The first in, first out method (FIFO) and last in, first out method (LIFO) are the two standard inventory valuation types. Each offers unique benefits, depending on your business model, with key differences setting them apart. In this FIFO vs…
Good warehouse slotting is a vital yet understated part of many businesses. With carefully planned organization, you can cut down on the time workers spend finding items and getting them to distribution centers. This reduces mistakes and fulfills orders faster.…
The terms 'demand planning" and "demand forecasting" are often used interchangeably in the supply chain world. You might be one of those people who has used one term when referring to the other and vice versa. And this is understandable…
Supply chains today are more complex than ever before, which means that supply chain disruptions can have ripple effects felt around the world. While things have settled down from pandemic-induced shortages, geopolitical conflicts, infrastructure problems, and increased demand for key…
Supply chain management (SCM) is about more than just making sure there’s a regular flow of materials and product availability. Without a strong focus on customer service in supply chain management, you can hurt your reputation, customer satisfaction, and loyalty.…
Strategic sourcing is a holistic method of managing the acquisition of goods and services in the upstream supply chain. The aim is to facilitate strong supplier relationships, streamline the procurement process, and align sourcing plans with your company’s long-term goals. Below,…
In supply chain management, there exist two main competing goals—operational adaptability and cost minimization. On one hand, adaptability refers to the capacity of your supply chain to swiftly adjust to changes in market conditions, customer demands, or unforeseen disruptions while…
The interconnected and interdependent nature of modern supply chains poses a huge risk to the businesses involved. This is because malicious actors can now disrupt and paralyze hundreds of businesses by just targeting one link in the supply chain. Take,…
Many small businesses struggle to keep up with orders, especially during the initial stages of growth. With limited resources and haphazard orders, inventory management for small businesses can be challenging and prone to errors. This can lead to several issues,…
Customer satisfaction plays a huge role in business success today, so much so that studies indicate businesses emphasizing this aspect of the consumer experience benefit from revenue growth of between four to eight percent. Customers may have tolerated longer wait times…
