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Managing inventory is not a one-time event. Because the business environment is continuously changing, adopting the right supply chain posture must be an ongoing pursuit. ERP Software Is Inventory Optimization an Unending Pursuit? (Part 3) Think of it as an ongoing process that reflects and responds to changes in the business environment. The answers to the five questions discussed previously are a moving target. For example, today’s micro-segmentation strategy may not make sense tomorrow. For this reason, inventory optimization leaders are those companies that have created an ongoing capability to monitor conditions across the supply chain — from rising transportation costs to dramatic shifts in demand — and adjust inventory levels accordingly. This is the area of performance that separates the leaders from the followers. Best-in-class inventory strategists continuously monitor and re-align their supply chain posture so that it reflects current business conditions. How many business failures could have been averted in the last two years if companies had responded more proactively to changing conditions? Leading organizations are implementing a number of end-to-end process changes — including the use of interactive process playbooks and weekly plan-do-check-act cycles — to keep the inventory strategy on track. In the case of missed…
Defining a strategic supply chain strategy starts by addressing these key issues.ERP SoftwareIs Inventory Optimization an Unending Pursuit? (Part 2) Product segmentation. Most businesses today have recognized the 80/20 rule and are making some attempt to distinguish the inventory needs of their significant few products versus the trivial many. In today’s increasingly diverse global markets, product segmentation must be even more sophisticated, taking place at a new micro level that dissects the entire portfolio by each product’s significant characteristics across multiple dimensions. In a diverse marketplace, segmentation cannot be merely an act of simplifying or modeling assumptions. It should instead focus on developing an increasingly greater understanding of how to serve individual customers and market segments in a way that is consistent with both top-level business goals and worldwide supply chain constraints. Inventory Levels. Following the economic downturn of the last several years, no one is debating the importance of risk minimization. For every product segment and customer channel, companies need to determine the right supply chain strategy to deliver consistently high service levels while also minimizing their financial exposure. In working to balance service and cost levels, it is critical to remember two important facts: (a) there is no…
Inventory management can have an enormous impact on the overall health of a business in today’s volatile markets and fast-changing economic climates. Today, strategic inventory management requires a deep understanding of how the end-to-end supply chain is actually managed. From intelligently micro-segmenting their products to creating continuous inventory process improvements, advanced enterprise software systems—ERP systems with strong Supply Chain Management functionality-- have the capabilities and foresight to transform an organization’s inventory into a competitive advantage. ERP SoftwareIs Inventory Optimization an Unending Pursuit? (Part 1)In recent years, the topic of inventory optimization has taken center stage in the supply chain industry, but often for the wrong reasons. A great deal of attention has been focused on identifying the best algorithms or statistical models to solve the inventory problem and deliver quick returns in the form of freed-up working capital and other short-term improvements. Inventory optimization, however, should not be treated as a short-term problem that requires a one-time fix. It is a process-based discipline that helps companies continuously manage their increasingly complex, end-to-end global supply chains in the face of constantly changing market conditions, business objectives, risks and constraints. Just as every company has its own unique long-term corporate strategy for…
Manufacturing plays a big role in enterprise resource planning (ERP). Interesting enough, that’s where ERP got its start. And a big part of manufacturing is materials and materials resource planning (MRP). Before you can begin production you need to ensure that all of the required materials are obtained and you need to determine MRP cost. If you’ve got a project manager, he has to ascertain costs related to production. Working on an enterprise software system platform that includes all of the relevant application modules, the project manager can put together the supply chain particulars and plan for the materials needed. He will be working with application modules that link him to the accounting department, suppliers and partners,distribution, the warehouse, and others that are in the loop for securing materials. They will work in concert to fulfill the supply chain and prepare for production.Materials resource planningDiscovering the MRP Cost  Materials management goes beyond just supplies and equipment. It includes such things as personnel, the amount of labor needed for the job and their scheduling; the shop floor and how it is laid out; the machines and their maintenance and scheduling; just-in-time-deliveries. All of these necessities come into play when preparing for…
There are many vendors currently designing for the inventory control software market, and, as a result, there are many exceptional products to be had. One of the very best is ManageMore’s Inventory Control Software.ERP SoftwareInventory Software Review, Part IIManageMore’s inventory control software is intended to provide flexibility.  From the initial setup of inventory templates to the creation of multiple pricing methods, ManageMore's Inventory control software meets the mixed requirements of a broad variety of industries. To begin with, ManageMore includes inventory templates which allow companies to set up individual business rules. Users can define default inventory item pricing, general ledger accounts, taxes, category, department, warranty, and up to five user-definable settings per template –and all of this can reflect how the business is run.  With ManageMore's Inventory control software, it is also possible to establish a number of separate warehouses, holding facilities, and store locations -- each with its particular inventory levels for similar part numbers.  ManageMore's inventory control software program can streamline the process of receiving, selling, or returning serialized inventory items.  Another benefit of this inventory program is that it does not require a plant to be closed or stop production in order to reconcile these changes and…
