Here’s How to Maximise Cashflow with Better Procurement Processes
The cashflow your business generates largely depends on how you source and manage inventory stock. A positive cashflow means the business has more incoming than outgoing cash, which gives you greater buying power and puts you in a position to realise greater opportunities for growth. Business owners know that a healthy cashflow is essential to [&he ... Read More
March 30, 2020 inventory control, supplier relationshipA 3-Step Guide: Identifying Underperforming Suppliers
Properly tracking and evaluating supplier performance helps ensure smooth operations and profitability. This becomes extra important as you prepare to order stock in the lead up to the holiday season. If a supplier seems to always have an excuse, you’re not wrong in being sceptical if it’s a common occurrence and affects your business schedule. ... Read More
October 31, 2019 inventory control, supplier management, supplier relationship, suppliersHow to Identify Underperforming Suppliers and to Choose the Right Ones
Regardless of the industry you are in, managing your suppliers has benefits for your business. A successful company will embrace suppliers, viewing them as partners in helping to grow the businesses in a way that is mutually beneficial. They will have formal systems in place to track and evaluate supplier performance to ensure the smooth […] ... Read More
October 22, 2019 supplier management, supplier relationship, suppliersManaging Underperforming Suppliers: What You Need to Know
Supply chains are becoming progressively more complex as businesses rely on a large network of manufacturers, wholesalers, retailers and a growing portfolio of inventory stock varieties to meet consumer demand for more choice. Stocking goods in the right quantities to meet demand maximises inventory turnover rates and will ensure that goods move qu ... Read More
October 10, 2019 inventory control, supplier management, supplier relationship, suppliersDIFOT: A Metric of Supplier Performance
Delivery In Full On Time, or DIFOT, is a metric used to analyse how accurate and efficient your supply chain is. Your supply chain is the very lifeblood of your business. Without it functioning correctly, your supplies may not arrive in the correct amount or the correct timeframe, severely compromising your ability to meet your […] ... Read More
September 23, 2019 inventory reporting, supplier management, supplier relationship, suppliersHow to Deal With Underperforming Suppliers
So, you’ve identified that some of your suppliers are underperforming. Whether it’s consistently late deliveries or delays in production, it’s time to manage what’s going on. Start talking more frequently Instead of waiting until your order is due into the workshop and finding out it hasn’t arrived, get in contact with the supplier sooner ... Read More
September 13, 2019 supplier management, supplier relationship, suppliersHow to Tell if Your Suppliers are Underperforming
Not all suppliers are created equal: some are better at providing low-cost goods, while others are great at customisation. Some suppliers have optimised for fast-shipping times, and some suppliers focus on high-quality materials. Regardless of whether you make, manage or move products, suppliers are a vital part of your company’s success. Without ... Read More
September 12, 2019 inventory reporting, supplier management, supplier relationshipLet’s Talk About Delivery In Full and On Time
If you’re involved in the manufacturing or distribution business, you’ll know how important it is to deliver to your customers on time. When a product lands into a customer’s hands on time, this leads to greater customer satisfaction. On the other hand, if a product is late, a customer can become disgruntled and brand loyalty […] ... Read More
August 17, 2019 customer satisfaction, inventory reporting, order fulfillment, supplier relationship, suppliers, supply chainEasy Steps Toward Better Sales Quoting
Any business owner will know how important it is to have a streamlined and successful process for sales quoting. In this article, we’ll outline a step by step process for improving the speed and accuracy of sales quoting, to ensure inventory is managed effectively. What is sales quoting? When sales transactions involve the exchange of [&helli ... Read More
July 4, 2019 customer satisfaction, inventory management, inventory management software, sales orders, supplier relationshipThe Implication of Stock-outs on Your Customers
eCommerce poses a variety of issues with order fulfilment and inventory control. It turns out that a quarter of online shoppers ditch their cart due to out-of-stock issues. This means eCommerce sites could be losing 25% of sales because of inventory control problems from stock-outs. However, this is only taking into account customers who have [&hel ... Read More
April 27, 2019 inventory management, inventory stock, stock level, supplier relationshipThe Difference Between a B2B and B2C Supply Chain
Supply chains are a fundamental part of how businesses operate; they are key players in getting a product to another user. However, the user can be very different when it comes to doing business. The two most common transactions are business-to-consumer (B2C) and business-to-business (B2B) when it comes to selling goods and services. In B2C, [&hell ... Read More
April 24, 2019 B2B, B2C, supplier relationship, suppliersWhat a Multichannel Strategy Means for your Supply Chain
