Inventory and Supply Chain Jokes for National Tell A Joke Day!

Laughing and eating are perhaps my favorite ways to relax!  We all need to laugh and while tension is high in the world, in our lives, and in our jobs, what better time to celebrate National Tell A Joke Day!   Grab something to eat (I suggest chocolate), relax and enjoy these 10 jokes suited for professionals who spend time working on the serious matters of inventory, supply chain, demand, forecasting, procurement, accounting and finance!  Go ahead……laugh!  

Inventory Turns cartoon

  • What do you get if you play a supply chain country song backwards? You get your revenue back, you get your margin back, you get your on-time delivery back…
  • How many supply chain planners does it take to change a light bulb?
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    Is inventory optimization as valuable as relationships for distributors?

    A recent survey reveals distributors view customer relationships as a key factor in ensuring customer retention. Employing the right inventory optimization techniques coupled with innovative inventory optimization solutions play an important role in maintaining customer relationships and increasing bottom line results.

    inventory optimization solutions

    Because I work closely with wholesale distributors regarding inventory optimization and inventory right-sizing through the use of excellent inventory reporting software, I was fascinated to see a recent article and survey in Industrial Distribution.  Their “Survey of Distributor Operations: Value of the Distributor” revealed that when distributors were asked for the primary reasons why their customers do business with them, relationships and product availability ranked at the top and were considered equally important at 80.6%. … READ MORE

    Epicor Prophet 21 Connect 2016 – World Wide User Group Meeting

    Cutwater will present it’s Advanced Inventory Management Software (AIM) to Epicor P21 attendees at the annual P21WWUG Connect, September 25-27, 2016 in Phoenix, AZ where members come to learn, socialize and make connections.  

    Connect2016

    Cutwater’s AIM (Advanced Inventory Manager) provides a way to identify inventory that is out of line with demand – either too high or too low. It is designed so that management can quickly size up the opportunity in dollars, while the planners can get detailed, actionable reports.

    Stop by our Booth #114 to see Cutwater AIM in action and attend our vendor session! 

    Request a Demo of Cutwater's AIM (Advanced Inventory Manager) Click Here READ MORE

    Ten Deadly Sins of Inventory

    As I’ve been blogging to share insights into the area of Inventory management, I have had the privilege of receiving comments from many inventory and supply chain professionals.  One such contributor is , who is a Sr. Supply Chain Professional and Professor of Supply Chain.  Below is Stuart’s article, “Ten Deadly Sins of Inventory” which I trust you will find to be helpful……ENJOY!

    warehouse image

    In religious circles there are the Ten Commandments.  Well, in Inventory Management there are the ten deadly sins of inventory mis-management.  If you are struggling to meet customer demand, and you are losing customers and new sales, then inventory mismanagement is the primary cause.… READ MORE

    7 Habits of Highly Effective Inventory Managers

    All employees of business today are under enormous pressure to work efficiently and bring superhuman powers to their role, but perhaps none are in such demand as highly effective inventory managers!  Mistakes made in inventory have devastating results for the bottom line, while success is the true lifeblood for wholesale, retail, and manufacturing companies!  New and changing technology can both help manage inventory, but also eliminate obsolescence!  Every business has limited available resources so allocating them to create the highest value is critical for the supply chain or inventory manager.

    7 Habits of Highly Effective Inventory Managers

    Stephen Covey’s best seller, “7 Habits of Highly Effective People” suggests an approach to being effective in attaining goals. … READ MORE

    Prevent Dead Inventory From Happening!

    Perhaps you can name the movie which contains the phrase, “I’m not dead yet!  I think I’ll go for a walk!”  While I think “Monty Python and the Holy Grail” is a really funny movie, my wife does not.  But when it comes to inventory, the stuff that calls out as if to say, “I’m not dead yet, I think I’ll get sold” but is truly becoming dead and obsolete is no laughing matter for reasons which I detailed in my article, “The REAL Shocking Cost of Dead Inventory! ”  So how can you prevent dead inventory?

    Prevent Dead Inventory

    If you buy-in to the fact that the true cost of dead inventory far exceeds the unit cost to purchase it, then you will realize that to prevent dead inventory you must ask, “How can I keep dead inventory from happening in the first place”? … READ MORE

    The REAL Shocking costs of dead inventory!

    What is the cost of your dead inventory?  Quite often, even among well-run businesses, the actual costs of inventory are inaccurate, underestimated and incomplete.   While most resellers know they have dead inventory, many are unaware of just how much.  Our experience, supported by other studies, shows that in even well-run companies, anywhere from 20-30% of inventory is dead or obsolete.

    The REAL Shocking Costs of Dead Inventory!

    While that is huge and alone could have devastating ramifications for a business, how does one calculate the real costs to determine the hit that your business is facing?  The easy answer is to take the unit cost for those dead items, add them up and you have your answer. … READ MORE

    The Ripple Effect On Inventory

     

    One small change can have an enormous impact!  Recently, a network switch failure led to the breakdown of the baggage-screening system at Phoenix Sky Harbor International Airport when the software system that scans for explosives went into a continual reboot cycle and resulted in more than 3,000 checked bags missing their flights! One small glitch = many angry and disgruntled clients.

