{"id":8862,"date":"2014-02-13T11:36:47","date_gmt":"2014-02-13T11:36:47","guid":{"rendered":"https:\/\/eu.syspro.com\/blog\/optimizing-the-potential-of-inventory-management\/"},"modified":"2021-03-04T14:47:26","modified_gmt":"2021-03-04T14:47:26","slug":"optimizing-the-potential-of-inventory-management","status":"publish","type":"post","link":"https:\/\/eu.syspro.com\/blog\/supply-chain-management-and-erp\/optimizing-the-potential-of-inventory-management\/","title":{"rendered":"Optimizing the Potential of Inventory Management"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p>Many organizations, regardless of industry sector or geographical location, find themselves in a comfort zone when it comes to managing their inventory. A high percentage continue to use <a title=\"Material requirements planning\" href=\"https:\/\/eu.syspro.com\/blog\/supply-chain-management\/a-new-material-planning-approach\/\" target=\"_blank\" rel=\"noopener noreferrer\">Material Requirements Planning<\/a> (MRP), and some even use spreadsheets for their planning, despite having expensive systems in place. The problem is that MRP was developed at a time when businesses could use static demand forecasts over an extended time period to allow for long production runs. In the modern world, long runs are rare and demand can be highly variable.<\/p>\n<p><!--more--><\/p>\n<p>Last year, we discussed <a title=\"MRP inventory optimization\" href=\"https:\/\/www.syspro.com\/business-software\/business-needs\/inventory-optimization\/\" target=\"_blank\" rel=\"noopener noreferrer\">a new approach to inventory management<\/a> that still recognizes the value of MRP, while adding new techniques to optimize inventory. If you haven\u2019t considered changing your inventory management practices, or aren\u2019t sure how much the business world has changed in the last few years \u2013 here are some findings of a recent <a title=\"Future of strategy most adaptive companies 2012\" href=\"https:\/\/www.bcg.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">report by the Boston Consulting Group<\/a> (BCG).<\/p>\n<ul>\n<li>Turbulence in the business world has become the \u201cnew normal,\u201d it happens more frequently, volatility has increased, and it persists longer than in the past.<\/li>\n<li>Demand is becoming more unpredictable.<\/li>\n<\/ul>\n<p>In <a title=\"Supply chain management\" href=\"http:\/\/en.wikipedia.org\/wiki\/Supply_chain_management\" target=\"_blank\" rel=\"noopener noreferrer\">supply chain management<\/a> there have been changes, as covered in a report by the Gartner group which indicates that <a href=\"http:\/\/www.scdigest.com\/assets\/on_target\/12-11-28-2.php?CID=6477\" target=\"_blank\" rel=\"noopener noreferrer\">customer service has replaced cost cutting and efficiency as the top priority<\/a>.<\/p>\n<p>Where do you start, though, when implementing new inventory practices? A good place is to use the recommendations contained in SYSPRO\u2019s free book <a title=\"Thinking about ERP\" href=\"https:\/\/www.syspro.com\/product\/erp-system\/\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Thinking about ERP<\/em><\/a>. Understand the real reasons why you need to change \u2013 the case of change \u2013 which will then help you identify the benefits you will expect from the change. Some of the supply chain practices that the <a title=\"www.supply-chain.org\" href=\"http:\/\/supply-chain.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Supply Chain Council<\/a> provide useful metrics for are:<\/p>\n<ul>\n<li>Perfect order fulfillment.<\/li>\n<li>Return on working capital.<\/li>\n<li>Cash-to-cash cycle time.<\/li>\n<li>Order fulfillment cycle time.<\/li>\n<\/ul>\n<p>In our <a title=\"Inventory optimization whitepaper\" href=\"https:\/\/www.syspro.com\/whitepaper\/inventory-optimization-better-supply-chain-management\/\" target=\"_blank\" rel=\"noopener noreferrer\">white paper on inventory optimization<\/a> we point out how different areas of the business can also benefit from improved inventory management:<\/p>\n<ul>\n<li>Sales \u2013 higher order fulfillment and on-time delivery; and improved forecast accuracy.<\/li>\n<li>Manufacturing \u2013 reduced manufacturing downtime; and improved plant efficiency.<\/li>\n<li>Management \u2013 better, more-informed decisions; and a clearer view of potential future issues and problems.<\/li>\n<\/ul>\n<p>As the <em>Thinking about ERP<\/em> book explains, any major business change will involve three dimensions:<\/p>\n<ul>\n<li>Systems, processes, and people.<\/li>\n<\/ul>\n<p>So if you are going to improve your inventory management practices, you need to consider:<\/p>\n<ul>\n<li>How you will implement software changes to MRP, by adding additional functionality in Inventory Optimization.<\/li>\n<li>What processes will be adapted or introduced, to ensure the software will be used effectively, and have lasting and continuous benefit to the organization.<\/li>\n<li>How you will get everyone involved and committed to implement the changes, and make it work in the long-run.