5 Inventory Reduction Strategies to Drive Cost Savings

EazyStock

So it makes sense to look for ways to reduce inventory and keep levels under control! What are the potential cost savings from inventory reduction? However, simply cutting inventory across your entire product range is not the approach to take.

How to Calculate Beginning Inventory and Why You Should Track It

Ship Monk

There are a lot of accounting terms thrown around when describing eCommerce inventory: merchandise inventory , WIP inventory , ending inventory , and beginning inventory to name just a few. What is Beginning Inventory? however often you’re counting inventory.

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Cost Reduction Strategy through Supplier-Managed Inventory

SIPMM Professional Publications

Supplier-Managed Inventory (SMI) is the process whereby a supplier plans, manages and replenish inventory for a customer. The post Cost Reduction Strategy through Supplier-Managed Inventory appeared first on SIPMM ACADEMY. Extensive information sharing is required so that supplier can maintain a high degree of visibility of its goods at the customer’s location.

How Much Inventory Should I Have In My Fulfillment Warehouse?

Amware Logistics and Fulfillment

Inventory management has changed substantially in the last few years. Most fulfillment professionals spent years learning about lean inventory strategies, only to find those methods ineffective when the supply chain turned volatile during the COVID-19 pandemic.

5 Unexpected Ways to Control Supply Chain Costs in 2023

Speaker: Todd Simms and Andy Johnson

Join industry experts Todd Simms and Andy Johnson as they break down five budget line items that ballooned out of control in 2022 and strategies to control them in 2023.

Inventory is Everything with Jeff Flowers

The Logistics of Logistics

Jeff Flowers and Joe Lynch discuss why inventory is everything. Key Takeaways: Inventory is Everything. In the podcast interview, Jeff explains the importance of effective inventory management to supply chains. Learn More About Inventory is Everything.

How to Calculate Ending Inventory

Ship Monk

Do you know how to calculate ending inventory? This simple calculation tells you the status of your end-of-period inventory. Knowing how to calculate ending inventory and continually monitoring it is critical for growing your business and maintaining profitability.

Critical Weather Strategies for Your Supply Chain

Blue Grace Logistics

Many do not understand the weather’s effect on inventory availability and shipment status, particularly if they’re not experiencing obstructive weather conditions first-hand. Unpredictable and damaging weather conditions threaten to upend global supply chains every season. Supply Chain Brain.

Intel, Cost Reduction Strategy

Logistics at MPEPS at UPV

The reason I chose to write about this company, is because it was very interesting for me to see how a company of this size can focus and apply cost reduction actions in their supply chain and make them work. Node size reductions are generally a 1/3 of reduction from the linear dimension, resulting in approximately a 50% reduction in the area and therefore, a doubling of the units produced on the same cost.

Inventory Replenishment Strategies that Increase Profits

EazyStock

What is Inventory Replenishment? Inventory replenishment is the process of moving stock items along the supply chain to ensure inventory levels are sufficient to cover demand. Inventory Replenishment Strategies to Boost Profitability. Smart inventory purchasing.

How to Tackle Today's Most Complex Inventory Challenges

Speaker: Andrew Kurpiel - AmerCareRoyal | Bill Benton - GAINS | Paul Benhamou - Benco Dental

Join three supply chain experts as they share their best practices and effective strategies for facing today’s most complex inventory challenges.

Beware the Swinging Pendulum on Supply Chain Inventory Practices

Logistics Viewpoints

Supply shortages resulting in empty shelves or parking lots of WIP inventory represent a spectre causing supply chain leaders to reconsider supply chain inventory practices. Opinion of just-in-time (JIT) as a practice has taken a battering and inventory is rising.

How to Calculate Inventory Holding Cost or Carrying Cost

Ship Monk

Back then you didn’t need to know about holding costs because Mom and Dad let you store your inventory for free. What is Inventory Holding Cost? Holding cost (or carrying cost) by definition, is the cost of holding inventory in a warehouse until it is sold or removed.

