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Inventory Management and Turnover Performance
In any business, supply plays an important role. It ensures you dispose of your manufactured goods to your ideal customers. It’s the only way to get output from your investments in the production process. Based on this, an efficient supply chain is a must-have, despite the industry. Suppose you’re in the medical equipment business.
How can you optimize your medical equipment supply chain?
Continue reading “7 Strategies to Optimize Your Medical Equipment Supply Chain!”There are a myriad of variables and factors which affect your ability to achieve your objectives. Deciphering this complexity to determine what should be measured is critical for driving improvements and change.
As with many aspects of your business there can literally be dozens and dozens of different metrics. The same is true in sports. So if you are trying to drive breakthrough results in your company or win on the field how do you determine what is important to measure?
Continue reading “What Gets Measured Is What Gets Done!”A successful new business model has come to the forefront, and it doesn’t require you to have an inventory. E-commerce stores are now trendy, and their online sales are projected to make up to 18.1% of global retail sales. It is easy to learn how to manage your e-commerce store without the extra work required to stock and ship goods.
Read on to learn more about the methods you can apply to manage your e-commerce store and business venture.
Continue reading “Manage Your E-Commerce Store With No Inventory!”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 software can help businesses optimize their WIP inventory management by providing real-time insights, enhancing accuracy, and improving efficiency.
Continue reading “How to Streamline Your Work in Process Inventory Management!”What is Lean Management for inventory?
What techniques are applied to make it successful?
More firms are implementing lean inventory management techniques to reduce costs, improve flexibility and have more time to focus on their customers.
Lean supply chain and inventory management enable Small Medium Businesses (SMB) to improve efficiency and increase profits.
Continue reading “Using Lean Management for Inventory!”
Tesla’s relentless research and development produce innovative solutions powered by cutting-edge technology. Tesla is a perfect role model for using advanced automotive technologies that further enhance modern vehicles’ efficiency and safety.
Automobile makers, including Tesla, utilize automation, machine learning, artificial intelligence, and other technologies when designing vehicles, including innovative accessory feature comparisons such as flow formed wheels vs forged.
While Tesla’s milestones in automotive manufacturing are impressive, the company also faces a fair share of issues, including supply chain management.
Continue reading “Tesla Supply Chain Issues and Lessons!”Punchout catalogs can change many aspects of your business. If you’re selling B2B, then you should consider implementing a punchout catalog to establish more efficiency throughout your supply chain.
Using modern tools and a bit of planning, you can make your business punchout ready, so your clients can begin ordering right away.
Continue reading “How to Make Your Business Punchout Ready!”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 any Supply Chain.
But it took a global pandemic to turn all of those paradigms and approaches on their heads. Systems and processes designed to minimize inventory levels proved to be inadequate to withstand the unprecedented disruptions in both supply and demand that the pandemic would instigate. Look no further than the fact that we ran out of toilet paper, of all things.
Before things start to getting back to “normal”, it’s important to ponder whether these low inventory business models should be continued, adjusted, or even abandoned as we look to the future of inventory management. What should our post pandemic inventory priorities be?
Continue reading “Post Pandemic Inventory Priorities: High Turnover or Extra Inventory?”Understanding more about the needs and wants of customers through demand sensing can help supply chain leaders make informed decisions, improve inventory management, and increase profitability.
In recent months, conversations about how to improve forecasting in the supply chain have focused on a subject: demand sensing.
However, what is demand sensing?
Continue reading “What is Demand Sensing?”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 Intelligence (AI) has revolutionized inventory management, empowering businesses with smarter and more efficient solutions.
In this blog, we will explore the benefits of AI-driven inventory management and how it can help organizations reduce costs and maximize efficiency.
Continue reading “AI-Driven Inventory Management: Reducing Costs and Maximizing Efficiency!”I had accepted a career changing challenge … how to change the company’s Inventory Turnover performance from being perennially worst in the Industry to being one of the best. And I had to do it all within 1 year!
I had seen many very smart people tackle this problem over the years. Yet they all seemed to come up short. Sure they improved some aspect of Inventory levels or turnover but in aggregate these all seemed to amount to incremental, step function changes. We needed game changing results! We needed a game changing approach! And we needed it now!
Continue reading “Inventory Turnover Breakthrough … Go Back To The Basics!”In today’s fast-paced environment, businesses continuously strive to improve their processes in order to maximize productivity and customer satisfaction. Depending on the type of business, there are many areas that can benefit from leaner systems and quicker turnarounds.
For manufacturing businesses, efficient inventory management is essential and just-in-time inventory management has been increasingly adopted over the past years. This system ensures that production is closely tied to demand, synchronizing the production of goods with orders.
Adopting a just-in-time (JIT) inventory system has numerous advantages for a business, so read on to find out the key benefits.
Continue reading “5 Key Benefits of Just-In-Time Inventory Management!”Recently we took our Granddaughter to see a Cirque du Soleil show. While we had seen several Cirque shows before it was her first time. The show made an indelible impression on her. She talked about it for weeks and will remember it for the rest of her life. We were proud that we gave her such a lifelong memory.
In thinking about the show and its construct I thought about the incredible amount of risk that the performers and producers are managing. These world class performers have astonishing talent but they are also working in an environment designed to eliminate risk and maximize safety.
Supply Chain Professionals, although not usually theatrical like Cirque du Soleil, also work in an environment in which they are managing a tremendous amount of risk. While most jobs are not life threatening the level of risk is still prevalent.
What are the risks that Supply Chain people deal with every day and what is Supply Chain Risk Management?
Continue reading “Supply Chain Risk Management is a Cirque Du Soleil Calibre Act!”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 of the trusted practices in the industry. Large businesses have already pushed limits to minimize human error, and it’s high time you build solid inventory management for growing your company.
Let’s look at our highly recommended small business inventory management tips!
Continue reading “10 Small Business Inventory Management Tips!”Things can always be faster when you work in a warehouse or distribution center. Speed has become the name of the game when it comes to staying competitive in the global supply chain.
Major players like Amazon and Walmart have distribution centers all over the world, pumping out packages at lightning speed.
If you want to keep your customers satisfied, you need to keep things moving in your warehouse or distribution center. Use these tips to keep up the pace and make your facility as efficient as possible.
Continue reading “Warehouse Efficiency Improvement Tips!”
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