Supply chain management encompasses everything from negotiating vendor contracts for raw materials to handling returns of a product. While it is a central concept for any company producing or selling physical goods or even services, this post focuses on the importance and best practices of SCM from the perspective of small and medium manufacturers.
The realm of production optimization is as diverse as there are different manufacturing workflows. Optimizations can range from changing inventory and warehouse layouts to adopting machine learning and advanced AI. In this post, we look at the basics of production optimization with a focus on how small manufacturers can optimize their processes.
We have all seen manufacturing depicted in cartoons. Basic resources are rolled into a factory, followed by loud noises and a smoking chimney. Then, shiny finished products emerge on the other side. In reality, manufacturing is a bit more complex. On their journey toward becoming final products, raw materials go through work in process inventory. […]