Inventory Management in a High Inflation Environment

Logistics Viewpoints

Inflation’s effects on inventory management policies are likely far from top of the mind of Logistics Viewpoints readers in today’s challenging times. However, today’s elevated rate of inflation warrants a closer look at optimal inventory policies. Inventory Costs and Risks.

3 Strategies for Migrating Inventory to a New 3PL

Ship Monk

There are a few different ways to go about the big move, so it’s a matter of choosing the strategy that keeps your sales and fulfillment operations flowing smoothly throughout the transition. Strategy 2: Sending Inventory to Cover a Transition Period.

Key Questions for a Successful Distribution Network

Speaker: Irina Rosca, Director of Supply Chain Operations, Helix

If we're going to offer the speed of shipping and variety of inventory that today's customers have come to expect, there are a lot of different questions that need to be asked.

Inflation in 2022: Is the Bullwhip Effect to Blame for Retail Inventory Glut

Logistics Viewpoints

I did a little digging to find out the specifics about excess inventory, the stated causes, and the potential implications. Retailers’ Inventories – Just Keep your Returns? Unfortunately, I am unsure about the order of magnitude or the duration of these inventory mismatches.

What is a SKU? 3PL Advice for eCommerce Inventory Management

Ship Monk

SKUs are vital to inventory management and the success of any business—as pivotal to operations as a binding agent is to a meatball (i.e. A SKU is a code (typically 8 – 12 alphanumeric digits long) assigned to the items in your inventory. Don’t Get SKU’d on Inventory Management.

A Concise Guide to Inventory KPIs for Your Business

Logistics Bureau

As we are often asked about KPIs for inventory management , that’s what we’re going to focus on in this particular post. You will also understand their notable benefits to the inventory management discipline. 10 Invaluable KPIs to Track Inventory Management Performance.

Leveraging the power of ERP to optimize inventory management

SYSPRO Smarter ERP

Manufacturers and distributors can optimize their inventory management using some of the latest emerging technologies, including machine learning, data analytics, artificial intelligence, and cloud computing. Where to start with inventory management? .

The Keys to Business Continuity Planning

Speaker: Ron Spiteri, Director of TXM Lean Solutions

The pandemic has been the most significant disruption to global supply chains since the dawn of the industrial world. A key learning of this disruption has been the need for business continuity planning to mitigate future disruptions, which we know will come. Join Ron Spiteri of TXM Lean Solutions, and learn the key steps to take control of your supply chain risks.

Better Inventory Management Requires International Suppliers To Step Up to Digital Transformation and Collaboration

Logistics Viewpoints

While consumers may see some short-term benefit in the form of discounted goods, many retailers have had to reset investor expectations , reflecting the expected hit on margins from carrying so much inventory. Inventory management is challenging enough in normal times.

Managing inventory with ERP amid disruptions

SYSPRO Smarter ERP

In today’s business world, the success of a firm depends not only on its sales but also on the ability to manage its supply network and ensure it has the inventory it needs to deliver customer orders. In the past 18 months, many companies have increased their inventory levels.

ERP 68

Three Key Inventory Strategies for an Omnichannel World

Supply Chain Brain

Many merchants are struggling to balance physical and digital inventory under a cloud of supply chain disruptions

Inventory Optimisation: How Much Stock is Right for Your Company?

Logistics Bureau

Among the universal challenges that the COVID-19 pandemic has imposed upon the supply chain management profession is the question of inventory, specifically, “how much is enough?”. It wasn’t long ago that businesses were asking, “By how much can I reduce my levels of inventory?”.

Re-imagining inventory management for a new normal

SYSPRO Smarter ERP

Inventory management was moving towards a just-in-time approach until the supply disruptions of the last year. Why inventory management is important. Active inventory management is a major contributor to manufacturing success. Inventory in the supply chain process.

