WBSRocks’ Post

Supplier and carrier costs quantify the expenses associated with sourcing materials from suppliers and transporting them through various carriers. It reflects the financial efficiency of the supply chain. https://lnkd.in/gg-tsvjv

#Inventory turnover measures how efficiently a company manages its inventory by evaluating the number of times inventory is sold and replaced within a specific period. https://lnkd.in/g5sxRVdM

The Definition of Supplier Management Supplier management encompasses a wide range of activities essential for ensuring the smooth and efficient operation of an organisation's supply chain. By evaluating and selecting suppliers, developing solid relationships, negotiating contracts, managing performance, and resolving issues, organisations can build a network of reliable and trustworthy suppliers that contribute to their success. Effective supplier management requires careful planning, attention to detail, and a commitment to collaboration and continuous improvement. Supplier management is often an overlooked aspect of running a successful organisation. Maintaining a high-quality level in the products and services an organisation offers its customers is crucial. By developing strong relationships with suppliers and managing their performance effectively, an organisation can ensure that it gets the best possible products and services at the least cost. One key benefit of effective supplier management is that it can help ensure that an organisation can secure a reliable and consistent supply of the products and services needed to keep its organisation running smoothly. By establishing clear communication channels and regular performance reviews with its suppliers, an organisation can ensure that it can meet its needs and deliver on its promises. Objective supplier management can help an organisation maintain a consistent supply of products and services, identify potential cost-saving opportunities, and lead to increasingly innovative supply solutions being developed in partnership with the supply base. An organisation can reduce operating costs and increase profit margins by working closely with suppliers to negotiate better service levels, pricing, and terms. ©️ Procurement and Supply Chain Management Made Simple. All rights reserved. #procurement #procurementtransformation #procurementmanagement #procurementstrategy #supplychainmanagement #supplychain #supplychainexcellence #purchasing #purchasemanagement #commerical #business #managementconsulting

Receiving and put-away cycle times evaluate the efficiency of receiving and storing goods upon arrival. Short cycle times indicate streamlined processes https://lnkd.in/gg-tsvjv

𝐐: 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐬𝐮𝐩𝐩𝐥𝐢𝐞𝐫 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭? A: Supplier performance management involves monitoring and evaluating supplier performance against predefined criteria, such as delivery times, quality standards, and compliance with terms. #supplychain #supplychainmanagement #procurement #logistics #warehouse #inventory

Stock turnover rate is a metric that assesses how efficiently a company manages its inventory by measuring the number of times stock is sold and replaced within a specific period. https://lnkd.in/gg-tsvjv

By implementing these following strategies, manufacturers can achieve cost-effective production processes while maintaining or even improving product quality, thereby enhancing competitiveness and profitability in the market. 1- Life Cycle Cost Analysis & Supply Chain Optimization. 2- Employee Training and Engagement. 3- Quality Control and Assurance. 4- Supplier Management. 5- Continuous Process Improvement. 6- Invest in Automation and Technology. & 7- Optimize Resource Utilization.

Is Procurement rewarded with fair bonuses that reflect their role in an organisation? It has been a topic of great debate for some time but this was put into context again yesterday when speaking to a Procurement Director who had personally delivered over £10 million in savings in the last year and helped contribute significant revenue growth and yet only received a nominal bonus based on a percentage of his basic salary. Should companies look at rewarding Procurement based on company profit/ EBIDTA or on savings they have made? Or should the focus be on supplier or stakeholder feedback or perhaps just higher bonuses? A revamp of how you incentivise Procurement teams could be critical for both retaining and attracting talent as well as growing the Procurement profession in the future. What are your thoughts?

Is your supply chain facing critical challenges? From labor management and performance improvement to strategic design and system implementation, we cover every aspect to support your growth and drive substantial savings. Partner with us to experience the difference! Learn more about how we can transform your supply chain operations by visiting our website today. #performancemanagement #logistics

We're not just about pinpointing opportunities and mapping out solutions – we believe in taking action and delivering tangible results. At Continuum, we understand that success is more than just strategy; it's about implementation and outcomes. Trust in a team that does more than advise—trust in a team that delivers. 💼?✨ #supplychainmanagement #logistics