Optimizing inventory, like most problem-solving, requires a thoughtful process and a few steps. Naturally, the easiest way to prevent backorders is to always have a lot of inventory on hand. There are ramifications for not optimizing inventory, though. By overproducing and maintaining high of inventory levels, products could spoil or even decay. Excess inventory not only creates costs today, it also generates hidden costs later if you need to produce more goods to replace products that sat on the shelf for too long. Read more…

Effective inventory management plays a critical role in ensuring smooth operations, reducing costs, and meeting customer demands for supply chain managers. To achieve optimal inventory levels, it is essential to have a robust monitoring and control system in place. In this blog, we will explore the practical applications of Minitab's graphical tools, such as Pareto charts, control charts, and scatter plots, and how they can provide valuable insights into inventory patterns, leading to more efficient and effective decision-making processes.

In today’s highly competitive business environment, a trusted supply chain that functions seamlessly is essential. Even small errors can have an impact on the entire supply chain, resulting in lost revenue, unsatisfied customers, and irreparable damage to your brand.

When facing a problem, you've most likely heard the saying "take the bull by the horns." It's often also easier said than done.

COVID-19's economic repercussions have forced businesses worldwide to deal with the phenomenon that occurs in multi-level supply chains where orders at the end of the supply chain, close to the customer, are amplified with each additional supply chain actor. This is called the bullwhip effect.

Everyone has their own favorite graph type or visual tool. I’m not ready to declare this one my favorite yet, but this oldie but goodie has got to get more time and attention. That’s right: I’m talking about Control Charts with Stages, also sometimes called Before/After Control Charts.