What is Demand Forecasting? Demand Forecasting is the process in which the historical sales data is used to develop an estimate of expected forecast of customer demand.
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".
Who’s to Blame for the “Unwanted Extra Ingredient?” A look at Challenges of Supply Chain Management in the Fast Food Industry
Now and then, we hear about horrific fast food restaurant stories where an “unwanted extra ingredient” is found. While we may be quick to blame the serving fast food restaurant for the mishap, the supply chain of fast foods is often complicated. When we stop by our favorite fast food restaurant to grab a quick bite, we often don’t think about the process that goes into assembling our combo meal.
While reading a wonderful article titled “Linear Thinking in a Non-Linear World – the obvious choice is often wrong” in the May-June 2017 issue of Harvard Business Review, I was immediately transferred back to the early 1980’s and theme of the IBM Advanced Industrial Engineering department – “only the model knows.”