How Printed Product Labels Can Assist Manufacturing
If you run a manufacturing business, you’ll appreciate the complexities of procuring, producing and shipping products. The supply chain is full of raw materials that need to be tracked and turned into a final product. It’s a busy process with production lines churning out goods, warehouses stacked full of inventory stock, and transportation log ... Read More
August 3, 2019 cost efficiency, inventory accuracy, manufacturing, supply chainShaving Your Costs While Maintaining Quality
Cost of Goods Sold (COGS) is the cost associated with the manufacture of your inventory stock, which incorporates both the raw materials cost and the labour costs. For the business to profit, the cost of production needs to decrease as the sale price increases. However, reducing production cost cannot come at the expense of quality. […] ... Read More
March 10, 2018 business costs, cost control, cost efficiency, lean businessFive Effective Ways to Reduce Cost of Goods Sold
Cost of goods sold, also known as COGS, is one of the most important elements of your business to understand. COGS can be defined as: “The direct costs attributable to the production of the goods sold by a company. This amount includes the cost of the materials used in creating the good along with the […] ... Read More
March 7, 2018 business costs, cost efficiency, cost of goods soldCutting the Fat: Streamlining Your SME
It seems 12 hour days, sleepless nights and no holidays are a rite of passage for a small business owner, however why should this despicable life be the status quo? It does not have to be, and with clever strategies to streamline the business, you can enjoy some beauty sleep again. Let us consider what […] ... Read More
February 3, 2018 business costs, cost control, cost efficiency, small business, SMEInventory Control Benefits Your Business
Inventory management is the process that controls the constant movement of inventory to meet production needs and consumer demand. If your stock isn’t continuously moving, then something isn’t working right. Companies generally have significant amounts of money invested in inventory, therefore it makes sense to control that inventory effectivel ... Read More
May 16, 2017 cost efficiency, inventory balance, inventory control, inventory management, inventory planning, productivityThe Risks of Having Too Little Inventory
The costs of holding excess and stale inventory are well documented and understood; handling and storage costs, depreciation and shrinkage can easily eat into your profit. Less well understood, however, are the knock-on effects of having too little inventory. If your business carries too little inventory, there is a risk of running out of stock, mi ... Read More
October 12, 2016 cost efficiency, customer satisfaction, inventory forecasting, order fulfillment, understockTurning overstocking into an opportunity
The reality is that surplus inventory is one of the largest costs for business these days and inventory management is one of the more challenging areas to control. A careful balance is required between reducing costs through streamlining inventory, and the need to meet the increasing consumer demand for product availability. Overstocking to ensure ... Read More
October 9, 2016 cost efficiency, inventory planning, lean inventory management, overstock, supply chain managementLean production in the food industry
“Lean” thinking is a cornerstone of the modern competitive marketplace. Originally emerging as a concept in motor vehicle production more than 100 years ago, “lean” has not traditionally been associated with food manufacturing. This is because the core principles of lean production: relentlessly reducing waste and quickening the flow of the ... Read More
October 6, 2016 batch numbers, cost efficiency, lean food manufacturing, production margins, supply and demandConvert Your Excess Inventory into Useful Inventory
You will likely have heard about the pitfalls of excess inventory. People will warn you not to overstock due to the array of holding costs you have to pay on inventory – and rightly so. Warehouse rent, heating and ventilation, security, spoilage, and financing costs are just some of the costs you will want to […] ... Read More
October 5, 2016 business management techniques, cost efficiency, real-time inventory, stock control, supply chain managementInventory software for food manufacturers
No matter the industry, whether large or small scale, it is essential for a food manufacturer to have an inventory software that drives efficiency. Food and beverage makers are familiar with the idea of low margins. Most industries are so competitive in today’s marketplace that high mark-ups aren’t feasible. This means that even small improvem ... Read More
October 1, 2016 batch numbers, cost efficiency, food manufacturing, SaaS, supply chainManaging Inventory Foreign Currency Risks for Small Businesses
The risk management landscape for inventory-centric businesses can sometimes seem like it’s fraught with an endless amount of problems and pitfalls. Restrictive product lifecycles, unpredictable demand and underperforming departments, among many others, all contribute to sizable management headaches. ... Read More
September 27, 2016 business management techniques, business solutions, cost efficiency, exchange rates, foreign currency riskThe Dangers of Understocking
If every inventory manager or business owner were to sit down and write a list of their biggest inventory nightmares, it’s a safe bet that ‘stock-outs’ would sit near the top of most lists. And with good reason, as having enough stock to satisfy demand is the central task of any inventory-centric business. ... Read More
September 26, 2016 cost efficiency, cost of business, lean inventory practices, small business, stock demandHow inventory management software benefits wholesalers
Wholesalers are always looking for better ways to understand and control their supply chain. While many will have an accurate view of their stock-on-hand, others struggle to keep track of stock and their reordering levels. Over the course of any month, the need for frequent manual counts, stock level requests and guess work creates a […] ... Read More
September 1, 2016 business management techniques, cost efficiency, real-time inventory control, SaaS, wholesalersFive tried and true strategies to turn your overstock liability into a business advantage
Businesses that implement inventory management software, which integrates each node in the supply chain, are generally able to avoid running into an overstock issue. This is because it enables the ability to track, trace and account for inventory in real-time via the cloud. However, for those who remain ingrained in outdated inventory management s ... Read More
August 28, 2016 cost efficiency, lean inventory practices, overstock, supply and demand, supply chain managementWeathering the Storm: How Inventory Software can help you Manage a Product Recall
Product recalls are commonplace and are to be expected in many mass-inventory industries such as in the automotive, pharmaceutical and food industries. The risks and consequences involved in navigating the recall process can be unnerving. A product safety issue usually triggers a recall, so there are significant financial, legal and reputation risk ... Read More
August 25, 2016 batch numbers, business management, cost efficiency, product recall, serial numbers