<\/li>\n<\/ul>\n<p>The BCG report points out that businesses need to become more adaptable to deal with the rise in economic and market turbulence. One of the capabilities that enable adaptability is \u2018Signal Advantage\u2019 \u2013 the ability to read and act on signals of change.<\/p>\n<p>If your current inventory management practices don\u2019t take into account customer demand forecasts, then you risk not getting the right signals.<\/p>\n<p>We have customers already using SYSPRO\u2019s Inventory Optimization <a title=\"www.stevieawards.com\" href=\"http:\/\/www.stevieawards.com\/pubs\/awards\/403_2649_21200.cfm\" target=\"_blank\" rel=\"noopener noreferrer\">award<\/a> \u2013 winning solution. Maybe it\u2019s time to make that change\u2026<\/p>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-e5b0e7b4-f2e0-42e5-8af5-9e985b242eb1\" class=\"hs-cta-wrapper\" data-hs-img-pg=\"e5b0e7b4-f2e0-42e5-8af5-9e985b242eb1\"><br \/>\n<span id=\"hs-cta-e5b0e7b4-f2e0-42e5-8af5-9e985b242eb1\" class=\"hs-cta-node hs-cta-e5b0e7b4-f2e0-42e5-8af5-9e985b242eb1\"><\/span><\/span><\/p>\n<p><!-- end HubSpot Call-to-Action Code --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many organizations, regardless of industry sector or geographical location, find themselves in a comfort zone when it comes to managing their inventory. A high percentage continue to use Material Requirements Planning (MRP), and some even use spreadsheets for their planning, despite having expensive systems in place. The problem is that MRP was developed at a &#8230; <a title=\"Optimizing the Potential of Inventory Management\" class=\"read-more\" href=\"https:\/\/eu.syspro.com\/blog\/supply-chain-management-and-erp\/optimizing-the-potential-of-inventory-management\/\" aria-label=\"Read more about Optimizing the Potential of Inventory Management\">Read more<\/a><\/p>\n","protected":false},"author":134,"featured_media":5886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[29],"tags":[45],"class_list":["post-8862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-supply-chain-management-and-erp","tag-business-software"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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Griffiths","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/eu.syspro.com\/blog\/wp-content\/uploads\/2020\/12\/Simon_Griffiths-150x150.jpg","url":"https:\/\/eu.syspro.com\/blog\/wp-content\/uploads\/2020\/12\/Simon_Griffiths-150x150.jpg","contentUrl":"https:\/\/eu.syspro.com\/blog\/wp-content\/uploads\/2020\/12\/Simon_Griffiths-150x150.jpg","caption":"Simon Griffiths"},"description":"Simon Griffiths is a Johannesburg-based ERP veteran with over 20 years in the industry. He started work as a programmer and was one of the early users of the IBM PC. He spent several years working with decision support systems and spent time in Silicon Valley. Moving into the ERP industry, he has been in ERP project management, sales and marketing. He worked with JD Edwards, Dynamics Nav, and with SYSPRO as a reseller and then in corporate product marketing. He also spent several years with a software-as-a-Service (SaaS) vendor. He now uses his technical, sales and marketing knowledge to create content for enterprise software vendors that business and other non-technical people can understand. In his spare time he is a Salesforce administrator for NPOs. He was one of the first 3000 users of Twitter and can be contacted at @simon_g, and on LinkedIn.","sameAs":["http:\/\/www.syspro.com","https:\/\/www.linkedin.com\/in\/simongsa\/"],"url":"https:\/\/eu.syspro.com\/blog\/author\/simon\/"}]}},"metadata":{"_yoast_wpseo_focuskw":["Optimizing the Potential of Inventory Management"],"_yoast_wpseo_focuskw_text_input":["Optimizing the Potential of Inventory Management"],"_yoast_wpseo_title":["Optimizing the Potential of Inventory Management"],"_yoast_wpseo_metadesc":["If your current inventory management practices don\u2019t take into account customer demand forecasts, then you risk not getting the right signals."],"_yoast_wpseo_content_score":["30"],"_yoast_wpseo_primary_category":[""],"_yoast_wpseo_linkdex":["81"],"_yoast_wpseo_metakeywords":[""],"_yoast_wpseo_is_cornerstone":[""],"_wp_page_template":["default"],"_thumbnail_id":["5886"],"_elementor_page_assets":["a:0:{}"]},"_links":{"self":[{"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/posts\/8862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/users\/134"}],"replies":[{"embeddable":true,"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/comments?post=8862"}],"version-history":[{"count":0,"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/posts\/8862\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/media\/5886"}],"wp:attachment":[{"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/media?parent=8862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/categories?post=8862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eu.syspro.com\/blog\/wp-json\/wp\/v2\/tags?post=8862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}