Category: Inventory Management

Inventory Management and Turnover Performance

Do’s and Don’ts for Efficient Inventory Management in the Health and Wellness Industry!

Featuring Our 10 Best Inventory Management Articles!

Inventory management is a crucial part of any business, but it is especially important in the health and wellness industry. Here, products must not only be delivered on time, but also in perfect condition to ensure quality and effectiveness.

In this article we discuss the do’s and don’ts of efficient inventory management, with a special focus on the packaging of products such as glass apothecary jars and glass vitamin bottles.

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11 Inventory Management Best Practices! (Infographic)

Featuring Our 10 Best Inventory Management Articles!
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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Instead of relying on traditional, outdated inventory management best practices, supply chain leaders should follow these 11 steps to leverage technology and improve inventory management at last.

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Creating the Culture to Break Barriers!

Digital Transformation of SCM and Change Management!
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In my experience when you embark on driving any kind of Game Changing Transformation you will most likely also need to break barriers and change behaviours if not the Culture.  As the saying goes, “the definition of insanity is doing the same thing and expecting different results”.  So in order to get different results you may have to break through barriers and drive different behaviours from what are inherent in the current Culture.

Your organization is an ecosystem of policies, practices, processes and procedures that are the result of decisions, beliefs and  behaviours.  Over time much of this generally gets accepted as the way it’s always been done and is not open to challenge or to change.  Therein sacred cows, whether real or perceived, can become obstacles to making the changes needed to derive different results from the status quo.

Having your Call to Action in Place, A Project Name and mandate, and a Holistic Approach are critical.  But the “X” factor that you also need to have a strategy for is Cultural Change.

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Achieve Breakthrough Results! Go From Worst to First!

Ground Rules for Creating a High Performance Organization (HPO)!
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We launched the Global Inventory Turnover Breakthrough project on April 1st.  It was not a joke.  Our challenge was to improve Inventory turnover from 6.3 turns to over 8.6 turns within the year.  This was a level of achievement that the company had never before reached, let alone thinking about going from Worst to First.

But we had the Call to Action.  Our Inventory turnover was perennially the worst in our industry.  Our Inventory levels were consuming an enormous amount of cash as well as creating a lot of expense in carrying charges.  And this had the effect of driving our Return on Invested Capital to very low, unattractive levels.  Further there were ongoing complaints that even though we had a lot of inventory we  never had all of the right material that was needed.

We had the motivation to turn this situation around.  What we didn’t know is that we were about to make history and go from Worst to First!

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What is Inventory Management?

Featuring Our 10 Best Inventory Management Articles!
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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 in every conceivable channel. Inventory levels will determine whether any company will survive or die. Too much inventory can result in cash flow problems that lead to bankruptcy. Too little inventory can result in an irretrievable loss of business that can lead to business failure.

Given its incredible importance we’d like to explore what may seem to be a simple, yet complicated and truly strategic, question.

What is Inventory Management?

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Inventory Management Beyond the Mystery (Ebook)

Unchaining Change Leadership! (Ebook)
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Inventory is everywhere you look.   

Everyone and every company has inventory of some kind or another.  In your cupboards and closets, attics and basements at home you have an inventory of goods.  At your place of work, whether that be in an office, on a manufacturing floor, or a warehouse, you are surrounded by inventory.  And certainly, any store you go to, whether in person or online, has shelves stocked with inventory.  

Inventory makes the world go around.

That is why we’ve created “Inventory Management Beyond the Mystery“, our Inventory Management Ebook, to help you learn how to make game changing results using real life techniques.

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Seasoned Leadership in Action™ – An Interview with Vitor Angelelli, Head of Operations at Neogrid

Seasoned Leadership in Action™ Interview Excerpts: Lessons Learned by Global Leaders
Unchaining Change Leadership

At Supply Chain Game Changer we believe in sharing experiences and expertise from people in every industry and from across the globe.  As such we have introduced our “Seasoned Leadership in Action™” Interview series. This interview is with Vitor Ayres Angelelli, Head of Operations at Neogrid North America.

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MRO Inventory Management: An Essential Element for Operational Efficiency!

What is MRO and Why is it Important?

In a world where competition is fierce and operational efficiency is paramount, businesses often seek ways to streamline processes and reduce costs without compromising on quality. MRO inventory management, or Maintenance, Repair, and Operation inventory management, plays a pivotal role in achieving these objectives.

Understanding and effectively managing MRO inventory can be the difference between a seamlessly running operation and one riddled with delays, unnecessary expenses, and operational hiccups.

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Mastering Small Business Logistics: Streamlining Efficiency through Inventory Forecasting!

Sales Forecasting Unchecked – A Supply Chain Nightmare!

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, exploring innovative strategies that can revolutionize the way small businesses handle their logistics operations.

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How Do ERP Systems Help Reduce the Bullwhip Effect?

Blockchain Technology is the Antidote to the Bullwhip Effect!

The Bullwhip Effect is a pretty popular phenomenon and conversational topic in supply chain management. Basically, the bullwhip effect is a phenomenon that occurs in supply chains where increased demand at the end of a supply chain can lead to higher costs and greater uncertainty throughout the manufacturing process. 

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Lead Time – The Ultimate Guide!

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Online shoppers have come to expect the instant gratification of next-day delivery. Consumers’ willingness to wait to receive their orders has dwindled significantly in the past half-decade. If your eCommerce fulfillment process takes too long, you’ll lose sales. One of the best ways to shorten your delivery window is to reduce lead time. 

A deeper understanding of what lead time is, its components, and how reducing it can help your business grow. In this guide, you’ll find everything you need to know about lead time and how to use it to optimize your order fulfillment. 

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5 Inventory Management Mistakes to Avoid!

Featuring Our 10 Best Inventory Management Articles!

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 businesses. Having good inventory management can save your businesses money and make sure your fulfillment is acceptable.

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The Natural Rubber Supply Chain! Will it Bounce Back?

Is Just In Time Past Its Time?

The natural, and synthetic, rubber Supply Chain is another casualty of the Coronavirus pandemic. Our recent purchase of a new vehicle made us aware not only of the computer chip shortages impacting the new automobile sales market, but also the rubber market shortages threatening similar disruptions.

Rubber is used for tires, gloves, gaskets, clothing, adhesives, numerous industrial applications, hoses, water based applications (eg. diving equipment, flotation devices), and much more. It is an integral and indispensable part of our personal and professional lives.

Such pervasive usage and demand, combined with the potential for supply impacts, makes it important for us all to understand the natural and synthetic rubber Supply Chain.

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Are Ghost Assets Haunting Your Inventory Control?

Do You Want Inventory Turnover Breakthrough? Define and Manage The Levers!
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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 surprisingly common. How do these assets come to haunt a business, and what can be done about them?

They’re certainly a challenge to deal with, but it’s possible through the power of technology and smart asset management.

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The Preeminent Role of Supply Chain in Cash Cycle Management!

Cash Is King! Creating a Culture Focused on Money Management

Cash is King! That much has always been, and will always be, a truism. The amount of cash you have will determine whether your business grows or declines and whether it lives or dies. So managing the time of the cash cycle is a mandatory business process.

Many people may have the view that Finance is solely, or predominantly, responsible for cash management. But the reality is that Supply Chain has a leading role in determining the cash position of any company.

Let’s explore what Time to Cash or the Cash Cycle is, what Supply Chain’s role is, and what actions you can take to ensure there is enough cash to keep your business afloat.

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