Restoring Control Over Strategic Sourcing and Inventory Management
Supply Chain Brain
JULY 26, 2023
To be able to respond quickly to future supply chain disruptions, companies need to embrace strategic sourcing and inventory management.
Inventory Forecasting — Everything You Should Know
Procurement Tactics
JUNE 6, 2023
Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts → Or receive our famous weekly newsletter Inventory Forecasting — Everything You Should Know Inventory forecasting allows you to predict when supply chains and consumer demand are going to change. What is Inventory Forecasting?
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Manufacturing Sustainability Surge: Your Guide to Data-Driven Energy Optimization & Decarbonization
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Unlocking Insights with Life Cycle Inventory Analysis
SCMDOJO
MARCH 19, 2024
This is where the Life Cycle Inventory (LCI) comes into play. In this article, we dive deep into the world of Life Cycle Inventory, exploring its significance, methodology, and applications. What is the Life Cycle Inventory (LCI)? It includes determining the purpose of the study, the system boundaries (i.e.,
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4 smart technologies modernizing sourcing strategy
IBM Supply Chain Blog
FEBRUARY 28, 2024
Sourcing is getting smarter. To start, many organizations have already pivoted from a tactical to a strategic sourcing mindset—which can make all the difference when it comes to gaining and retaining a competitive advantage. But now, the benefits of strategic sourcing are becoming even more attainable thanks to innovation.
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Spot the mistakes Strategic Sourcing Framework
Procurement Templates
MARCH 3, 2024
I asked my assistant to help me mock up a strategic sourcing framework and she did a fairly good job but made a few mistakes. By the way, when doing sourcing preparations it doesn’t mean that you can’t work on multiple parts at once and go back and forth before the tender is issued but there is a typical order.
Inventory Holding Cost — The Ultimate Guide of 2022
Procurement Tactics
AUGUST 11, 2022
Inventory Holding Cost — The Ultimate Guide of 2022. Inventory holding costs are one of the fees that an organization or business incurs. In this article, we will discuss what inventory holding cost is. Additionally, we will explain the components of inventory carrying costs and how they can be reduced. . Cost of capital.
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Big Lots makes huge gains in closeout sourcing
Supply Chain Dive
MARCH 14, 2024
The company has revamped its procurement strategy to focus on acquiring inventory from distressed and overstocked retailers and brands.
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7 Reasons Why You Should Reduce Inventory
SCMDOJO
AUGUST 4, 2023
Are you tired of dealing with excessive inventory levels that eat up your storage space, tie up your capital, and hinder your company’s growth? If so, then it’s time to consider the numerous benefits of reducing inventory. Inventories are designed to match customer(s) demand. The same applies to inventory reduction.
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Gap Inc. gets a boost from retooled sourcing strategy
Supply Chain Dive
MARCH 14, 2024
Falling commodity costs have lifted margins, while leaner inventories have helped improve operations and reduced markdowns.
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Sourcing vs Procurement: Covering the Pros and Cons
ProcurePort
JUNE 30, 2020
When it comes to securing inventory there are two main approaches that companies can take. The first is known as sourcing – which is mainly applied to direct goods inventory. The second is procurement, which is more aligned with indirect inventory supplies.
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Inflation is giving retailers inventory headaches
Strategic Sourceror
JULY 28, 2022
Increased levels of inflation might be a global concern, but a slowdown in consumer spending is forcing retailers to make significant price reductions on existing inventory. Walmart is well known for its competitive grocery prices and the shift in consumer spending is, the news source said, likely to reflect customer priorities.
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Ease into Excellence: Onboarding with Finale Inventory
Finale Inventory
NOVEMBER 27, 2023
Read-Only Data Import: We begin by pulling in data from your existing sources: spreadsheets and/or integration(s). This crucial step ensures you can rely on your Finale Inventory to accurately reflect your business operations. Let’s review that approach. It all starts with getting clean data into the system 1.
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Inventories pile up as customers buy less
Strategic Sourceror
AUGUST 3, 2022
But with the COVID-19 lockdowns lifted and life largely back to normal, retailers appear to have overestimated consumer demand, with their inventories far exceeding the once torrid pace of sales. Retailers aim to reduce their inventory that is piling up due to slower sales. In response, their respective inventories have swelled.
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4 strategic sourcing use cases to strengthen your supply chain
IBM Supply Chain Blog
FEBRUARY 13, 2024
For sourcing teams, that means pivoting their mindset around selecting suppliers from a tactical, lowest-cost-above-all approach to a strategic one. Where tactical sourcing is a short-term strategy, strategic sourcing is for long-term business goals. And from that group, 71% would pay a premium for it.
Watch: Time for a Reset of Retail Inventory Strategies?
