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Inventory Management
Field inventory management commonly known as inventory management is the function of understanding the stock mix of a company and the different demands on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable or prescribed level. Inventory management is important for every other business enterprise. Retail supply chain Inventory management in the retail supply chain follows the following sequence: # Request for new stock from stores to head office, # Head office issues purchase orders to the vendor, # Vendor ships the goods, # Warehouse receives the goods, # Warehouse stores and distributes to the stores, # Shops and/or consumers (e.g. wholesale shops) receive the goods, # Goods are sold to customers at the shops. Software applications SaaS inventory management software is a tool to help efficiently manage stock. While the capabilities of applications vary, most i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Mix
Stock mix is the combination of products a company sells or manufactures. The stock mix is determined by the demand for certain products and the profitability In economics, profit is the difference between the revenue that an economic entity has received from its outputs and the total cost of its inputs. It is equal to total revenue minus total cost, including both explicit and implicit costs. It i ... of those products. Inventory {{retailing-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Food Waste
Food loss and waste is food that is not eaten. The causes of food waste or loss are numerous and occur throughout the food system, during production, processing, distribution, retail and food service sales, and consumption. Overall, about one-third of the world's food is thrown away. A 2021 metaanalysis that did not include food lost during production, by the United Nations Environment Programme found that food waste was a challenge in all countries at all levels of economic development. The analysis estimated that global food waste was 931 million tonnes of food waste (about 121 kg per capita) across three sectors: 61 per cent from households, 26 per cent from food service and 13 per cent from retail. Food loss and waste is a major part of the impact of agriculture on climate change (it amounts to 3.3 billion tons of CO2e emissions annually) and other environmental issues, such as land use, water use and loss of biodiversity. Prevention of food waste is the highest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vendor-managed Inventory
Vendor-managed inventory (VMI) is an inventory management practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor. In traditional inventory management, a retailer (sometimes called distributor or buyer) makes his or her own decisions regarding the order size. Under VMI, the retailer shares their inventory data with a vendor (sometimes called supplier) such that the vendor is the decision-maker who determines the order size. Thus, the vendor is responsible for the retailer's ordering cost, while the retailer has to pay for their own holding cost. This policy can prevent stocking undesired inventories and hence can lead to an overall cost reduction. Moreover, the magnitude of the bullwhip effect is also reduced by employing the VMI approach in a buyer-supplier cooperation. A third-party logistics provider may also be involved to make sure that the buyer has the required level of inventory by adjusting the dem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Newsvendor Model
The newsvendor (or newsboy or single-periodWilliam J. Stevenson, Operations Management. 10th edition, 2009; page 581 or salvageable) model is a mathematical model in operations management and applied economics used to determine optimal inventory levels. It is (typically) characterized by fixed prices and uncertain demand for a perishable product. If the inventory level is q, each unit of demand above q is lost in potential sales. This model is also known as the ''newsvendor problem'' or ''newsboy problem'' by analogy with the situation faced by a newspaper vendor who must decide how many copies of the day's paper to stock in the face of uncertain demand and knowing that unsold copies will be worthless at the end of the day. History The mathematical problem appears to date from 1888 where Edgeworth used the central limit theorem to determine the optimal cash reserves to satisfy random withdrawals from depositors. According to Chen, Cheng, Choi and Wang (2016), the term "newsb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Lot Scheduling Problem
The economic lot scheduling problem (ELSP) is a problem in operations management and inventory theory that has been studied by many researchers for more than 50 years. The term was first used in 1958 by professor Jack D. Rogers of Berkeley, who extended the economic order quantity model to the case where there are several products to be produced on the same machine, so that one must decide both the lot size for each product and when each lot should be produced. The method illustrated by Jack D. Rogers draws on a 1956 paper from Welch, W. Evert. The ELSP is a mathematical model of a common issue for almost any company or industry: planning what to manufacture, when to manufacture and how much to manufacture. Model formulation The classic ELSP is concerned with scheduling the production of several products on a single machine in order to minimize the total costs incurred (which include setup costs and inventory holding costs). We assume a known, non-varying demand d_j, j=1,\cdots,m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Order Quantity
