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If you sell products to industrial customers, you know that the competition is fierce. It’s getting harder and harder to rise above. You also know that most customers have grown to expect value added services—like vending or vendor managed inventory (VMI). Today, providing VMI services is the price of admission. Here are three strategies to […]

Measuring Inventory Cost – Last week, I laid out the three key cost factors that should be included to accurately measure your total cost of inventory management baseline. The first key facter, which I’ll talk about today, is inventory cost.

 This week’s blog will continue our discussion of determining total cost of inventory management. Previously we identified three key cost factors to measure prior to the launch of any significant Inventory management strategy. To refresh your memory, they are: Inventory Cost Process Cost Procurement Cost This week we will look more closely at procurement costs.

In this economy, businesses are looking for new ways to improve efficiencies and save money over the long haul.  For many businesses, inventory management (particularly spare parts inventory) is one of the last bastions of opportunity. Dan Floen, President, Professional Materials Management (PM2) www.pm2online.com In these tough economic times, the pressure on businesses has never been

If you’re like a lot of businesses today, somewhere on the grounds or inside the facility is a room jam packed with maintenance and repair parts.  You probably don’t have any idea what’s in the room since you have no process in place to manage the inventory. Meanwhile, the inventory seems to be growing, and if

Putting your inventory management environment to work for you can mean big pay offs for your company…

Measuring your total cost of inventory baseline is the first step to developing an effective inventory management strategy…

In our previous blogs, we reviewed what “5S” is and who would benefit from this type of program. We also looked more in depth at the first two of the 5 S’s (Sort and Set in Order). Today, we will explore the last 3 S’s (Shine, Standardize, and Sustain)

In part two of this series, we uncover still more ways to make your excess MRO inventory work for you.

In today’s economic environment, it’s a pretty safe bet that your company is looking to find and exploit every cost cutting and cost saving measure that can be identified. Often ignored until something fails, your MRO inventory now has the chance to be the “hero” in this new economic scenario.