Make your obsolete inventory more visible with these simple phase-in phase-out planning techniques.
In an ideal world, your products would have on-shelf availability whenever your customer needs them. However, this is often not the case for many businesses. It’s also essential to note that, not all stock outs or out-of-stock(OOS) carry the same severity levels or require the same form of actions. In this blog post, we’ll discuss a simple coding system using descriptive analytics that can help you easily identify different severity levels for your stock out.
I discussed some of the possible pitfalls when using inventory turnover as a measurement for effective inventory management. In this post, I’ll describe a simple technique for measuring inventory effectiveness.
Look beyond the Turnover Ratio! Here’s a Simple Way to Create an Effective Inventory Management Process
Use this simple tool for identifying areas of potential improvement in the business to create an effective inventory management process. This type of measurement allows for a more widespread understanding of the nature of inventory and fosters action to prevent a build-up of non-value-adding "drag".
Improving Data Visibility with Descriptive Statistics: How to visualize the Product-Volume-Variability-Velocity Matrix
Using descriptive statistics, you can improve data visibility by creating a snapshot of your product volume, variability, and velocity. Here’s how.
A look at some of the S&OP implementation best practices for managing your data. Now I’m not going to say, “Ask not what your data can do for you, but ask what you can do for your data.” In the past, I was under the impression that going through a system implementation process of setting up product hierarchies would mark the end of the process. I must now say, there’s more to the story.
I mean who suffers directly when finished product inventory runs amuck by level, mix, or availability? Well, we all do, don’t we? After all, if we made it and can’t sell it, what have we done? Or, what if we promised it to customers but haven’t made it? Until we give finished goods velocity, no profits roll into the business meaning, no revenue (assuming when it sells, it gains velocity). Just think of the other side of the coin when it goes to the scrap heap for a write off (terminal velocity).
Using Descriptive Analytics to Improve Supply Chain Visibility for Variability, Velocity, Volume, and Variety.
In this guest blog series titled: “Memoirs of a Black Belt,” Stephen Boyd a Lean Six Sigma Black Belt and 30-year supply chain veteran, shares his insights on achieving higher levels of performance using data from existing systems. All opinions expressed in guest authors may not reflect Arkieva’s view on the subject.