline operations and elevate efficiency, Digital Process Optimization (DPO) emerges as a critical strategy for businesses looking to innovate and scale.

Optimal Sourcing 78

Optimal Sourcing Optimization Software Modeling Prescriptive Analytics Software 78

ThroughPut

APRIL 30, 2024

ThroughPut AI: For Making Intelligent Decisions Across the Supply Chain Watch On-demand Demo ThroughPut AI has been recognized as a Leading Vendor in the prestigious 2023 Gartner Market Guide for Analytics and Decision Intelligence Platforms in Supply Chain. The platform primarily helps predict demand and improve customer experience.

Supply Chain Planning Software 52

Supply Chain Planning Software Supply Chain Design Software Supply Chain Software Logistics Network Optimization Software 52

Silvon Software

APRIL 23, 2019

Companies that focus on strategic sourcing can generate substantial economic value not just by eliminating waste, reducing costs and improving administrative efficiency, but also by building stronger supplier relationships that can make them more competitive, profitable and nimble. Influenceable and Managed Spend.

Purchasing Skills 72

Purchasing Skills Manufacturing Procurement Procurement Analytics Procurement Solutions 72

QAD

JUNE 8, 2023

When QAD hosted a live webinar earlier this year to explore and analyze the challenges that have procurement leadership buzzing these days, the issue of environmental, social and governance (ESG) was a hot topic. This simultaneously decreases costs and carbon footprint per unit.

Waste Reduction 87

Waste Reduction Material Savings Resource Reduction Price Reduction 87

ThroughPut

NOVEMBER 28, 2023

Supply chain analytics combines powerful algorithms, data, and the latest technologies like Artificial Intelligence and Machine Learning to address the most elusive challenges in the supply chain right now – visibility and control. And that’s precisely what’s on the horizon for supply chain analytics.

Prescriptive Analytics Software 52

Prescriptive Analytics Software Analytics Software Supply Chain Planning Software Supply Chain Design Software 52

crisp

DECEMBER 15, 2021

One of the big catalysts for change right now is the acceleration of data and analytics in supply chain management. At last week’s Supply Chain Summit , I shared how brands can use data to drive sales growth, increase supply chain efficiency, and reduce waste. Step 1: Set the strategy. The Power (and Pain) of Data.

Procurement Analytics 98

Procurement Analytics Supply Chain Planning Software Manufacturing Procurement Material Savings 98

Precoro

MARCH 11, 2024

Yet there’s a proactive approach that addresses the high cost of healthcare: value-based purchasing (VBP). VBP also improves patient satisfaction by fostering greater collaboration among healthcare providers and making the patient experience one of the key evaluation metrics for hospitals.

Procurement Analytics 105

Procurement Analytics Procurement Solutions Purchasing Training Purchasing Skills 105

Supply Chain Shaman

SEPTEMBER 3, 2015

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. Companies need to carefully manage the asset and mitigate the waste. A heated debate ensued.

Waste Reduction 150

Waste Reduction Inventory Reduction Inventory Optimal Sourcing 150

Supply Chain Shaman

OCTOBER 29, 2020

Cash-to-Cash Metrics. Cash-to-cash is a compound metric: (Days of Receivables+Days of Inventory)-Days of Payables=Cash Conversion Cycle. Brand owners have the lowest cost of capital and could redefine the value chain to drive sustainable value, but they don’t collaborate and use these new approaches to drive value.

Optimal Sourcing 236

Optimal Sourcing Supply Chain Design Software Waste Reduction Inventory Reduction 236

Logility

APRIL 2, 2020

If you can’t identify an outcome and a strategy to relate to the KPI, then you’ll be wasting time on data collection and analysis. Then, when you’ve deployed your scorecard and closely tied your KPIs to strategy, begin expanding your data collection and analysis. 3 Get the metrics right. Featured Download.

Negotiating Skills 157

Negotiating Skills Supply Chain Planning Software Supply Chain Design Software Purchasing Skills 157

Unleashed

OCTOBER 16, 2023

Raw material inventory management oversees the procurement, handling, and storage of raw materials. It encompasses the processes involved in purchasing, tracking, consuming, and relocating raw materials. Reliance on a few suppliers How you procure and manage your suppliers will impact how they perform.

Inventory Management Software 52

Inventory Management Software Material Savings Inventory Management Inventory Reduction 52

Supply Chain Game Changer

OCTOBER 8, 2019

Most definitions of disintermediation characterize it as the elimination of intermediaries, or “ cutting out the middleman “ Further consider that the “Wastes” associated with Lean thinking and principles include transportation, inventory, over production and motion amongst others. Why is this relevant?

