Lead Time – A Critical Link in the Chain
Lead times drive business decisions every day for departments across your organization. When to place orders, how much to order, whether to charge vendors for late shipments. It’s important your lead times are as accurate possible. Unfortunately, lead times are often an afterthought, making them the weakest link in many supply chains. Do you struggle with inaccurate lead times and the resulting financial effects?
7 Reasons Your Lead Time is Wrong (And It’s Costing You Millions)
- Ignoring internal lead times – The easiest lead time to forget is time from distribution center to store. Those days can add up quickly and leave you with lost sales if not carefully managed.
- Using only vendor-quoted lead time – All your vendors supply you with a standard lead time. Do you know if that lead time is correct? If they are shipping even a day before or after the quoted lead time, it is costing you money.
- Using the same lead time for every item – Some items take more time than others for vendors to produce or more time for your distribution center to pick. If you are applying lead times too broadly, you are missing opportunities to tighten your supply chain.
In the News
Data Profits Empowers a Demand-driven Strategy for Retailers Gearing up for Holiday Shopping
ATLANTA, October 13, 2015 – For retailers, planning for the 2015 holiday shopping season – the season that can make or break the sales year—has been in process for months. In the case of shelf-stable stock, large purchase orders are already sitting on retail shelves. Leveraging technology to deliver actionable insights and forecasts, Data Profits provides retailers with the tools to ensure a profitable, nearly worry-free holiday season. Retailers can now take advantage of their free download “Data Profits 5 Step Checklist for Retailers to Gear Up for Holiday Shopping Season.”
“Demand forecasting is about giving consumers what they want,” explains Stuart Dunkin, founder of Data Profits. “Retailers must obey the three Rs – right product, right place, right time – because today, consumers have so many limitless options.”
Is Lead Time Forecasting Your Missing Link?
Read more about how lead time forecasting can tighten your supply chain, increase your sales, lower your inventory,, and help you serve your customers in our Lead Time Blogs. Ready to discuss how iKIS from Data Profits can fix your lead time problems? Contact Us today!
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