Driving Rigor into Your Inventory Control Practices Helps You Win the Race

Logistics Viewpoints

Kind of like managing inventory in your warehouse. Poorly managed inventory will cause stress in the operation between departments. Loss of sales from inaccurate or missing inventory leading to disappointed customers who may go elsewhere (and might not come back).

2021 Strategies for Inventory Management and Supply Chain Recovery

EazyStock

In a perfect world, supply chain managers would be able to foresee every possible risk and threat to their supply chain and have a strategy prepared to successfully address any challenges when the moment came. Optimize Inventory.

Amazon’s Retail Strategy with Rick Watson

The Logistics of Logistics

Amazon’s Retail Strategy with Rick Watson. Rick Watson and Joe Lynch discuss Amazon’s retail strategy. Key Takeaways: Amazon’s Retail Strategy. Learn More About Amazon’s Retail Strategy.

Big data and inventory management

EazyStock

All successful businesses use data to develop strategies and review their outcomes. 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. Big data and inventory optimization.

Watch: Time for a Reset of Retail Inventory Strategies?

Supply Chain Brain

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.

Why Is Promotion Planning Important In Inventory Management?

Logistics Viewpoints

Promotion Management is defined as optimizing the utilization of tools, strategies, and resources to promote a product that will generate additional demand. Why should we consider Promotion Planning in Inventory Management? Inventory Management inventory planning promotion planning

5 E-Commerce Inventory Management Strategies to Know | VIDEO

GlobalTranz

Inventory has been subject to changing customers’ buying patterns. The post 5 E-Commerce Inventory Management Strategies to Know | VIDEO appeared first on Transportation Management Company | Cerasis. Uncategorized E-Commerce Inventory Management

What is a Cycle Count? The Importance and Benefits to Your Inventory Management

SYSPRO Smarter ERP

Manufactures and distributors need to implement effective inventory management as neglecting inventory tracking can set you up for things like delayed orders, unhappy customers, and inaccurate inventory reports. What is a Cycle Count in inventory management?

5 Mini Case Studies: Successful Supply Chain Cost Reduction and Management

Logistics Bureau

If you were to tell me that your company had never looked at its supply chain costs and sought to deliver reductions, I would be mightily surprised. On the other hand, if you told me your company hasn’t been able to sustain any progress in supply chain cost reduction, I wouldn’t be surprised at all. This operation was proving too costly and too slow, so the company embarked on an initiative to achieve a 10% supply chain cost reduction over a four-year period.

What is inventory management?

Globalior

Usually, companies do cycle counts to check inventory balances at the end of either each financial year or calendar year. However, what does the term “inventory management” really mean? What does inventory management mean? Types of inventory checks.

It’s Just Inventory, Right?

3PL Insights

Why is there such a focus on inventory these days? One of those areas includes inventory management. Shortages, backlogs, labor, and operational challenges have increased inventory issues—either too much material or too little can send your business into a frenzy.

Contract Manufacturing Supporting Inventories

LandLink

Supply Chain Management Third Party Logistics Freight Bill Auditing Intermodal Freight Transportation News Reducing Freight Rates Logistics Business Maximizing Routing Efficiencies 3D Printing Logistics News Industry Trends Technology Big Data dimensional pricing

The role of a Bill of Materials in optimizing your inventory management

SYSPRO Smarter ERP

For example, in a bakery business, using the right tool with the BOM, the overall capacity of the oven and fridges could be monitored, and improvements as to how best to use ability could be suggested to reduce electricity costs, capacity constraints and workforce.

7 Mini Case Studies: Successful Supply Chain Cost Reduction and Management

Logistics Bureau

If you were to tell me that your company had never looked at its supply chain costs and sought to deliver reductions, I would be mightily surprised. On the other hand, if you told me your company hasn’t been able to sustain any progress in supply chain cost reduction, I wouldn’t be surprised at all. This operation was proving too costly and too slow, so the company launched an initiative to achieve a 10% supply chain cost reduction within four years.