Category: Inventory Management

Inventory Management and Turnover Performance

What is Supply Chain Management (SCM)? (Video)

Thesis Ideas for Supply Chain Students!

What is Supply Chain Management?

The term was coined over 35 years ago but still to this day there are a large number of different definitions of SCM.

To someone who is starting out their career, or who is new to the field of Supply Chain, it is understandable that there may be confusion as to the definition of SCM.

But the reality is that there are many expert individuals and organizations who define Supply Chain differently. Are they really that different or are there just subtle nuances in what some people consider SCM that others do not?

Watch our video to learn more about how people define Supply Chain Management!

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The Target Canada Story and the Brand Impact of the Supply Chain!

Brand Protection – The Definitive Role of the Supply Chain!

The responsibility for protecting and promoting your product or company brand is often thought to be generally held by the Marketing Department.  But in reality the Supply Chain organization has an enormous role to play as the Supply Chain can positively or negatively impact your brand in many significant and different ways.  This was the case with Target.  

One of the most pronounced examples of the role of the Supply Chain in serving and protecting your brand is found in the story of Target Canada.  Faced with unprecedented plans for expansion in Canada Target had to close its entire operation only two years after beginning operations.

The performance of the Supply Chain was a central element leading to this massive failure and damage to the Target brand.

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7 Strategies to Optimize Your Medical Equipment Supply Chain!

How to Increase Transparency in the Medical Device Supply Chain!

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?

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What Gets Measured Is What Gets Done!

On Time Delivery – Get that right First!

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?

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Manage Your E-Commerce Store With No Inventory!

Drop Shipping Teddy Bears!

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. 

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How to Streamline Your Work in Process Inventory Management!

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 software can help businesses optimize their WIP inventory management by providing real-time insights, enhancing accuracy, and improving efficiency.

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Using Lean Management for Inventory!

The Agile Supply Chain! Why Agility is Trumping Lean!
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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.

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Just in Time vs Just in Sequence!

Is Just In Time Past Its Time?

There are significant benefits for manufacturers when looking at both Just in Time (JIT) and Just in Sequence (JIS) as a way of optimising supply chains.

There is a larger framework from which to improve efficiency and reduce inventory when utilising JIT, but then you can adopt a specialised, bespoke approach for product variability when utilising JIS.

Let’s take a look at the two inventory management processes and how they both can benefit manufacturing companies and wider customer bases. 

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Tesla Supply Chain Issues and Lessons!

Featuring Our 10 Best Inventory Management Articles!
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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 and working with an employee car scheme provider.

These challenges can impact production timelines and the ability to meet growing consumer demand, necessitating continuous improvements in logistical strategies and employee incentive programs to maintain its competitive edge and ensure workforce satisfaction.

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How to Make Your Business Punchout Ready!

Manage Procurement Spend Like It’s Your Own Business!

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. 

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Post Pandemic Inventory Priorities: High Turnover or Extra Inventory?

Is Just In Time Past Its Time?
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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?

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4 Inventory Management Tips for Construction Companies to Lock Project Success!

Featuring Our 10 Best Inventory Management Articles!

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. 

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What is Demand Sensing?

Sales Forecasting Unchecked – A Supply Chain Nightmare!

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?

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AI-Driven Inventory Management: Reducing Costs and Maximizing Efficiency!

Featuring Our 10 Best Inventory Management Articles!

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.

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Inventory Turnover Breakthrough … Go Back To The Basics!

Do You Want Inventory Turnover Breakthrough? Define and Manage The Levers!
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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!

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