Procurement management is more than making phone calls and arranging the purchase of materials. It is a vital part of any manufacturing company and having a strategic approach to it could bring about immense benefits.
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Following supplier performance management best practices and using proper metrics could help you identify and deal with supply chain issues early on, avoiding stock-outs, production bottlenecks, or other complications that could arise due to unreliable suppliers.
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Demand forecasting could be the key to a business’s future. But how does it work and how could it be leveraged in a way that would be most beneficial?
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COVID-19 has accentuated problems and accelerated change in a global supply chain environment already under stress.
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Minimum Order Quantity can help preserve customers while lowering inventory, improving cash flow, and profitability.
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A supply chain, or logistics chain, is a system of processes, people, activities, information, and resources needed to get a product or service from producer to consumer.
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Backorders are orders for goods that a company cannot fill at present because demand has outpaced supply.
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The reorder point, also known as ROP, is the inventory level at which an order is triggered to replenish the inventory stock. Read more from this article.
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A robust and accurate planning system is critical to any manufacturer. In this article, we are comparing different purchasing practices – ROP/ROQ Principles vs MRP System Planning.
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The forecast is an effective tool for planning and managing any type of manufacturing business. Regardless of the industry type, it will reduce the risks.
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By using these tips, your material planning efforts should become more effective as you and your MRP or ERP system gather accurate and reliable information that results in timely shipments, and a clearer picture of your inventory.
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