The Merriam-Webster dictionary explains the definition of ‘inventory’ as an itemized list of current assets or a list of the quantity of goods and materials on hand. Inventory is not only a list of current assets, but it is THE most valuable asset. With this in mind, it is easy to see how the ability to control and manage inventory has been a crucial piece of running successful business for as long as commerce has existed. Consequently, programs to help businesses keep careful track of their goods and raw materials originated in the 1960s, with the advent of software programming.ERP SoftwareInventory Software ReviewInventory is not static.  It is a constantly changing record of available materials. Manufacturers keep records of materials from which to make product as well as records of products already made and waiting in the warehouse to either be sold or delivered. Inventory control is, therefore, necessary for manufacturers because it is what guides the needed flexibility in order for businesses to deal with outgoing orders, incoming stock, backorders, returns, or dead stock among one or many warehouses and store locations.  The best way to manage an accurate control over inventory is to use inventory software.It was early…
Inventory management requires being prepared when the time comes for a manufacturing or distribution project. You need the assurance that all items and materials are accounted for and in place. Quite often, when a project is scheduled, there are some inconsistencies found.For some reason or other, something is missing or unaccounted for. Fortunately, if you are using enterprise resource planning (ERP), you can rest assured that the entire requested inventory is secured and ready for distribution. If you have checked out some inventory management software reviews you will know that the ERP system will help to ensure that you are covered.Inventory Management SoftwareInventory Management Software ReviewsPlanning and scheduling doesn’t always go as planned. You can chalk that up to improper oversight, communication breakdown or inefficient software. Enterprise software will give you the type of insight and visibility you need to ensure that you have all of the bases covered. That means every type of item or equipment required to get the job done is on-site and ready to go, or that arrangements have been made for just-in-time delivery. With the ERP system, you know where you stand at any given point.With enterprise software you have full control of the inventory…
Small business has a good tool in town.  Inflow inventory software, reviews have been praising its benefits to small business for some time now.  CNET gave the free download 4 and a half stars, the TopTenReviews InFlow inventory software review places it as #1 in a field of ten and Gadget Reviews and Money Making Tips describes it as the “best software that one can use in small business”. Inflow inventory softwareInflow inventory software review places it among industry leadersAffordable for small business, Inflow inventory software, reviewers point out, is flexible and easy to use. A full trial version is available for free download with the standard version listed at $299.With small businesses specifically in mind, InFlow Inventory is inventory software geared to track sales, purchasing, customers, vendors, and inventory management and control. Notable features include: o    Accounting Integration o    Barcode / RFID Scanningo    Business Process Controlo    Custom Pricing Optionso    Customizable Fieldso    Customizable Reportingo    Data Import/Exporto    Inventory Locatoro    Order Entryo    Purchase Orderso    Reportingo    Stock Inquirieso    Supplier Managemento    Transfer Managemento    Warehouse Management For small businesses with an inventory, Inflow inventory software, reviewers are quick to point to the software’s versatility and ability to multi-task.  Inflow inventory software and finance work well…
In the small and mid-sized business sector, inventory software is something that is not always seen as a necessity or even as a basic need.  However, any business that keeps an inventory can benefit from the use of inventory management software. Review after review of the various ERP systems offered to address inventory tracking for small and midrange businesses suggests this. Inventory management softwareSmall and Mid-sized businesses win in Inventory management software reviewsInventory management software, reviews say, is becoming the standard rather than the exception for successful inventory-based businesses of any size.  Small and medium size businesses stand to see the greatest return on investment when waste and overstock is minimized.  Greater efficiency grows profit margin and growing profits mean continued success. Companies like Inflow, Deacom and Infor have developed software packages designed specifically for the small and mid-sized businesses.  Manufacturers at this level were virtually ignored in the past but inventory management software reviews note that ERP software companies have identified and targeted the needs and market of small and medium business. “FINALLY!” should be the reaction of the less than mega sized manufacturing or other inventory-based business concern. With the arrival of affordable alternatives to the overkill of…
Inventory software reviews across the internet describe inventory software as an application that saves time, waste and money thereby increasing profitability. Common sense stuff it would seem – automation for large corporations, it’s assumes.  However, for any business that carries an inventory, inventory software reviews describe it as a necessity, regardless of the size of that business. Inventory softwareInventory software reviews: software not just for big boys any moreWhether there are 5 or 500 employees, everyone interacts with inventory in one way or another.  Efficiency and accountability are key to business success and inventory software is a very important tool in realizing the greatest profit and success.  Inventory is money in a very real sense, a company’s stock is its bread and butter and it is vital to know inventory status at all times.  Effective customer service and inventory management go hand in hand. Providing accurate and reduced lead times means more revenue and inventory software reviews point out the advantage of these systems when it comes to the return process. Materials planning and inventory forecasts, trends and strategies benefit from the use of inventory software, as well. When it comes to accounting, inventory software is indispensible on several fronts. …
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