Supply Chain Brain
JULY 19, 2022
The pandemic and resulting congestion in the supply chain have retailers reconsidering their traditional approach to sourcing and inventory management, says Larry Parker, department chair of transportation and logistics management, supply chain management, reverse logistics and government contracting at the Dr. Wallace E.
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Data-driven inventory management: the secret to business success
EazyStock
AUGUST 28, 2023
When it comes to inventory management, relying on gut feelings and historical data may lead to inefficiencies, missed opportunities and incorrect inventory levels. When combined with manual inventory management processes, you increase the risk of human errors, which can culminate in stockouts and overstocking. Don’t worry!
Is Inventory Considered a Current Asset?
Finale Inventory
JANUARY 9, 2023
Whether your business deals in raw materials, components and parts or finished products, your inventory is an essential source of potential revenue. Is Inventory a Current Asset? Inventory is often also a current asset. A company’s inventory includes all its raw materials, components and finished products.
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5 Inventory Management Tips for Manufacturing SMBs!
Supply Chain Game Changer
SEPTEMBER 15, 2021
Featuring Our 10 Best Inventory Management Articles! Inventory management is a holistic and logical methodology for handling both raw materials and finished products. Raw material inventory management represents a vital stage in the successful supervision of any manufacturing company’s supply chain. Subscribe Here!
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Days Inventory Outstanding: What Is It and How to Calculate It
Planergy
OCTOBER 26, 2023
How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. What Is the Formula for Calculating Days Inventory Outstanding? Should Days Inventory Outstanding Be High or Low? How Do You Use Days Inventory Outstanding To Calculate Cash Flow Conversion?
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Understanding the Inventory Audit Process
Finale Inventory
APRIL 22, 2022
Conducting an inventory audit can seem confusing at first. What Are Inventory Audits? Completing inventory audits is an essential part of your business’ workflow. What Are Inventory Audits? Completing inventory audits is an essential part of your business’ workflow. The Inventory Auditing Process.
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4 keys to effective inventory control
Strategic Sourceror
SEPTEMBER 16, 2022
Fast forward to today, supply has normalized, but inventory has piled up, as business owners overestimated the degree to which demand would remain elevated in a post-pandemic world. Changing world, consumer and economic circumstances have forced product-based industries to restrategize and exercise proper inventory control.
Five Below looks to tech, analytics to optimize inventory
Supply Chain Dive
DECEMBER 11, 2023
As the discount retailer aims to speed up its supply chain and hold back costs, it has also opened a sourcing office in India.
4 reasons to adopt a just-in-case inventory management strategy
Strategic Sourceror
DECEMBER 5, 2022
Prior to the pandemic, just-in-time inventory — the supply chain management strategy of keeping "just enough" inventory in stock to satisfy expected demand — was considered conventional wisdom. What is just-in-case inventory? At its essence, just-in-case inventory is the inverse of just-in-time.
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Inventory Management vs Product Information Management (PIM)
Supply Chain Game Changer
DECEMBER 9, 2020
The list is long: Inventory management is handled through your ERP Your product development team works through the PML Sales and marketing are housed in the CRM And it feels like half the company is still managing product data in spreadsheets. Inventory management starts with the fundamental in and out of your supply chain.
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2021 Supply Chain and Inventory Management Trends
EazyStock
JANUARY 27, 2021
2021 Supply Chain and Inventory Management Trends for the US. Here we are, one year later, trying to determine the 2021 supply chain and inventory management trends to adopt. Amazon has introduced 200,000+ robots moving inventory within fulfillment centers around the US, creating a more efficient supply chain. Automation.
Big data and inventory management
EazyStock
JUNE 23, 2022
This is especially true in inventory management, where new technologies are being introduced all the time, and along with them, more and more data is being generated. The key for inventory management teams is to know what to do with it! This article explores some of the benefits of big data to inventory management teams.
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At which point should end-to-end (S2C) source-customer visibility begin in the manufacturing process?
Procurement Insights
NOVEMBER 21, 2023
In my December 2019 post , Sorry, Charlie, there is something wrong with the world’s seafood supply chain I talked about consumer demand for tracking the seafood industry from source to plate. Here is my comment on their post regarding at which point should end-to-end, source-customer visibility begin in the manufacturing process?
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What is Inventory Shrinkage?
Supply Chain Game Changer
JULY 30, 2020
Featuring Our 10 Best Inventory Management Articles! Inventory Shrinkage article and permission to publish here provided by Jake Rheude at redstagfulfillment.com. There are many terms for inventory shrinkage: warehouse shrinkage, product shrinkage, loss of product. The best way to explain inventory shrinkage is an example.
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2021 Strategies for Inventory Management and Supply Chain Recovery
EazyStock
DECEMBER 13, 2020
Optimize Inventory. Start with a detailed overview of what inventory is currently in your supply chain. Having a transparent and detailed account of what inventory you are currently holding will help you optimize your inventory levels while allowing you to be responsive to market demand.
