There are many reasons why good inventory management is important for a business. One reason is to know how many products are on the shelf so we know when we need to order more and how much to order. This is part of offering good customer service, because accurate inventory Read more…
Learning from the pandemic: Inventory Management for future Traditionally, if you wanted to manage your inventory effectively, you relied on efficiencies such as just-in-time delivery, minimal buffer stock (back stock) and a reliable sales history. But in one year, everything changed.The supply chain faced multiple challenges, including reduced work forces, Read more…
Different industries and companies will emphasize different supply chain attributes, depending on market demands and how the company competes.A high-tech manufacturer providing aftermarket parts and services to business customers may prioritize speed and reliability over cost and asset efficiency, so it will structure its supply chain such that parts are Read more…
Garbage In Garbage Out Are we putting too much focus on building new processes without understanding the importance of having reliable inputs to our processes ?A lot of management attention goes in deciding how to get the right product at the right place at the right time. But if we Read more…
More sales don’t always translate to more profit for the company.One sure shot way of ensuring a healthy jump in profitability is by ensuring right inventory management practise. Knowing what’s in your inventory and how to control it is good for everyone’s business.If you are a supplier, retailers want you Read more…
Companies are not aligned on the strategy cross-functionally. It is impossible to drive great tactical outcomes if you are unclear on the goal. If the goal is to meet the budget objectives, the organization will never maximize the opportunity within the value chain. While companies almost unanimously state the supply chains Read more…
It is popular these days to talk about assurance of supply. More often than not, manufacturers rely on components and services from all around the world for the continuing smooth supply of their products and services. A company’s reputation hangs on its reliable delivery to customers, but assuring this ongoing Read more…
In Ironman Triathlon there are 3 events – Swimming, Cycling and Running. Total performance judged the winner, not by a single score in a single event. Because the athlete must do well in all events, he has little opportunity to perfect any one event. A contender trying to improve performance Read more…
In our financial statements, inventory appears on the asset column. However, too much inventory actually blocks flow and sales. So how much inventory is really required? The lowest amount of inventory that can bring in satisfied customers.The way to know if your definition of ‘the lowest amount’ is to compare Read more…
The definition may help you choose the right questions next time you ask a prospective candidate. Or it may help you understand which attribute you can make even stronger. Good inventory manager means being a good planner, coordinator and controller. All rolled into 1!