    Ripple Effect

    The same can be said for inventory management.   If one small problem occurs, your business can quickly be in a world of trouble!   Have you ever considered what could happen if your largest client who relied on you having an item in stock came to you and not only were you out of stock, but the vendor was back-ordered? … READ MORE

    Cutwater announces winner from Microsoft Envision 2016

    Cutwater Solutions congratulates Greg Sandquist of James M. Pleasants Company (JMC) in Greensboro, NC.  Greg was the winner of the Ares Ethos QX130 Ultra Micro Quadcopter drawing at Microsoft Envision 2016 #Env16 in New Orleans.

    Hobbytown Quadcopter

    This prize is sold by one of Cutwater’s clients, HobbyTown USA.  Cutwater’s Advanced Inventory Management Software (AIM), pre-configured for the entire Microsoft Dynamics suite of GP, NAV, SL & AX as well as Epicor Prophet 21 (P21) helps clients to “right-size” their inventory.

    Request a Demo of Cutwater's AIM (Advanced Inventory Manager) Click Here READ MORE

    Centralized vs. Decentralized Procurement: Trust is key

    As I speak with wholesale distributors, many of which have multiple stocking locations within their business, I am always interested to learn how each decides to manage their procurement.  Is their purchasing centralized or decentralized?  I decided to explore this idea to hear the arguments for and against centralized purchasing in a multi-location distributor environment.   The challenge is to balance the pressure from the financial side of the company to reduce inventory and increase turns and the sales and service side with the need to stock enough of the right product to satisfy customers.

    How do these seemingly opposing sides work together to provide the best value and meet the common objectives of satisfying the needs of the ultimate customer, and providing the best return on investment?  … READ MORE

    Clocks “spring forward” but gain hours with time-saving tips!

    Ah, Spring!  Trees budding, breaking out the grill for burgers and hot dogs, taking a leisurely stroll or a jog in the park and…… losing an hour?  This weekend, we’ll be turning our clocks forward!  NOT what a business person needs when we count on every hour just to keep up!   Clocks “spring forward” as the saying goes, but you can gain hours with these time-saving tips!

     

    Clock with money

  • Focus on the important tasks – Time is the great equalizer!  We are all granted the same 24 hours per day; no more and no less.  So make the most of the time you have and prioritize. Identify your priorities and your most important tasks, do them first and leave the rest for later. 
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    A refrigerator taught me about inventory management? Yes!

    I learned some lessons recently about good inventory management.  And not in the conventional way!    You see, my wife and I have six sons and for a period of time four of them were teenagers.  If you have teens, perhaps you can imagine what our pantry and our refrigerator looked like in our attempt to feed four teens as well as the other four people in our home!  We tried to be fully stocked as best as we could.  A recent peek into my Mom’s refrigerator, who lives by herself and was about to leave on a vacation, gave me some instant lessons on inventory!

    Inventory

     

    Here’s what I learned from a peak into Mom’s refrigerator:

  • Visibility into your inventory is critical!
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    Microsoft Envision 2016 – New Orleans from April 4-6, 2016

    ms-envisionCutwater looks forward to meeting business leaders and Microsoft Dynamics users at Microsoft Envision which brings together the most forward thinking minds in business and technology. Whether you’re a business leader or decision maker, you won’t want to miss the opportunity to hear the latest business trends and discover solutions that can help you, your team and your business achieve more.

     

     

    Need help knowing where to begin to make inventory improvements?  Most companies have two challenges: too much of the wrong stuff and not enough of the right stuff.  Excess inventory takes up valuable space, is expensive to maintain, and may become obsolete. Insufficient inventory leads to lost sales and unhappy customers.… READ MORE

    Inventory Challenges: Expecting the Unexpected!

    This past weekend here in the Northeastern US, we were confronted with a blizzard bringing record snowfall totals.  How do unexpected weather events like this impact inventories?  Grocery stores saw milk, bread and eggs flying off their shelves just days before the storm; apparently many people planned to weather the storm by eating French toast.  Hardware stores saw rock salt selling out and an increase in demand for snow blowers, shovels, and generators.   Good inventory management includes the idea of planning for those unexpected surprises.  Here are some ideas from an article about inventory challenges, “Overcome the 5 Biggest Inventory Turnover Challenges”.

    here-comes-another-snow-stormInventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year.… READ MORE

    May the Force be with you, 7 Tips from Star Wars to make you an Inventory Master!

    I have been a Star Wars fan since my first time in that movie theater in 1977, and now can hardly contain my excitement to see “Star Wars: The Force Awakens” this weekend!  I am also passionate about helping businesses WIN by operating efficiently and achieving their vision for success and growth.  I especially enjoy helping business owners and leaders accomplish their goals through effective inventory management.

    So I’ve decide to write a blog post combining these two passions.  Some of these ideas are from a great article on leadership lessons from Star Wars I enjoyed, which can be found here.yoda2

    1. Do or Do not.… READ MORE