A 2024 Guide to Mastering Dead Inventory Liquidation for Maximizing Profits
Having obsolete and unsold inventory or slow-moving products is quite a hassle for your warehouses. While hoarding them is not an option- you can liquidate them. That’s what dead inventory liquidation is all about. Holding onto dead inventory can drain resources, tie up valuable storage space, and hurt cash flow. So, implement effective strategies that […]
What is (On Time In Full) OTIF in the Supply Chain? How to Measure it and More.
On-time-in-full (OTIF) is a supply chain metric that tracks the delivery of goods in a specific period. It indicates the supplier’s ability to enhance customer satisfaction. OTIF improves store operations by calculating the inventory that needs monitoring, storage, and shipping in real-time. Let’s explore OTIF, including ways to measure it and its benefits in the […]
WIP Inventory Management: Best Practices, and Techniques
In 2024, ignoring WIP inventory management can be your biggest mistake. Optimal stock quantity ensures your supply chain operations match customer expectations. A higher WIP shows production inefficiency and cash flow leaks, which hurts your business goals. Ensuring smoother workflow and greater liquidity will help you avoid logistic bottlenecks. Let’s understand the best practices for […]
Warehouse Inventory Management System (IMS)
Warehouses store goods, but locating a specific item can be time-consuming and inefficient without an organized system, often requiring a manual search through multiple stockrooms. This is where a Warehouse Management System (WMS) becomes invaluable. A WMS helps streamline inventory management by maintaining detailed records of all products and their exact locations within the warehouse. […]
A Guide to Improving Order Picking Accuracy
Picking errors are the killers of warehouse productivity. Warehouses may know that these errors are occurring, but not all understand their implications or how to address them. The order picking process supports the order fulfilment process. When the customer order arrives, there should be a person who will “pick” the product from the shelves so […]
Dimensional Weight in E-commerce: Calculation and Key Formulas
Shipping strategy is a major headache for e-commerce retailers looking to boost customer satisfaction. The entire process of storing, recording, and shipping the right package is an uphill task. Fortunately, dimensional weight streamlines e-commerce operations, effectively reducing operational costs. Let’s dive into the dimension weight system, including its strategies and calculation techniques. What is Dimensional […]
8 Best ERP Software for Manufacturing Industry
ERP software is a broad category of business software that integrates support for all business processes in one integrated system. Systems generally include modules to support CRM, inventory and purchasing, supply chain management, project management, financials, and more. The ERP software for manufacturing industry aims to revolutionise the manufacturing process. You must choose the right […]
Ecommerce Automation: Latest trends, Benefits, and More
E-commerce is the use of the internet for business transactions, where money is exchanged for goods and services. E-business apps become e-commerce when there is a transaction of value. Any transaction done online through digital platforms is called a digitally enabled transaction. With current issues like labor shortages, inflation, more eCommerce activity, and the need […]
Inventory Adjustment: Definition, Benefits and Tips
If your business offers products to customers, it’s crucial to effectively manage the accounting of items in your warehouse. Doing so not only gives you better control over your inventory but also helps streamline your operations. Inventory discrepancies can arise for various reasons, making it essential for inventory managers to regularly adjust and update records […]
Principles of Ethical Supply Chain Management
Ethical companies enjoy greater profitability, foster strong brand and shareholder value, attract top innovative talent, and build loyal customer and supplier relationships—all while facing fewer costly lawsuits. As supply management’s role has evolved into a strategic influence, every decision along the supply chain carries a meaningful impact. This gives supply management professionals a unique opportunity […]
What is a Retail Partnership? Benefits, Types and Examples
Whether or not you’ve been in marketing, you probably already know how important it is to keep a good relationship with your retailers. Whether it’s online or in person, they’re essential in helping your customers make that final purchase. But here’s the thing—these partnerships don’t have to be just about keeping things smooth. When done […]
Supply Chain Planning: Definition, 7 Strategies, and Process
Ever wonder what it takes to manufacture, monitor, and ship a product to a customer’s doorstep? Supply chain planning is helping your business meet customer demand in the most efficient way possible. It includes manufacturing raw materials, monitoring production, and balancing the supply-demand curve of multiple products. Modern supply chains need to be agile, robust, […]
