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Inventory Management and Turnover Performance
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?”A part of a construction company’s success hangs by the thread of inventory management. This industry’s inventory includes all materials and supplies needed to complete a project. Examples would include tractors, screws, heavy machinery, power drills, and more.
In 2023, the US construction sector was valued at $2.3 trillion. Going forward, it is experiencing a growth rate of 4%. Maintaining an up-to-date inventory can help contractors enjoy greater shares of the industry’s revenue.
It will also enable them to deliver each project on time with little to no glitches. In this article, we will discuss four inventory management best practices for construction enterprises.
Continue reading “4 Inventory Management Tips for Construction Companies to Lock Project Success!”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!”The company I had just joined went to market declaring that it was a world leader in Distribution and Logistics. That was a clear contradiction to the Inventory Turnover Mystery I was about to discover.
As I settled into the job and started learning, and studying, the various Supply Chain metrics I was surprised when I looked at the Inventory Turnover performance of the company.
Looking at recent and historical Inventory performance I could see that turnover always stayed around 5-6 turns with little variation. Everyone seemed content with the situation and unmotivated to make it better.
For a company that declared their world leading capability I was astonished. 5-6 turns? True leadership in this areas would require double digit turns.
I needed to figure out what was truly going on and get this Inventory Turnover mystery solved. This was another case for the Supply Chain Detective™.
Continue reading “The Supply Chain Detective™ and the Inventory Turnover Mystery!”
As the Covid-19 Coronavirus has wreaked havoc with everyone’s lives all over the world there is great hope for a vaccine to allow us to get back to normal. While all of the social distancing measures are fine to help mitigate the spread of the virus only a vaccine holds the promise of really preventing it’s further spread.
Over 7.8 billion people, the entire global population, will need the Covid-19 vaccine, whether people choose to take it or even have access to it.
With such an indiscriminate virus at work how do you efficiently and quickly get a vaccine to everyone in every country around the world? It is an incredible task that won’t happen without careful and well thought out planning and execution of the Supply Chain.
What is the Vaccine Distribution Supply Chain?
Continue reading “The Vaccine Distribution Supply Chain!”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 customers and remain competitive.
And in order to achieve that, companies in the apparel industry need to have a dependable and efficient inventory management system in place to stay one step ahead of their competitors in a market that moves so swiftly and places such high demands on its participants.
Continue reading “4 Reasons the Apparel Industry Needs an Inventory Management System!”
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