ShipBob

OCTOBER 4, 2023

However, good inventory management also requires strategic inventory reduction instead of simply procuring more goods. This post serves as a comprehensive guide on inventory reduction so you can understand what it is and why it’s needed. You’ll also learn some effective strategies on how to reduce inventory levels to save costs.

Inventory Reduction 52

Inventory Reduction Waste Reduction Cost Reduction Strategies Expense Reduction 52

ShipBob

DECEMBER 28, 2022

Before you leap into the sourcing process, it’s important to have a strategy in place. Strategic sourcing is a unique purchasing method that aligns your sourcing strategy with your business goals. Going into the sourcing process with a strategy and pre-set goals in place will make it easier to find exactly what you’re looking for.

Sourcing Strategies 52

Sourcing Strategies Manufacturing Procurement Purchasing Skills Material Savings 52

Supply Chain Shaman

DECEMBER 15, 2022

When reviewing strategy decks for supply chain teams, I often see statements like “move from a functional-silo’d focus to a drive a more holistic response.” Focusing on transactions at the expense of understanding and harvesting insights from market data resulted in implementing the wrong set of controls.

Manufacturing Procurement 394

Manufacturing Procurement Supply Chain Design Software Supply Chain Planning Software Procurement Analytics 394

Unleashed

APRIL 27, 2022

We take a look and offer strategies and case studies, along with tips from supply chain professionals. A circular supply chain is where used products or their parts are returned or processed so they can be repaired, resold, refurbished or recycled – which reduces waste from the supply chain and is more sustainable.

Material Savings 96

Material Savings Waste Reduction Cost Reduction Strategies Resource Reduction 96

Precoro

JULY 29, 2024

Procurement operations are no exception. In fact, 43% of GPOs that took part in the 2023 Global Chief Procurement Officer Survey cited overall procurement risk had increased significantly as compared to 20% in the 2021 study. Keep reading to learn: What is an online procurement system?

Procurement Solutions 82

Procurement Solutions Supply Chain Design Software Supply Chain Planning Software Inventory Management Software 82

Precoro

MAY 19, 2023

To monitor supply chain performance, stakeholders of successful companies typically define supply chain metrics that are relevant to the given business and track these KPIs regularly. By setting benchmarks for metrics, analysts can recognize unsettling trends and take preventive measures on time.

Procurement Analytics 68

Procurement Analytics Metrics Supply Chain Planning Software Supply Chain Software 68

Precoro

FEBRUARY 26, 2024

For procurement professionals, systemizing and optimizing cost centers is not just a matter of financial management; it's a strategic task for driving efficiency, controlling costs, and enhancing overall performance. In this article, we delve into the intricacies of cost centers and explore strategies for improvement.

Optimal Sourcing 80

Optimal Sourcing Cost Reduction Strategies Optimization Software Negotiating Skills 80

Supply Chain Game Changer

JULY 14, 2021

Featuring Our 12 Best Procurement Articles! Procurement and Sustainability are your business’ Yin and Yang. Procurement and Sustainability are two disciplines and business functions that exist in a perfectly harmonious contradiction. Procurement is fundamentally centered around the act of acquisition and/or buying.

Optimal Sourcing 98

Optimal Sourcing Procurement Sustainability Material Savings 98

GlobalTranz

APRIL 25, 2016

The average Supply Chain management professional measures their Supply Chain by reviewing cost reduction. Is cost reduction all that there is in measuring Supply Chain performance? 3 Key Metrics for Measuring Supply Chain Performance Beyond Cost Reduction. Cost reduction is still very important. Read more. .

Procurement Analytics 120

Procurement Analytics Supply Chain Performance Metrics Supply Chain Software 120

GlobalTranz

OCTOBER 16, 2015

, at Cerasis, we know a thing or two about the nuances of LTL procurement. LTL procurement is something we do very well. So we thought we would impart upon all the shippers out there some tips on how to reduce overall costs for effective LTL Procurement. 10 LTL Procurement Cost Cutting Tips.

Negotiating Skills 120

Negotiating Skills Price Reduction Cost Reduction Strategies Optimal Sourcing 120

Unleashed

JULY 23, 2023

KPIs in manufacturing are quantifiable production metrics used by manufacturers to measure production performance over time. The result is a constantly improving business strategy that minimises time and material waste while maximising workplace productivity. As a metric, it’s the time you budget to manufacture each part or component.

Manufacturing Procurement 52

Manufacturing Procurement Procurement Analytics Metrics Inventory Reduction 52

SYSPRO Smarter ERP

JULY 12, 2022

As supply chain disruptions continue the procurement function should adapt to improve transparency, build collaborative relationships, and ensure sustainable sourcing practices, resulting in a stronger, more resilient supply chain with Cloud ERP for manufacturing. However, as teams become remote manual procurement has hampered operations.

Manufacturing Procurement 105

Manufacturing Procurement Procurement Analytics Optimal Sourcing Procurement Solutions 105

Precoro

SEPTEMBER 2, 2022

However, growing organizations that face increasing complexity recognize the value of thoughtfully-planned and managed procurement. It pays off to develop a procurement strategy, hire a team of professionals, and acquire necessary technologies early on. Direct procurement is about buying anything needed to manufacture a product.

