5 Major Types of Inventory Waste Your Business Needs to Know to Cut Costs
Inventory waste is considered one of the seven major wastes in lean manufacturing and does not just encompass damaged or obsolete inventory stock. Types of inventory waste can be defined as any production activity that uses resources but does not add any value for the customer. As a consequence, these wastes add to the cost […] ... Read More
August 21, 2018 inventory management, lean inventory, waste reductionToo Much Inventory or Too Little: Finding the Balance
Running short of inventory is a cardinal sin in wholesale or manufacturing inventory management; putting aside lost sales, not having enough inventory means failing to meet customer needs – something that any business with a long-term outlook should avoid. This doesn’t mean that a business should accumulate excess safety stock; as any busin ... Read More
March 31, 2018 just in time inventory, lean inventory, lean inventory managementLean Business – What Does it Mean?
Lean business essentially involves maximising customer value while reducing or eliminating waste from the production process. Lean manufacturing was initially practiced by Japanese industrial giants such as Toyota, but in recent years has come to be widely adopted by British and European startups in industries as diverse as manufacturing and softwa ... Read More
October 2, 2017 GB, inventory management, lean inventory, lean manufacturing, manufacturing, UKUncertain Transportation Costs: An Opportunity to Become More Efficient
Uncertainties in transportation capacity, underlying costs and demand mean that the cost to merchants can be difficult to understand and plan for. ... Read More
May 1, 2017 efficient inventory management, increase lead times, lean inventory, ship off-peak, transportation costsExcel spreadsheets are passé
Using Excel spreadsheets to manage inventory, financials and business reporting is costing your company time and money. Here’s five reasons why. ... Read More
March 17, 2017 clean data, cloud-based software, Excel spreadsheets, lean inventory, manual data entryHighlights of Just-In-Time Inventory
Just-In-Time (JIT) inventory is a strategy used to increase efficiency and minimize waste in the manufacturing process, increasing profitability. ... Read More
March 11, 2017 eliminate waste, JIT, just in time inventory, lean inventory, manufacturing processesIs Better Inventory Key To Manufacturing Success?
Manufacturing is relatively unique in the sense that a much higher level of inventory precision is required to successfully scale up. ... Read More
December 10, 2016 assembly costs, cost visibility, lean inventory, manufacturing costs, perpetual inventorySix ways software can keep your stock accurate
Accurate inventory an effective way of controlling costs, which is why employing inventory software tools will keep stock accurate. ... Read More
December 2, 2016 integration, landed costs, lean inventory, serial numbers, software as a serviceThe benefits of lean manufacturing for the food and beverage industry
Lean manufacturing and Total Quality Management (TQM) first came about through the work of Henry Ford, followed by Toyota in Japan. They set about to decrease ‘Muda’, a term given to everything in a process that is unnecessary, time-wasting and that results in a loss of profitability. Since their pioneering work to implement TQM and lean proces ... Read More
October 25, 2016 cost reduction, customer demand, food and beverage, lean inventory, manufacturingHow best to manage the risks you could be exposed to in your supply chain
There are many risks in the supply chain that can drastically affect a company’s profitability, reputation and ability to function optimally. These risks, in recent times, have been multiplied through things such as globalization, piracy, economic crises and exchange rates. Also, the move towards instant gratification and needing everything right ... Read More
October 24, 2016 lean inventory, profitability, risk management, suppliers, supply chain management