Waste Reduction 63

Waste Reduction Inventory Reduction Resource Reduction Price Reduction 63

EC Sourcing Group

SEPTEMBER 6, 2022

A green supply chain reduces the harm that may occur at any stage of the procurement cycle—production, purchasing, logistics, material management, or distribution. It also contributes to reducing a company’s carbon footprint, which makes it more attractive to consumers. Risk reduction. In March 2022, the U.S.

Material Savings 52

Material Savings Waste Reduction Supply Chain Software Vendor Strategies 52

Precoro

FEBRUARY 27, 2023

Where should you start when you want to create budgets, cut costs, or forecast future spending? After all, a clear picture of the company's procurement process is necessary to develop a sustainable future strategy and to avoid pitfalls that hold your business back. The answer is simple: spend analysis.

Analysis 52

Analysis Purchasing Skills Optimal Sourcing Procurement Analytics 52

ToolsGroup

SEPTEMBER 20, 2022

That’s why companies in the manufacturing sector are shifting from reactive to data-driven maintenance strategies. It enables technicians to pinpoint defective parts and eliminate predominant or common equipment failures. Reduce facility-wide maintenance costs. Optimize spare part inventories.

Manufacturing Procurement 156

Manufacturing Procurement Supply Chain Design Software Optimal Sourcing Supply Chain Planning Software 156

Taulia

JULY 21, 2022

The supply chain activities involved in the procurement process , from sourcing the right suppliers to taking delivery of materials and products, are vital to the overall health of any business. That makes the performance of suppliers in your supply chain a large factor in optimizing the effectiveness of your broader operational strategy.

Negotiate Pricing 75

Negotiate Pricing Supplier Management Optimal Sourcing Procurement Analytics 75

NC State SCRC

DECEMBER 30, 2018

One of our newest SCRC partners, Siemens Building Technologies, recently shared their insights on creating an analytics strategy. This effort was led by the Chief Procurement Officer for Siemens BT, Carl Oberland, but has recently been rolled out across the global organization. What is digital governance and stewardship?

Procurement Analytics 60

Procurement Analytics Analytics Software Predictive Analytics Analytics 60

Supply Chain Shaman

OCTOBER 8, 2019

I find senior executives love to throw around superlatives like customer-centric, agile, efficient and responsive but lack the understanding of how the words translate to supply chain strategy in the real world. Managing a supply chain requires big feet—grounding in real-world experience—coupled with big wings—conceptualization of strategy.

Supply Chain Design Software 187

Supply Chain Design Software Inventory Reduction Supply Chain Planning Software Forecasting 187

ShipBob

FEBRUARY 26, 2024

The four phases of the CPFR model The CPFR model consists of four main phases. Strategy and planning The strategy and planning phase of CPFR is where you lay out the plan for cooperative interactions between different players in the supply chain. Every organization that’s involved in the supply chain (i.e.,

Forecasting 52

Forecasting Supply Chain Planning Software Forecasting Software Supply Chain Planning 52

ShipBob

DECEMBER 13, 2023

Reduced spoilage and obsolescence: Critical for perishable or trend-sensitive products. These metrics provide valuable insights into how well your inventory is managed. How to monitor inventory turnover ratio: Calculation: Divide the cost of goods sold (COGS) by the average inventory value.

Optimal Sourcing 52

Optimal Sourcing Optimization Software Inventory Reduction Inventory Management Software 52

Taulia

JULY 11, 2023

A 2023 report by Glow and NIQ shows that half of surveyed consumers changed the food and grocery brands they purchase based on ESG considerations, for example. Build an ESG-compliant supplier base To address ESG risks, companies need to put ESG at the forefront of how they do business – and that starts with the procurement process.

Optimal Sourcing 40

Optimal Sourcing Waste Reduction Supply Chain Optimization Material Savings 40

Supply Chain Game Changer

NOVEMBER 6, 2018

On one hand there is a horrendously large amount of Food Waste. Food Waste. Over 1/3 of all the food that is produced in the world is wasted! Over half of all fruits and vegetables that are produced are wasted. Food is wasted at every stage of the Supply Chain, as shown in the following table. The Problems.

Waste Reduction 59

Waste Reduction Food Supply Chain Planning Software Video 59

ThroughPut

FEBRUARY 23, 2024

A report by McKinsey shows that early adopters of AI in the supply chain have improved their inventory levels by 35%, reduced logistics costs by 15%, and enhanced service levels by 65%, vis-a-vis competitors who were slow to embrace AI. You can reduce idle time, avoid wastage, and minimize unrequired investments.

Predictive Analytics Software 59

Predictive Analytics Software Supply Chain Planning Software Optimal Sourcing Predictive Analytics 59