Manufacturing Procurement 78

Manufacturing Procurement Procurement Solutions Procurement Analytics Optimal Sourcing 78

ShipBob

FEBRUARY 3, 2023

By monitoring particular metrics over time across your online sales, in-store sales, and operations, you’ll gain quantitative insights into your business performance. A retail KPI (or “Key Performance Indicator”) refers to a quantifiable metric used to measure how a retail business is performing. Why are retail metrics important?

Procurement Analytics 52

Procurement Analytics Metrics Retail Inventory Reduction 52

Supply Chain Shaman

NOVEMBER 15, 2021

Especially grievous are the gaps between finance and operations, manufacturing and procurement, and the operations and commercial teams. Lane RFPs focused on cost reduction, but few asked if they had a feasible plan. EDI is slow, expensive and single-directional. The gaps between business leaders grew. We are to blame.”

Supply Chain Design Software 288

Supply Chain Design Software Supply Chain Planning Software Sourcing Strategies Supply and Demand 288

Unleashed

AUGUST 7, 2024

Cost of production is the manufacturing metric that tells you exactly how much money was spent on producing a product or offering a service. Learn the different types of production costs, why they matter, and how to reduce your production costs in this guide. What is cost of production?

Cost Reduction Strategies 52

Cost Reduction Strategies Negotiating Skills Purchasing Skills Material Savings 52

Supply Chain Game Changer

NOVEMBER 3, 2022

This feature makes it easy to monitor your assets and expenses without manually calculating by yourself, helping you streamline supply chain operations. As a result, you can eliminate paper-based processes and reduce errors due to manual data entry. Procurement Management. Real-Time Information Sharing.

Supply Chain Planning Software 115

Supply Chain Planning Software Supply Chain Software Negotiate Pricing Negotiating Skills 115

SCMDOJO

NOVEMBER 9, 2023

The primary goal of inventory control is to reduce the costs associated with holding stock. Furthermore, implementing the right Inventory Control Techniques can help reduce storage costs. Warehousing expenses are often variable and depend on the amount of inventory stored.

Inventory Reduction 105

Inventory Reduction Expense Reduction Cost Reduction Strategies Optimal Sourcing 105

Precoro

FEBRUARY 12, 2024

You’ll learn how liquidity impacts working capital and the role it plays in attracting outside funding, understand liquidity ratios, and discover the best practices for building a liquidity management strategy. There’s a toolkit of metrics to help the treasury department understand the level of liquidity.

Optimal Sourcing 68

Optimal Sourcing Expense Reduction Inventory Reduction Negotiating Skills 68

Precoro

MAY 22, 2023

This process, known as IT procurement, requires comprehensive steps with clear objectives and vendor selection criteria to ensure that technology investments align with business goals and yield a return on investment (ROI). This article encompasses the best practices for planning and executing successful IT procurement strategies.

Procurement Solutions 52

Procurement Solutions Procurement Analytics Pricing Training Purchasing Skills 52

Silvon Software

APRIL 18, 2024

Insights gleaned from robust data analytics enable core business areas to identify opportunities for risk reduction, enhance operational efficiencies, and foster strategic initiatives that drive business growth. This reduces the need for manual mapping of data fields, which can be error-prone and time-consuming.

Manufacturing Procurement 59

Manufacturing Procurement Procurement Analytics Analytics Software Predictive Analytics 59

SCMDOJO

OCTOBER 7, 2024

Cost Efficiency often refers to a cost reduction method to identify, minimize, and eliminate unnecessary expenses while maintaining quality. Head to our course guide Fundamentals of Systems Costs Our E-Book on Activity Based Costing in Procurement will also help you upskill your knowledge of costing in procurement.

Sourcing Strategies 52

Sourcing Strategies Negotiating Skills Cost Reduction Strategies Optimal Sourcing 52

NC State SCRC

JULY 23, 2017

In industries that are going through a lot of Capital Expenditure investments, including construction of pipelines, LNG facilities, and mining operations, the role of procurement on the success of the organization is somewhat different. Here are some of the areas where procurement has the opportunity to make an impact. Cash to Cash.

Expense Reduction 66

Expense Reduction Inventory Reduction Resource Reduction Price Reduction 66

Unleashed

JUNE 7, 2024

This guide covers some of the latest strategies and supply chain mapping tools for effective supply chain management , helping you to achieve significant operational improvements. The supply chain mapping process helps you by: Streamlining operational processes to eliminate bottlenecks, improve throughput, and reduce delays.

Supply Chain Planning Software 52

Supply Chain Planning Software Supply Chain Software Material Savings Inventory Reduction 52

My Office Apps

OCTOBER 21, 2024

Strong vendor relationships are critical for business success, especially when it comes to managing inventory and procurement. Vendor Relationship Management (VRM) helps businesses manage supplier interactions, track performance, and ensure smooth procurement processes.

