Can you find new ideas to improve your inventory replenishment and / or supply chain in under three minutes? Do you find training materials and great ideas shared on the web by your software and other supply chain companies? Does your software support site provide a full offering of concepts and ideas that utilize support documents, template checklists, white board animation, and slide shares to support their product and your business? Read More
How Visible are the Links in your Supply Chain?
To keep up with their customers in today’s marketplace, retailers need supply chain visibility to look closer at their entire supply chains’ performance in order to be successful. To have happy customers in today’s marketplace requires retailers to be much more responsive to their customer’s demands.
Retailers need to look end to end at their supply chain for the issues that drive their business. Having the right inventory strategy is just the start, you need to be customer centric in your execution: monitoring promotions and events and reacting to their preferences that drive business. Having the right tools in place gives you the ability to measure results and to balance the tradeoffs between: inventory, forecast accuracy, customer service, revenue, and profits.
Top 3 Inventory Management Concepts for Improvement in 2013
Do you know the root causes of the four common inventory issues: out of stock, overstock, bumpy cash flow, and lost sales? Your goal is to have the right products in the right quantity at the right locations just in time to sell with terms from your supplier that allow you to use your money again before you pay the supplier. No one would argue the success of this strategy, so where is all the grief? In truth, there are four root causes to the most common inventory issues. Unfortunately, many companies fail to identify and act on these root causes, resulting in lost profits in the form of lost sales and higher operating costs.
- Out of Stocks – Supply Chain Issues
- Overstocks – Operation Problems
- Bumpy Cash Flow – Planning & Finance
- Lost Sales – Customer Service Issues
We enjoy watching horror movies, stock car races, and dodge ball here in the south for the same reason, the chance to watch something go wrong. Companies are watching the back to school sales for signs of our economy’s strength and leading indicators for holiday shopping; will something bad happen? This is a good time to review some epic inventory replenishment mistakes made by others in the past. I hope these horror stories help you learn better methods for managing inventory or at least make you say, hey at least we didn’t make that mistake in our demand forecasting and inventory replenishment.
Hottest Topics of 2012: Inventory Optimization and Supply Chain Visibility
Inventory Optimization is critical to Success
Speed, Data Granularity, and Groups Combined with Actionable Customization Will Drive Profits in 2013
Atlanta, December 19, 2012 – In 2013, mid-tier retailers, distributors, and grocers will increasingly need real-time actionable insight their into supply chain to drive behavior changes and profitability. Data Profits’ (https://www.data-profits.com/) iKIS supply chain visibility solution provides actionable insights, allowing companies to access granular data across both internal and supplier and/or logistics data sources, translating big data into analysis based on computer generated statistics which is coupled with human intellect. The alerts and recommendations are actionable within the Data Profits’ SaaS (software as a service) solution without opening several legacy applications.
Future direction of Supply Chain Visibility
We all love the Best of 2012 Lists and Predictions for 2013. So as we prepare for 2013, I have been taking a look at the predictions for supply chain in 2013 including IDC’s Top Ten Predictions for 2013 Supply Chain and Supply Chain Management and Review’s Five Supply Chain Trends That Shaped 2012. Several topics are leading the look back and predictions including big data, visibility, visualization, virtualization, efficient and effective supply chains, cloud, mobile and communication and collaboration.
As an industry how do we take these predictions and put them in action for our customers and help them drive change and profitability.