Have you ever questioned why profits sometimes fall short despite strong sales figures? The answer might lie in understanding the COGM formula. For manufacturers, this formula is a vital tool for calculating the total production costs of goods completed during a specific period. With a clear understanding of COGM, businesses can pinpoint inefficiencies, improve pricing …
FSN analysis is a method of categorizing inventory into Fast-Moving, Slow-Moving, and Non-Moving items based on consumption rates. This article will guide you through its importance, how to calculate it, and strategies for better inventory management. We’ll also explore how modern tools like Tag Samurai can simplify and enhance the process, ensuring optimal efficiency for …
In today’s fast-paced and competitive business environment, companies are constantly seeking ways to optimize their supply chains and improve operational efficiency. One strategy that has gained significant traction is Vendor Managed Inventory (VMI). Vendor Managed Inventory is a supply chain management practice where the supplier, rather than the buyer, takes responsibility for maintaining and managing …
Vendor Managed Inventory (VMI): How it Works and Benefits Read More »
Order processing not only affects the operational efficiency of a company but also directly impacts customer satisfaction and retention. This article delves into the intricacies of order processing, exploring its components, best practices, challenges, and technological advancements. What is Order Processing? Order processing is a critical component of the supply chain that involves the entire …
Order Processing: How to Manage & Best Practices Read More »
Strategic sourcing is a critical component of supply chain management that focuses on optimizing procurement processes to achieve long-term business objectives. Unlike traditional purchasing, which often emphasizes cost minimization, strategic sourcing involves a comprehensive approach that considers various factors including supplier relationships, market conditions, and total cost of ownership. This article explores the principles, processes, …
Strategic Sourcing: Process, Benefits, Challenges Read More »