A shift in consumer shopping preferences and behaviours is driving the growth toward multichannel retailing. This multichannel strategy has a direct impact on a business’ supply chain and creates different priorities for both retailers and their suppliers. For retailers, supply chain priorities include increasing on-shelf availability while reduc ... Read More
April 23, 2019 eCommerce, multi-channel, retail, supplier relationship, supply chain5 Inventory Control Practices To Save You Money
Inventory control is the process of keeping track of inventory stock and monitoring the company’s stock levels across various platforms and locations. Getting inventory control right can save you money, increase cashflow and improve your competitive advantage. The following five inventory control practices can help streamline your business and sa ... Read More
April 3, 2019 abc categorisation, inventory control, stock control, supplier relationship5 Traits of a Great Inventory Manager
Inventory management is key to the success of any business, big or small. It encompasses a wide range of tasks, all of which should streamline your supply chain and ensure the utmost productivity. As your business grows, good inventory management will become even more crucial, and you may need to hire an inventory manager who […] ... Read More
March 23, 2019 inventory management, inventory management software, inventory stock, supplier relationshipSteps to Take When Creating an Efficient Supply Chain
When a company is aiming simply for continuous improvement, supply chain analysis is imperative. This is because the supply chain can make or break the business in terms of its ability to maintain the supply of product or services to their customers. And let us face it, without that, there is no income and no […] ... Read More
March 2, 2019 supplier relationship, suppliers, supply chain, supply chain management5 Quick Solutions for Simplifying Supply Chains
Supply chains are becoming increasingly complex so simplifying them can be a complicated matter. In an attempt to get back to supply chain basics, companies need to scrutinise their processes, from procurement through to storage and shipping. Here are five quick solutions for simplifying supply chains: Clear the clutter With the rapid rise in our [ ... Read More
February 26, 2019 inventory management, supplier relationship, suppliers, supply chain4 Strategies to Improve Supply Chain Efficiency for Manufacturing Business Owners
Manufacturers typically perform planning, sourcing (finding suppliers), making (manufacturing), delivering and returns. Supply chain efficiency, therefore, is the measure of getting the right product to the right place at the right time — and at the least cost. Remember, efficiency is not the same as efficacy. Traditionally, supply chain manageme ... Read More
February 18, 2019 manufacturers, Manufacturing productivity, supplier management, supplier relationship, supply chainUse These Inventory Management Tips to Save You Money
Inventory stock can earn you money or cost you money depending on how you manage it. If your inventory stock is managed properly, it will allow you to move products quickly and efficiently, earning you money faster. However, if you have shelves of dead inventory stock taking up space throughout your warehouse and other obstacles […] ... Read More
February 4, 2019 inventory, inventory forecasting, inventory management, inventory management software, stock take, supplier relationship3 Simple Tips to Prep Your Business for Peak Periods
It’s very common for a business to earn a substantial amount of their revenue over a short period of time. Peak periods lead to an influx of sales and it seems to happen relatively quickly. These fluctuations are important to prepare for and even more important to capitalise on. Don’t miss out on the peak […] ... Read More
December 24, 2018 inventory control, stock control, supplier relationship, suppliers, supply chainIs Your Supply Chain Vulnerable to These Risks?
Supply chains are comprised of technology, logistics and people coordinating with each other around the world. They are powerful tools, but there are numerous risks that can threaten the health and stability of any supply chain. It’s important to identify what poses threats to your supply chain and be prepared. With good planning, you can [&helli ... Read More
September 11, 2018 supplier relationship, supply chain, supply chain challenges, supply chain riskBuilding Effective Supplier Relationships
Your suppliers play a vital role in ensuring your businesses success, but this isn’t only because they provide you with vital goods and materials. Your suppliers offer much more if you seek out ways to build strong relationships with them. In this article we look at the benefits of building supplier relationships for your business. […] ... Read More
August 9, 2018 supplier management, supplier relationship, suppliers, supply chainThe Value of Supplier Relationship Management
Supplier relationship management, abbreviated as SRM, is essentially how your business engages with the vendors who supply your goods, services, and raw materials that make your business function. Having effective SRM in your business isn’t always easy. Every supplier operates slightly differently and provides something slightly different for you ... Read More
August 8, 2018 supplier management, supplier relationship, suppliers, supply chain