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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!”
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?”
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!”
Procurement is a core function in every single company. Whether purchasing goods or services to support the company’s product offering or purchasing goods or services to support the infrastructure and operation of the company, Procurement is key and featuring our best Procurement articles is more than appropriate. Depending on the type of industry you are … Continue reading “Featuring Our 12 Best Procurement Articles!”
Effective inventory management is one of the most important aspects of running a successful business. It can be the difference between having the right products in stock when your customers need them and being caught short. Good inventory management means having visibility into your inventory levels at all times, so you can make sure you … Continue reading “Effective Inventory Management Keeps Your Business Thriving!”
In my experience companies always had a need for Inventory Control and an annual inventory count during which all operations were shut down for at least 2-3 days. Even then there would a period during which records were being reconciled before operations could resume normal function. On top of the annual inventory count there were … Continue reading “The Exciting Use of Drones for Inventory Control!”
