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Inventory is often the single largest asset in most companies across any industry. It consumes a lot of cash, impacts return on investment and profitability, enables or impedes growth and customer satisfaction, and requires a tremendous amount of resource to manage it. Inventory Management is critical. Yet a lot of companies big and small, well … Continue reading “Featuring Our 10 Best Inventory Management Articles!”
Achieving World Class Inventory turnover performance is an aspiration, a requirement and a challenge for many companies. We’ve written several blogs on this subject to share our experiences in achieving truly game changing results in inventory management. Attacking just a single element of inventory has, in our experience and observation, proven to be an insufficient … Continue reading “World Class Inventory Turnover Infographic!”
There are many terms for inventory shrinkage: warehouse shrinkage, product shrinkage, loss of product. They all amount to the same thing — your merchandise is missing from the warehouse shelves. For businesses that sell physical things, some amount of shrinkage is unavoidable. At point of sale, stores can experience retail shrinkage from breakage and shoplifting. … Continue reading “What is Inventory Shrinkage?”
Inventory management is a holistic and logical methodology for handling both raw materials and finished products. It encompasses several manufacturing SMBs processes such as tracking stock levels, planning production schedules, and liaising with vendors. Raw material inventory management represents a vital stage in the successful supervision of any manufacturing company’s supply chain. Without it, the … Continue reading “5 Inventory Management Tips for Manufacturing SMBs!”
Inventory management is a critical area for most companies. And breakthrough improvements require a process based inventory turnover improvement strategy. Too much inventory, especially the wrong inventory, can negatively impact cash flow, return on investment, customer satisfaction, and profitability. Too little inventory, especially the wrong inventory, can result in lost sales, inability to delivery to … Continue reading “Process Based Inventory Turnover Improvement!”
Our latest “Featuring” series article covers the topic of Warehouse and Distribution Centre order fulfillment. With the exponential growth of E-Commerce and online shopping the backbone of activity that makes it all happen is order fulfillment. Every time you place an online order someone somewhere is picking up those items and placing them in a … Continue reading “Featuring Our 10 Best Warehouse Order Fulfillment Articles!”
Most of the pre-pandemic Inventory Management strategies were centred around improving inventory turnover, keeping inventory levels as low as possible, and reducing the amount of cash tied up in inventory. The backbone of all long-standing philosophies such as Just-In-Time, Lean manufacturing, and Kanbans were all designed around minimizing the amount of inventory on hand in … Continue reading “Post Pandemic Inventory Priorities: High Turnover or Extra Inventory?”
Many overwhelming strategies, processes and techniques will come your way if you have to learn and perform inventory management. It can be hard to make sense of the overall framework you need to use for any of the small business inventory management tips and techniques. But it’s certainly possible to deal with them with some … Continue reading “10 Small Business Inventory Management Tips!”
Due to the intense competition and quick pace of the apparel industry, it’s no surprise that new apparel trends and styles appear with each passing season. This essentially means that companies that operate in the apparel industry must be able to quickly change and update their latest apparel collections to stay relevant to their prospective … Continue reading “4 Reasons the Apparel Industry Needs an Inventory Management System!”
Supply chain leaders are continuously looking for inventory management best practices, and the role of technology in the supply chain offers significant advantages. Instead of relying on traditional, outdated inventory management best practices, supply chain leaders should follow these 11 steps to leverage technology and improve inventory management at last.
Inventory makes the world go round. Stockpiles of raw materials, components, sub assemblies, finished goods, returned goods, and reclaimed and refurbished materials enable all aspects of industry to function and all aspects of the economic engine to run. Trillions and trillions of dollars of inventories exist all over the world in every conceivable form and … Continue reading “What is Inventory Management?”
A very important part of many businesses is managing inventory. Companies in all different industries need to have inventory in stock in order to remain afloat and deliver their products to customers in a timely manner and avoid inventory management mistakes. Managing this inventory is very important and should not be underrated or ignored by … Continue reading “5 Inventory Management Mistakes to Avoid!”
Imagine an asset that, instead of contributing to a business’s success, costs it money without producing return, makes it harder to get an accurate picture of performance and otherwise hinders its success. It’s a scary picture for any business owner or employee—and for many, it’s all too real. These assets are called ghost assets, and they’re … Continue reading “Are Ghost Assets Haunting Your Inventory Control?”
Today’s warehouse managers need to improve inventory management strategies. Shareholders want to increase profitability. Customers wish for better customer service. Amazon wants to take over the world. This is nothing new, but as the world has evolved, the ability to improve inventory management has evolved in stride. Supply chain leaders should follow these key strategies … Continue reading “The Go-To List of Ways to Improve Inventory Management!”
“We are a Supply Chain Services Company,” I was told. “If we are truly a Supply Chain Services Company, then why is our Inventory Turnover only at 7?”, I asked. 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 … Continue reading “Double Inventory Turnover In 9 months!”
