During the past two decades, companies have adopted strategies to rationalize and consolidate their supplier base. In many cases, the supplier rationalization programs have created a single sourcing strategy for many commodities. This strategy has enabled companies to build stronger and more collaborative relationships that deliver a range of benefits, including:
Codes might indicate the value of the stock, its location and which batch it is from, which is useful for quality control. Stock control systems - keeping track using computer software Computerised stock control systems run on similar principles to manual ones, but are more flexible and information is easier to retrieve.
You can quickly get a stock valuation or find out how well a particular item of stock is moving. A computerised system is a good option for businesses dealing with many different types of stock. Other useful features include: Stock and pricing data integrating with accounting and invoicing systems.
All the systems draw on the same set of data, so you only have to input the data once.
Sales Order Processing and Purchase Order Processing can be integrated in the system so that stock balances and statistics are automatically updated as orders are processed. Automatic stock monitoring, triggering orders when the re-order level is reached.
Automatic batch control if you produce goods in batches. Identifying the cheapest and fastest suppliers. Bar coding systems which speed up processing and recording.
The software will print and read bar codes from your computer. Radio Frequency Identification RFID which enables individual products or components to be tracked throughout the supply chain. See the page in this guide on using RFID for inventory control, stock security and quality management.
The system will only be as good as the data put into it. Run a thorough inventory before it goes "live" to ensure accurate figures. Choose a system There are many software systems available. Talk to others in your line of business about the software they use, or contact your trade association for advice.
Make a checklist of your requirements. For example, your needs might include: Using RFID for inventory control, stock security and quality management Radio Frequency Identification RFID allows a business to identify individual products and components, and to track them throughout the supply chain from production to point-of-sale.
An RFID tag is a tiny microchip, plus a small aerial, which can contain a range of digital information about the particular item. Tags are encapsulated in plastic, paper or similar material, and fixed to the product or its packaging, to a pallet or container, or even to a van or delivery truck.
The tag is interrogated by an RFID reader which transmits and receives radio signals to and from the tag. Readers can range in size from a hand-held device to a "portal" through which several tagged devices can be passed at once, e. The information that the reader collects is collated and processed using special computer software.
Readers can be placed at different positions within a factory or warehouse to show when goods are moved, providing continuous inventory control. Using RFID tagging for stock control offers several advantages over other methods such as barcodes: The benefits of more efficient stock control and improved security make it particularly attractive to retailers, wholesalers or distributors who stock a wide range of items, and to manufacturers who produce volume runs of products for different customers.
Stock security Keeping stock secure depends on knowing what you have, where it is located and how much it is worth - so good records are essential. Thieves and shoplifters A thief coming in from outside is an obvious threat. Check the security around your premises to keep the risk to a minimum.
In a store, thieves may steal in groups - some providing a distraction while others take goods. Teach your staff to be alert and to recognise behaviour like this.
Set up a clear policy and make sure staff are trained in dealing with thieves. Offering to help a customer if you are suspicious will often prevent a theft.
Avoid using confrontational words like "steal" if you do have to approach a suspected thief, and avoid getting into a dangerous situation. Protect your stock Identify and mark expensive portable equipment such as computers.
If possible, fit valuable stock with security tags - such as Radio Frequency Identification tags - which will sound an alarm if they are moved.• Restricted stock units (RSUs) – subject to tax at distribution • Incentive stock options (ISOs) – subject to tax at sale • Internal Revenue Code Employee share purchase plan.
Current Challenges in Global Sourcing Jon Maxim, President Maxelerate () ; [email protected] 93rd Annual International Supply Management Conference, May Abstract.
I recently heard a senior executive of a . Total Cost of Ownership Considerations in Global Sourcing Processes Robert Alard, Philipp Bremen, Josef Oehmen, Christian Schneider ETH Center for Enterprise Sciences (BWI), Department of Management, Technology, and.
Global sourcing is a procurement strategy that aims to take advantage of global efficiencies for the delivery of goods and services. For MNCs, it has become . To illustrate how global strategic sourcing works, Bozzuto describes a hypothetical study on steel castings that IR buys from a foundry in Ohio and ships to a plant in North Carolina.
Purchasing staff identify three potential new sources for the parts in China, the Czech Republic, and India. -Costs associated with global sourcing decisions (Tariffs). -Managerial issues associated with global sourcing decisions (Quality control, time to market, social/political risks).
-Resident buying offices (Organizations located in major market centers that provide services to help retailers buy merchandise).