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Inventory Management and the ‘Deadly Sins’

Inventory management has changed over the years. In the past, there wasn’t much concern about inventory. Manufacturers held large stocks of raw materials, work-in-process, etc. Today, companies want inventory for customers when they need it, and minimal inventory if there aren’t any sales. Implicit here is the fact that inventory [...]

Begin Substantially Mitigating Disruption to Sales of Goods Using One Fundamental Concept

Companies rely on sales revenue so they can ill afford disruptions, especially of an extended nature. A few days of ‘downtime’ cause some ‘ill will.’ However, longer periods of suspended operations, such as weeks or months, will probably cause the company to lose some if not many customers. Typically, disruptions [...]

Is Purchasing Really Adding Value to Your Company?

Today, procurement is expected to play a larger role in operations. Outside of ensuring that the right products are available, at the right time, Purchasing is also being asked to help the company reach targeted profits (by reducing ALL costs, direct and indirect). Is your procurement group getting this done? [...]

Can a Great Sourcing Plan Help Even a Suspect Business Plan?

Sourcing Strategy A company’s sourcing strategy is derived directly from senior management’s business plan and goals for its products or services. So, yes, a great sourcing plan will always be of benefit. For example, if the company manufactures a machine needing a number of parts, and the company would like [...]

Successful Strategic Plans are Simple Yet Effective!

Businesses typically need an outline or plan to follow so that they remember their mission and why they are doing it. Obviously, this is not as easy as it seems since they are many ‘business failures’ every year. So, let’s just agree to a general definition and outline of the [...]

These Tested Steps Work to Prevent Supply Disruption and Promote Strong Success!

The Procurement department must review the company’s goals and objectives, and then put together a supply base strategy that will help the company reach these goals and objectives. The steps include compiling a supply base strategic plan, mplementation, and then evaluation of the plan. Different Strategies Different supply base strategies [...]

“Is Poor Inventory Management to Blame for Missed Deliveries?”

Whether it is the first or last time, that a customer shipment is missed due to a ‘stock-out,’ the result is the same – it is ‘unacceptable.’ Furthermore, this affects your credibility in today’s competitive market place. And if the raw material or component has a lengthy lead time, the [...]

How Do You Get Great Inventory Control, Yet Optimize Costs?

When you are manufacturing products for customers, on a budget, it is necessary to optimize production. The company can only make this happen if it has the right raw materials and components on-hand in the right quantities. Therefore, a company can lose production time if inventories are or become inaccurate. [...]

Strategic Sourcing Can Save You Valuable Time and Money During Development

How many times have you or your colleagues said, “we should’ve thought of that when we were developing the product.” Then you spend a lot of time and/or money developing a solution or ‘work-around’ to address the issue that was just discovered. If you are like me, you’ve heard this [...]

Can Procurement Expose a Supplier’s Ridiculously High Pricing?

Understanding a product’s cost can be one of the more problematic issues facing a Buyer. As stewards for the company, Buyers need to know if they are receiving a product for a fair and reasonable price and getting the intended value. Likewise, it is necessary to control and manage costs [...]

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