Economic Order Quantity (EOQ), also known as Economic Buying Quantity (EPQ), is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models. The model was developed by Ford W. Harris in 1913, but R. H. Wilson, a consultant who applied it extensively, and K. Andler are given credit for their in-depth analysis. Overview EOQ applies only when demand for a product is constant over the year and each new order is delivered in full when inventory reaches zero. There is a fixed cost for each order placed, regardless of the number of units ordered; an order is assumed to contain only 1 unit. There is also a cost for each unit held in storage, commonly known as holding cost, sometimes expressed as a percentage of the purchase cost of the item. While the EOQ formulation is straightforward there are factors such as transportation rates and quantity discounts to consider in actual applicatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automated Identification And Data Capture
Automatic identification and data capture (AIDC) refers to the methods of automatically identifying objects, collecting Data (computing), data about them, and entering them directly into computer systems, without human involvement. Technologies typically considered as part of AIDC include QR codes, bar codes, RFID, radio frequency identification (RFID), biometrics (like iris recognition, iris and facial recognition system), magnetic stripes, optical character recognition (OCR), smart cards, and Speech recognition, voice recognition. AIDC is also commonly referred to as "Automatic Identification", "Auto-ID" and "Automatic Data Capture". AIDC is the process or means of obtaining external data, particularly through the image analysis, analysis of images, sounds, or videos. To capture data, a transducer is employed which converts the actual image or a sound into a digital file. The file is then stored and at a later time, it can be analyzed by a computer, or compared with other files i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Storage Management System
Hierarchical storage management (HSM), also known as Tiered storage, is a data storage and Data management technique that automatically moves data between high-cost and low-cost storage media. HSM systems exist because high-speed storage devices, such as solid state drive arrays, are more expensive (per byte stored) than slower devices, such as hard disk drives, optical discs and magnetic tape drives. While it would be ideal to have all data available on high-speed devices all the time, this is prohibitively expensive for many organizations. Instead, HSM systems store the bulk of the enterprise's data on slower devices, and then copy data to faster disk drives when needed. The HSM system monitors the way data is used and makes best guesses as to which data can safely be moved to slower devices and which data should stay on the fast devices. HSM may also be used where more robust storage is available for long-term archiving, but this is slow to access. This may be as simple as an of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Document Automation
Document automation (also known as document assembly or document management) is the design of systems and workflows that assist in the creation of electronic documents. These include logic-based systems that use segments of pre-existing text and/or data to assemble a new document. This process is increasingly used within certain industries to assemble legal documents, contracts and letters. Document automation systems can also be used to automate all conditional text, variable text, and data contained within a set of documents. Automation systems allow companies to minimize data entry, reduce the time spent proofreading, and reduce the risks associated with human error. Additional benefits include: time and financial savings due to decreased paper handling, document loading, storage, distribution, postage/shipping, faxes, telephone, labor and waste. Document assembly The basic functions are to replace the cumbersome manual filling in of repetitive documents with template-based sy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply Chain Management
In commerce, supply chain management (SCM) is the management of the flow of goods and services including all processes that transform raw materials into final products between businesses and locations. This can include the movement and storage of raw materials, work-in-process inventory, finished goods, and end to end order fulfilment from the point of origin to the point of consumption. Interconnected, interrelated or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain. Supply-chain management has been defined as the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronising supply with demand and measuring performance globally". SCM practice draws heavily on industrial engineering, systems engineering, operations management, logis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loyalty Program
A loyalty program is a marketing strategy designed to encourage customers to continue to shop at or use the services of a business associated with the program. Today, such programs cover most types of commerce, each having varying features and rewards schemes, including in banking, entertainment, hospitality, retailing and travel. The market approach has shifted from product-centric to a customer-centric one due to a highly competitive market and a wide array of services offered to customers, therefore, it's important that marketing strategies prioritize growing a sustainable business and increasing customer satisfaction. A loyalty program typically involves the operator of a particular program set up an account for a customer of a business associated with the scheme, and then issue to the customer a loyalty card (variously called rewards card, points card, advantage card, club card, or some other name) which may be a plastic or paper card, visually similar to a credit card, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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