My finance mentor definitely signifies "profit through people". I learned more from him about how to make a profit in the years we worked together than my BSBA, MBA (in Finance) and all the training classes over the years combined. He took all the complex terminology, confusing formulas and [...]
It's not what you make; it's what you keep: As obvious as this sounds, it is easy to get caught up in the opposite of what will increase your cash flow - increasing your revenue with a commensurate increase in costs. Instead, focus on continually increasing the difference between [...]
Prepare, prepare, and prepare: 80% of your success is in preparation. Organize the warehouse, clearly mark areas, label exceptions, complete and review system transactions, etc. Stop / isolate movement: When you begin your physical count, stop all physical and system movements and transactions. This is a critical foundation - [...]
My procurement mentor exemplifies "profit through people" and can achieve more on a golf course in 2 hours than an entire team of Harvard MBA's could achieve in a year. He took all the complex terminology, confusing pricing indicators, economic trends and world events and turned it into a [...]
Put the "right" people in the "right" jobs - it is amazing how much this one point contributes to success. Managing inventory levels requires a unique skill set - analysis, seeing the bigger picture and being able to optimize within conflicting goals (Finance typically wants lower inventories for cash [...]
With more and more companies struggling to achieve plan, investor's targets, Wall Street expectations, etc, it appears as though companies are cutting costs (many times, focusing much attention on the "small stuff" such as $100 expense reports etc), asking employees to work longer hours and putting together other triage [...]
The keys to vendor managed inventory (VMI) success. Before talking about the keys to achieving VMI (vendor managed inventory) success, the question is: what is VMI? VMI is a process where the supplier places purchase orders for their customers to agreed-upon metrics. Why VMI? I'm a supply chain and [...]
Do these hypothetical situations sound familiar? Acme Company has a large, priority customer called Wylie Company. Acme must service Wylie flawlessly to maintain the contract, so to ensure stock is always available when Wylie needs it, Acme agrees to a guaranteed safety stock level for Wylie. And, Acme ends [...]
I am a supply chain and operations consultant and former executive. Based on my experiences, I have seen many companies look for the "magic ingredient" in how to achieve profitability. Several high-priced consultants and programs (such as Six Sigma, Total Quality Management and Toyota Production System) later, the company [...]
The multifaceted task of implementing a successful ERP system starts with selecting the “right” system and having a cohesive, adaptable strategy.As strange as it might sound, the software and its features is typically the least important ingredient to success. Instead, focus on... Just the critical few key requirements. Although [...]