Vendor Strategies 78

Vendor Strategies Procurement Solutions Supply Chain Planning Software Optimization Software 78

GlobalTranz

MARCH 15, 2017

While trucks have a smaller carbon footprint/kg/km than air freight, the enormous volume of truck freight explains why reducing the carbon footprint is a priority goal. . Add in emissions from fork trucks, yard trucks, 3PLs and there’s almost no way for a shipper to easily assess, track and reduce their carbon footprint. .

Cost Reduction Strategies 120

Cost Reduction Strategies Waste Reduction Expense Reduction Material Savings 120

Silvon Software

SEPTEMBER 26, 2023

Fortunately, modern analytic tools like Silvon’s Stratum solution offer pre-defined metrics and data visualization capabilities to simplify the process of creating and sharing KPI dashboards and reports to management and departmental teams throughout the business.

Procurement Analytics 105

Procurement Analytics Optimal Sourcing Manufacturing Procurement Inventory Reduction 105

ShipBob

APRIL 15, 2024

That’s why you need to closely measure metrics such as gross margin return on investment (GMROI). This metric doesn’t just account for the cost of buying inventory. It also factors in other expenses involved in holding, maintaining, and preparing inventory for sale, such as inventory storage , transportation, labor, and marketing.

Inventory Reduction 52

Inventory Reduction Material Savings Price Reduction Cost Reduction Strategies 52

Supply Chain Game Changer

JANUARY 9, 2019

Procurement, or Purchasing, is an area of Supply Chain that involves and requires very specific skills and expertise. Regardless of your position or situation it is highly valuable to understand the type of interview questions, and answers, appropriate for Procurement and Purchasing professionals. It can appear useless.

Procurement Analytics 68

Procurement Analytics Manufacturing Procurement Procurement Solutions Purchasing Skills 68

Precoro

JULY 16, 2023

This individual also ensures that established purchasing practices align with the general company financial strategy and business objectives. These goals can be expressed as key performance indicators (KPIs) – relevant functional metrics that can be tracked regularly to make sure that the business makes purchases in an efficient way.

Pricing Training 72

Pricing Training Purchasing Skills Procurement Analytics Purchasing Training 72

Supply Chain Shaman

NOVEMBER 15, 2021

Especially grievous are the gaps between finance and operations, manufacturing and procurement, and the operations and commercial teams. Lane RFPs focused on cost reduction, but few asked if they had a feasible plan. EDI is slow, expensive and single-directional. The gaps between business leaders grew. We are to blame.”

Supply Chain Design Software 195

Supply Chain Design Software Supply Chain Planning Software Sourcing Strategies Supply and Demand 195

Supply Chain Shaman

NOVEMBER 15, 2021

Especially grievous are the gaps between finance and operations, manufacturing and procurement, and the operations and commercial teams. Lane RFPs focused on cost reduction, but few asked if they had a feasible plan. EDI is slow, expensive and single-directional. The gaps between business leaders grew. We are to blame.”

Supply Chain Design Software 195

Supply Chain Design Software Supply Chain Planning Software Sourcing Strategies Supply and Demand 195

GlobalTranz

JULY 28, 2021

An optimized supply chain is one that is as efficient as possible; it is more likely to reduce costs, increase customer satisfaction rates, and add value for stakeholders. That means identifying areas of waste, overlap and large volumes and enabling continuous improvement through the use of transportation metrics to track performance.

Optimal Sourcing 317

Optimal Sourcing Optimization Software Network Optimization Supply Chain Optimization 317

6 River Systems

DECEMBER 11, 2018

Seeing this, we decided that it would be helpful to compile a curated list of 50 of the best tips on logistics planning and strategy that we could find. Logistics strategies for streamlined fulfillment. That’s an extremely efficient way of reducing total logistics costs while providing optimal customer service.

Inventory Reduction 75

Inventory Reduction Cost Reduction Strategies Resource Reduction Sourcing Strategies 75

Precoro

DECEMBER 11, 2023

As part of the larger procurement process, sourcing involves finding and evaluating suppliers for goods or services that need to be purchased. Strategic sourcing involves the meticulous evaluation of suppliers and the overall procurement process to extract maximum value from both.

Negotiating Skills 83

Negotiating Skills Purchasing Skills Optimal Sourcing Sourcing Strategies 83

Unleashed

JUNE 26, 2024

Procurement: ERP inventory systems connect purchasing and supplier management with stock control to ensure the right goods are ordered at the right time to meet demand. Benefits of ERP inventory management ERP inventory management systems can lead to significant improvements in inventory accuracy, cost reduction, and operational productivity.

Inventory Management Software 52

Inventory Management Software Supply Chain Planning Software Supply Chain Design Software Forecasting Software 52

Unleashed

JANUARY 3, 2023

Learn more: Common Cash Flow Problems & How to Solve Them How to improve cash flow in a manufacturing business: 7 strategies for healthier financials Improving cash flow is a crucial part of finding success as a manufacturer. That’s why it’s essential to reduce the opportunity for delays and avoid giving credit to untrustworthy customers.

Manufacturing Procurement 96

Manufacturing Procurement Material Savings Expense Reduction Inventory Reduction 96