Overcoming Data Pitfalls for Reliable Supply Chain Network Design
Supply Chain Brain
APRIL 3, 2024
Supply chain network design, a branch of operations research, helps in strategic decision-making about nodes, sourcing, transportation modes and inventory levels.
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Reducing Construction Costs & Improving Sourcing Efficiency with Predictive Procurement
Arkestro
APRIL 25, 2023
Resources / Blog / Reducing Construction Costs & Improving Sourcing Efficiency with Predictive Procurement Reducing Construction Costs & Improving Sourcing Efficiency with Predictive Procurement Construction companies face a host of challenges in the post-COVID era. What Procurement Challenges Do Construction Companies Face?
Elevated inventory has retailers in discount mode with holidays nearing
Strategic Sourceror
SEPTEMBER 22, 2022
But with stores awash in inventory as it is, retailers are slashing prices with abandon so they can make as much room as possible for what they'll sell November and December. " High levels of inventory levels are taking a toll on retailers. Throughout the lockdown, demand far outpaced supply. Census Bureau.
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Top 20 Skills Procurement Pros Need to Master
World of Procurement blog
APRIL 23, 2024
Strategic Sourcing : Identifying and developing key suppliers and products to optimize spend. Global Sourcing : Navigating international sources of supply and understanding global market dynamics. Inventory Management : Understanding and controlling inventory levels for optimal business performance.
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Top 20 Skills Procurement Pros Need to Master
World of Procurement blog
APRIL 23, 2024
Strategic Sourcing : Identifying and developing key suppliers and products to optimize spend. Global Sourcing : Navigating international sources of supply and understanding global market dynamics. Inventory Management : Understanding and controlling inventory levels for optimal business performance.
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In Excess: How Target and Walmart are struggling with more inventory than they can sell
Procurement Insights
AUGUST 16, 2022
I recently read an article by Sourcing Industry Group’s (SIG) Dawn Tiura regarding the “challenges big box retailers such as Target, Walmart, and many others have been experiencing due to excess inventory.” A Digital Wake-Up Call? Anyway, have a read of the above article, then let me know what you think.
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Single vs. Multiple Sourcing: Choose Smarter
The Good Spending
JANUARY 26, 2022
Thoughtful sourcing management contributes to the competitive advantage. Yet, selecting the sourcing process - single or multiple - is a powerful tool to manage prices, improve relations , and mitigate risks. single sourcing attracts mostly negative vibes due to: greater dependency on a supplier, increased vulnerability of supplies.
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Inventory Challenges Management 1: Supply Chain Complexity
EazyStock
JANUARY 9, 2020
Common Challenges of Inventory Management. Small- and mid-sized businesses (SMBs) must respond to external market pressures and are therefore up against a multitude of inventory management challenges. This post will look at the inventory management challenges surrounding supply chain complexity.
Make Freight Sourcing More Efficient!
Supply Chain Game Changer
OCTOBER 29, 2020
Freight sourcing team article and permission to publish here provided by Katharine Barrios at xeneta.com. Freight sourcing and procurement is a critical component of the whole supply chain and is crucial to the success of the business. These are the must-haves for any effective freight sourcing team. Subscribe Here!
Supply Chain Department – A Typical Structure
SCMDOJO
MARCH 19, 2024
This might involve optimizing inventory levels, negotiating better deals with suppliers, or implementing just-in-time manufacturing techniques. This data can be used to identify areas for improvement and make informed decisions about sourcing, production, and distribution. Grab yours now!
Complete Guide to the Procurement of Materials
World of Procurement blog
APRIL 23, 2024
Understanding Material Procurement Material procurement involves several key stages, including the identification of needs, supplier research and selection, value analysis, financing, negotiation, purchase, and inventory control. Purchase : The execution of the purchase order.
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Complete Guide to the Procurement of Materials
World of Procurement blog
APRIL 23, 2024
Understanding Material Procurement Material procurement involves several key stages, including the identification of needs, supplier research and selection, value analysis, financing, negotiation, purchase, and inventory control. Purchase : The execution of the purchase order.
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Strategic sourcing enters a new age. Are you keeping up? (Part 2)
ivalua
JULY 22, 2015
In last week’s blog , I began discussing telltale signs that you have entered the new age of strategic sourcing. Leading manufacturers have proven that best-in-class strategic sourcing can create measurable and sustainable shareholder value by contributing to top line growth and bottom line profitability. alternatives.
How to Manage Inventory in a Growing Business
EazyStock
FEBRUARY 7, 2020
Inventory Management, Business Growth & Expanding Product Portfolios. At EazyStock we talk to a lot of small- and mid-sized businesses (SMBs) who are struggling to effectively manage their inventory. In this three-part blog series we’re looking at each of these inventory management problems.
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