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!
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.
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
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.
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?
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
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.
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
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.
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
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
One of the biggest challenges many wholesale companies face as they grow is figuring out how to manage inventory as their needs change and their product portfolio grows. Fortunately, there are some proven best practices that will help to cure some of those inventory headaches.
One of the biggest challenges to effective inventory management has to do with the nature of the inventory management function as part of the overall business. Manufacturing, procurement and sales activities directly impact inventory, and yet these departments may not all be actively involved in inventory management decisions.
Inventory is also affected by forces outside the company – the larger economic environment, changing seasons and trends, and resulting shifts in demand.… READ MORE
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!
In an economy where the stakes are increasingly high and cash progressively scarce, business owners must pro-actively manage the balance sheet and income statement or risk falling victim to the five silent killers of cash flow.
Did you know that a majority of businesses that file bankruptcy reported a net profit, yet had negative cash flow? Often the warning signs that a company is in trouble go unnoticed until it is too late. A business can improve their liquidity and create long-term viability by looking closely at the following potential trouble spots.
Inventory Management. Driven by revenue growth, business owners can easily lose sight of the gradual increases made in their inventory levels.… READ MORE
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!
Here’s what I learned from a peak into Mom’s refrigerator:
Cutwater 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
Running a business is no easy task. It takes time, money and good decision making. This article from Donna Marie Thompson on 12most.com highlights obstacles you want to try and avoid in running your small business. Enjoy!
If your business strategy focuses solely on growing your business by expanding top-line revenues, take a closer look at your profit margins to ensure that your fair share of profits are actually reaching the bottom line. In many cases, you’re so busy selling, delivering, and putting out fires, your costs can silently creep out of control, with damaging effects on your business profits.
Here are 12 costly profit killers that can drain your profits faster than you ever thought possible.… READ MORE
Cutwater Solutions will be a guest of the Prophet 21 World Wide User Group on an upcoming webinar for P21WWUG members on March 1, 2016. The webinar is called, “Inventory Planning: 10 steps you can take to reduce inventory and free up cash now”.
Join Sujit Singh of Cutwater Solutions and Special Guest – Pauline Cote, Operations Manager from Butler Bros. in Lewiston, ME as they discuss the concepts and processes of inventory planning and the tangible benefits that implementation can bring to your company.
Pauline Cote will share her experience with Cutwater Solutions and inventory planning at Butler Bros., highlighting how she uses Cutwater to augment Epicor Prophet 21 Distribution Software.… READ MORE
This article from Wasp Barcode Technologies highlights three major topics: optimization, predicting growth, and preparation as keys to proper inventory management. As the title suggests, managing your inventory efficiently and effectively will help “drive” your economic growth. Enjoy the article.
Preview the article:
“Poor inventory management is one of the primary reasons small businesses fail. According to the State of Small Business Report, 46% of SMB’s with 11-500 employees don’t currently track inventory or use a manual inventory process such as tracking in Excel. This may be hard to believe, but ensuring inventory levels are accurate and adjusted based on demand is a crucial process in running an effective business.… READ MORE
by Chuck LaMacchia, The Progress Group, LLCInventory is a significant and visible asset in most companies – often the largest. Executives and shareholders have focused on inventory levels for years, but it has frequently been reduced arbitrarily, without a full understanding of supply chain implications. This paper discusses approaches to sustainable, and appropriate, inventory reduction.
Ten Ways to Reduce Inventory, While Maintaining or Improving Service
“Our competitor turns its inventory six times per year, but we’re only at four. We should be able to turn our inventory six times as well!” says the boss. “And get it done quickly!” From that, the inventory reduction crusade is set into motion.… READ MORE
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”.
In one of my previous blog posts “5 ways to Regain Lost Customers” I shared some strategies you can take to get back what you lost. These strategies highlighted specific paths to take in order to regain customers that may have vanished over time. Because this is so important, I thought I would share some more strategies that can be used to gain back that customer base.
These strategies can be found in an article from SalesHQ entitled, “The Secret to Winning Back Customers.” Some of the methods discussed are:
You don’t want to go in blind.… READ MORE
In my recent blog series exploring the importance of customers and how crucial it is to regain customers you have lost, I’ve shown just how beneficial customers can be to your company’s bottom line. You might agree, you might not. But, truth be told if you could regain that capital from customers it definitely wouldn’t hurt.
So, how do you go about identifying those lost customers (it can be as easy as one click with the right tool) and then getting these customers to come back to your services? After all, they must have left for a reason, so why would they even want to come back. In this latest installment of my blog series focusing on lost customers I want to discuss 5 strategies you can use to regain your lost customers. (more…)
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.
1. Do or Do not.… READ MORE