โTell me how you measure me, and I will tell you how I will behaveโ The way we measure functions can have some unintended consequences. Conflicts between sales and planning teams can occur due to different goals and objectives.These conflicts can lead to issues such as not having enough well-selling Read more…
“93% of people in charge of supply chains want to make decisions and act on them quickly.Only 7% are making decisions and acting on them right away.” Many companies are not giving enough attention to supply chain management.However, some companies are doing very well in supply chain management.These successful companies Read more…
To be or Not to Be. What is a necessary part of most businesses and also the major cause of business failure? Inventory management Inventory can be difficult to predict and manage. Demand for products can fluctuate, and it can be challenging to forecast future demand. Additionally, issues such as – theft, – Read more…
Check your assumptions Most in retail believe:More options mean more sales. They are wrong. Having too much inventory can be detrimental to a business. Excess inventory ties up capital that could be used in other areas of the business. It can also lead to storage and handling costs. Excess inventory can Read more…
Any tool is only as good as the process it automates.Automating wrong processes will give you wrong outcomes.Test your process / fit before you scale up. ๐ง๐ต๐ฒ ๐๐ถ๐ด๐ด๐ฒ๐๐ ๐๐ต๐ฎ๐ป๐ด๐ฒ ๐ถ๐ป ๐ฆ๐๐ฝ๐ฝ๐น๐ ๐๐ต๐ฎ๐ถ๐ป ๐๐ฎ๐ ๐ก๐ผ๐๐ต๐ถ๐ป๐ด ๐๐ผ ๐๐ผ ๐๐ถ๐๐ต ๐ง๐ผ๐ผ๐น๐ Forget about fancy tools and shiny new gadgets – the biggest change Read more…
Demand shaping aims to smooth out peak demand, whileDemand shifting redirects demand to different products. – Demand shaping involves adjusting the timing of sales to reduce peak demand, for example, offering discounts during off-peak hours. – Demand shifting involves changing the product mix to appeal to different customer segments, for Read more…
Market-driven systems are better than supply-driven systems because:– They allow for competition, which can lead to lower prices and better products– Companies in a market-driven system must innovate and improve their products to attract customers– They are more responsive to changes in consumer preferences Supply-driven systems are not as good Read more…
What’re cash flow issues? – Inability to meet financial obligations– Difficulty paying bills– Insufficient funds for expansion– Lack of working capital– Inability to take advantage of new opportunities– Difficulty obtaining financing– High levels of debt– Insolvency– Poor creditworthiness– Inability to pay dividends to shareholders– Difficulty retaining employees– Reduced ability to Read more…
A lot of inventory management advice will set you up for failure. Here are 5 things you should ignore if you are getting started ๐ ๐ถ๐๐ฐ๐ผ๐ป๐ฐ๐ฒ๐ฝ๐๐ถ๐ผ๐ป ๐ญ.Always maintain high levels of safety stock to avoid stockouts.๐๐ผ ๐๐ต๐ถ๐ ๐ถ๐ป๐๐๐ฒ๐ฎ๐ฑ:Safety stock is important.But maintaining high levels of it can actually lead to excess Read more…
There are several challenges that a jewellery retailer may face: 1. ๐๐ผ๐บ๐ฝ๐ฒ๐๐ถ๐๐ถ๐ผ๐ป: There is a lot of competition in the jewellery industry, and it can be difficult for a retailer to stand out in the market. 2. ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ ๐๐ฒ๐ป๐๐ถ๐๐ถ๐๐ถ๐๐: jewellery can be a significant purchase for many consumers, and price Read more…