{"id":244,"date":"2024-09-05T22:33:37","date_gmt":"2024-09-05T22:33:37","guid":{"rendered":"https:\/\/biosupply.wgdesigngroup.com\/index.php\/make-copy\/"},"modified":"2024-11-12T01:46:20","modified_gmt":"2024-11-12T01:46:20","slug":"stock","status":"publish","type":"page","link":"https:\/\/biosupply.wgdesigngroup.com\/index.php\/practices\/stock\/","title":{"rendered":"Stock"},"content":{"rendered":"\n
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Practices – Stock<\/h1> <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n
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Cycle Counting<\/h4>\n

We implement cycle counting to maintain accurate inventory records through regular, systematic counts. By consistently verifying inventory levels and quickly addressing discrepancies, we reduce the risk of overstocking or stockouts. A robust cycle count program can also justify elimination of the dreaded inefficient and ineffective annual physical count. It improves cash flow by ensuring that capital is not tied up in excess inventory. Safety stock levels can also be reduced since your team doesn\u2019t need to keep extra stock, just in case your inventory records are inaccurate.<\/p> <\/div>\n<\/div>\n <\/div>\n

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Excess Inventory Analysis<\/h4>\n

Our excess inventory analysis identifies and addresses surplus stock that is not moving quickly enough. By utilizing root cause analysis techniques at the item level, we quickly identify and address chronic issues responsible for excess inventory. In short, we help clients free up cash, thereby improving cash flow and minimizing carrying costs.<\/p> <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n

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One little known practice to expedite your journey to 95% inventory record accuracy<\/h3>
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Challenge<\/strong><\/p>\n

These days, most supply chains have had to overcome major supply risk issues, due to longer, less predictable supplier lead times. One material shortage can shut down the plant, and cause customer delays and missed revenue targets. Therefore, it is truer than ever that your inventory record accuracy (IRA) must be very high. In this article, I will introduce a little-known practice that will help you achieve just that.<\/p>\n

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Read More…<\/strong><\/em><\/p>\n

\"\"One little known practice to expedite your journey to 95% inventory record accuracyWhich Document to Use and When<\/a><\/h4> <\/div>\n<\/div>\n <\/div>\n
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Part 1: Unlock all that cash tied up in inventory<\/h3>
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\"\"During these challenging times, many organizations are experiencing cash flow pressures. For that reason, I have published a list of 50 practices that will quickly and sustainably reduce inventory levels. Quickly because they do not require investment in expensive technology. These tools focus on using your head, not your wallet. Sustainably because they are all about improving the “critical few” process gaps, not short term gimmicks, such as refusing supplier deliveries at quarter end.<\/p>\n

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Read More…<\/strong><\/em><\/p>\n

\"\"Part 1: Unlock all that cash tied up in inventory
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Centralized C item Inventory Deployment <\/h4>\n

We use inventory turns benchmarking to compare a client\u2019s inventory turnover rates against industry standards. This analysis enables us to estimate the level of opportunity for improving cash flow. By identifying areas for improvement and implementing strategies to enhance turnover, we help clients reduce excess stock and optimize inventory levels.<\/p>\n <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n

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Supply Chain Leaders do not Know their ABC's!<\/h3>
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\"\"I recently created this quiz on LinkedIn about the best strategy for managing low demand C items. Out of 87 votes, only 24% selected the correct response, which suggests that there is a definite knowledge gap on this important topic.<\/p>\n

Although C items generally contribute about 5% of revenue, they account for about 50% of our items. So, selecting an appropriate strategy will certainly take complexity out of your supply chain.<\/p>\n

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\"\"Supply Chain Leaders do not Know their ABC’s!<\/a><\/h4> <\/div>\n<\/div>\n <\/div>\n
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3 Great Strategies to Minimize C item Pain<\/h3>
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\"\"We focus on centralized “C” item inventory deployment to streamline the management of low-value items, which typically account for only 5% of revenue, but 50% of total items. By consolidating these items in central locations, we reduce carrying costs, improve inventory efficiency and remove unnecessary complexity from your supply chain.<\/p>\n

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\"\"3 Great Strategies to Minimize C Item Pain<\/a><\/h4> <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n
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Inventory Turns Benchmarking<\/h4>\n

We use inventory turns benchmarking to compare a client\u2019s inventory turnover rates against industry standards. This analysis enables us to estimate the level of opportunity for improving cash flow. By identifying areas for improvement and implementing strategies to enhance turnover, we help clients reduce excess stock and optimize inventory levels.<\/p> <\/div>\n<\/div>\n <\/div>\n

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Assemble to Order<\/h4>\n

Our assemble to order strategy allows clients to build products based on specific customer orders rather than maintaining large inventories of finished goods. This approach radically improves forecast accuracy, thereby minimizing excess inventory. By aligning production with actual demand, we reduce the need for large inventory investments.<\/p> <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n

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How much excess cash is sitting in your warehouse?<\/h3>
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\"\"A common question for supply chain leaders is, “How well is your inventory turning, and how does that compare to peers in other industries?” However, in the life sciences sector, this question doesn’t come up as often or as intensely. Given that their gross profit margins are typically much higher than other industries, they tend to focus more on revenue growth and avoid the risk of stockouts.<\/p>\n

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Read More…<\/strong><\/em><\/p>\n

\"\"How much excess cash is sitting in your warehouse?<\/a><\/h4> <\/div>\n<\/div>\n <\/div>\n
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3 Great Strategies to Minimize C Item Pain<\/h3>
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\"\"Let’s face it, C items are the bane of every supply chain manager’s existence, especially when they come in the form of finished goods. Why? Because they contribute a measly 5% to our revenue but hog about half of our total finished goods SKUs. That’s a whole lot of effort for very little return. While we can grumble all we want, these pesky items aren’t going anywhere. So, let’s talk about some strategies to ease the pain they cause.<\/p>\n

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Read More…<\/strong><\/em><\/p>\n

\"\"3 Great Strategies to Minimize C Item Pain<\/a><\/h4> <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n
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Storage Optimization<\/h4>\n

We employ storage optimization techniques to maximize the efficiency of warehouse space and enhance asset utilization. By implementing strategies such as narrow aisles, double-deep racks and location size optimization, we improve accessibility and reduce handling times.<\/p> <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n

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5 Ways to Avoid the Dreaded Offsite Warehouse<\/h3>
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Many warehouses are bulging at the seams and offsite warehousing is becoming more and more necessary. This all creates several challenges:<\/p>\n