April 05, 2023 | Supply Chain Strategy read
Supply chain organizations know that the struggle is real when it comes to balancing inventory levels. Enterprises don't want to overstock and risk ending up with a warehouse full of useless items. At the same time, they also don't want to run out of stock and disappoint customers. In short, it's like trying to find the perfect balance between being a hoarder and a minimalist.
Fortunately, lean inventory management provides an effective solution to this problem.
An effective cost-management program can provide a powerful defense against economic and other uncertainties that continue to disrupt procurement’s mission. The challenge for many CPOs is balancing the demand for growth and innovation with the need for tactical cost reductions.
March 30, 2023 | Supply Chain Strategy read
Inventory management can make or break a company's bottom line. Too much inventory ties up capital and storage space, while too little inventory can lead to stockouts and lost sales. So, what needs to be done to strike the right balance and optimize an enterprise’s supply chain?
This blog explores some proven inventory reduction strategies that can be implemented today to improve business efficiency and profitability.
March 29, 2023 | Cost Management read
Tracking spend is essential to maintaining profitability. But how can CPOs ensure that their enterprise is getting the best value for money? Enter Total Cost of Ownership (TCO) analysis.
Total Cost of Ownership is a methodology in procurement for calculating all the costs associated with a particular purchase over its entire lifecycle. The costs include not only the initial purchase price but also any costs associated with maintenance, repairs, upgrades, and disposal.
March 22, 2023 | Supply Chain Strategy read
Supply chain management has been through several transitions in the past couple of years, exponentially more than it did in the past decade. Disruptions have been unexpected — from all sorts of reasons such as natural disasters, geo-political disruptions, or labor shortages — leading to delays, cost overruns and lost revenues. In short, business has been tricky and continues to be so, making it critical to plan ahead for possible scenarios.
March 20, 2023 | Procurement Strategy read
Healthcare procurement is a critical function that plays a key role in ensuring that healthcare providers have the supplies and equipment they need to deliver high-quality care to patients.
March 17, 2023 | Supply Chain Strategy read
CPG and retail companies have had to deal with numerous supply chain challenges over the last few years, among them inflation, shortages, demand spikes and transportation constraints.
March 17, 2023 | Supply Chain Strategy read
Shoppers everywhere will remember the shortages of numerous consumer products during the COVID-19 lockdowns of 2020 and 2021. In 2022, pent-up demand drove inflation to its highest levels in 40 years, meaning higher prices for both raw materials and finished goods.
While supply chain constraints are easing, their effects will still take time to fully resolve. CPG companies need to know the most important factors that could drive disruptions to their supply chains in 2023 to adapt appropriately. Some of the biggest include:
