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Optimizing the storage capacity of a warehouse is a delicate balance between using available space and maximizing productivity and profit. Every square centimeter of the surface area in a warehouse is valuable, therefore, any empty space equals waste or opportunity cost. At the same time, overcrowding a storage warehouse could complicate operational processes by limiting […]

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Usually, companies do cycle counts to check inventory balances at the end of either each financial year or calendar year. This activity is fundamental in stock management. However, what does the term “inventory management” really mean? Let’s try to define this phrase better. Proper inventory management has a positive impact on warehouse organization and leads […]

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Understanding different types of inventory stockpiles better can lead to supply chain improvement opportunities. Maintaining stock of goods is a cost for the company, while at the same time, this stock is required to create “value”. Stocks and the flow of goods are two highly interdependent variables. Hence, proper inventory management results in higher quality […]

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Logisticians often seek to improve supply chain performance and efficiency to increase productivity and provide a better competitive advantage for their business. Optimizing the supply chain can mean many things and be done in many ways such as improving the picking processes, decreasing the processing time for shipping goods, improving inventory management, and much more. […]

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New material could be used in reusable face masks to help fight COVID-19

The post Copper nanowire foams filter tiny airborne particles appeared first on Physics World.

The year 2021 is what people call the “Bitcoin Year“, and the reason is self-explanatory. This recent bull-run has brought to the crypto community not only vendors but also institutions and big businesses. Elon Musk invested $1.5 billion in Bitcoin, and in less than a month, he got a $1 billion profit. Therefore, the news spread quickly. A huge wave of people joined the crypto hype, bringing Bitcoin to a market cap of $1.7 trillion. But what if I told you that Bitcoin is not your ticket to a life without financial worries? Who says that? A person who caught

The post Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run first appeared on Bitcoins In Ireland.

 Many have focused on the Ever Given episode as a symbol for the dangers of international shipping.  Some have discussed it in terms of "choke points" such as the Suez Canal where when one thing goes wrong entire supply chains are disrupted.  And, some have taken it as an opportunity to discuss the topic of the size of the ships.  Have ships become too big?  What happens when there is a problem with a 20K TEU ship?

All of these are very important questions and are being addressed however I believe the question is even bigger.  It is about how we structure our supply chains.  It is about the age old debate of efficiency v. resilience.  Basically, how much insurance are you willing to buy to mitigate the potential of disruption? 

Start with inventory.  What is inventory?  As I have discussed previously, inventory is merely a buffer of product to substitute for the lack of perfect information. In fact, Lean teachings tell us that inventory is considered waste.  What do good managers do with waste?  They try and eliminate it.  

So, as we have done over the years companies have fallen in love with the idea of eliminating inventory because it makes the balance sheet look amazing.  But, is inventory really waste?

I submit that inventory is not waste just like your fire and auto insurance is not waste.  Think of your insurance policies.  You may pay a couple hundred dollars a month for a product you hope you will never use!  Wouldn't you consider that waste?  Well, not if you are protecting your portfolio you wouldn't.  

So, now, let's go back to the Ever Given.  The lesson here is we need more insurance (read: resilience) in global supply chains.  If we have learned anything in the last year we have learned things will go wrong.  Buffer stocks help mitigate this.  

The next question is whether we will learn that lesson from this incident.  My answer is, I doubt it.  Efficiency drives short term results and effectiveness is for the long term.  Most businesses will not be able to resist the allure of the efficient.  Even if in the short term they sacrifice efficiency for effectiveness most will eventually look for efficiency.  Not only are businesses likely to do it on their own but Wall Street will demand it for the publicly traded companies.  Another reason private companies will always have an advantage. 

What can a supply chain manager do?  Well, first, we can strike from our "lists of wastes" the word inventory.  Inventory, as I have hypothesized above, is not waste, it is insurance.  Second, become a story teller.  Supply chains in the age of COVID and Ever Given should be remembered for what they have become - stretched to the limit.  The mantra of "Never Forget" comes to mind. 

If you have doubt of my position look at my favorite graph (posted here for years) measuring, for the United States, our sales to inventory ratio:

Notice the far right of this graph.  Here you will see our inventories in the US relative to our sales is at the lowest point since April of 2012.  This is what leads us, as consumers, to scramble for everything.  

Let's not make it so every generation has to learn the same lesson.  Let's build resilient supply chains.