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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!”
Work in process (WIP) inventory is a crucial part of inventory management for businesses, yet many face complex challenges that impede smooth operations, create bottlenecks, and increase costs. However, with the right strategies and tools, businesses can overcome these obstacles and streamline their WIP inventory management processes. In this post, we explore how inventory management … Continue reading “How to Streamline Your Work in Process Inventory Management!”
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?”
Effective inventory management is crucial for businesses of all sizes and industries. Balancing supply and demand, minimizing carrying costs, and ensuring adequate stock levels are just a few challenges faced by inventory managers. Traditionally, manual inventory management processes were labor-intensive and prone to errors, resulting in inefficient operations and increased costs. However, the rise of Artificial … Continue reading “AI-Driven Inventory Management: Reducing Costs and Maximizing Efficiency!”
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?”
In the dynamic world of small business logistics, the ability to optimize inventory management plays a pivotal role in achieving operational excellence. Efficient inventory forecasting is the cornerstone of successful logistics operations, empowering businesses to maintain optimal stock levels, reduce costs, enhance customer satisfaction, and drive growth. Let’s delve into the realm of inventory forecasting, … Continue reading “Mastering Small Business Logistics: Streamlining Efficiency through Inventory Forecasting!”
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!”
