Vendor Managed Inventory (VMI) is an inventory replenishment arrangement whereby the supplier either monitors the customer's inventory with its own employees or receives stock information from the customer. The vendor then refills the stock automatically, without the customer initiating purchase orders. (source)
Unless you’ve been living under a rock, you must have noticed that smart innovations are infiltrating virtually every industry thanks to several factors, including the Internet of Things, the Cloud and advanced developments in robotics. We are more seamlessly connected, both with people and objects, than ever before. Wearable...
Are you building a global network or trying to beef up your existing operations? If so, there are some factors you simply can't ignore when it comes to forging a robust supply chain. Below are the key building blocks that should be on your radar.
Whether you are looking for inspiration, guidance, tips, best practices or the latest industry developments and trends, there are a host of people and companies in the manufacturing sector publishing and sharing outstanding content on Twitter. Below we’ve compiled a list of 20 manufacturing thought leaders you should be following.
According to the Material Handling Institute (MHI), Material Handling Equipment Manufacturing represents some $30 Billion (over 25%) for the US Material Handling Consumption of nearly $165 Billion! $30 Billion! Consider for a moment that $1 Billion = 10 tons (or about 10 pallets stacked neatly with $100 bills). Lots of $100 bills.
If you have been in manufacturing for any period of time you know how many variables exist in managing a complex supply chain. From raw material selection and inspection through quality inspection and distribution, the potential obstacles could be endless.
Managing your supply chain can be a daunting task, especially if you are operating in the global arena. Follow these 5 tips to reduce supply chain risk and come closer to reaching success and growth on a major scale!
No matter how great the individual talent of each team member is (think the Dream Team – 1992 USA Basketball) the job of the head coach is to get the team to play together. Thus is the life of the strategic sourcing and supply chain teams for manufacturing companies and OEM’s alike. While much of the work goes to you, Chuck Daly, he was...
Diversification of your Supply Chain is the process of removing as much risk as possible. Yes, cost has its place but if you cannot get product to keep your production line moving than the pennies you saved are now costing you dollars. Lots of dollars. Oh, and your boss is really ticked off as well. Not to mention your customers too!