Supply Chain In 3 Minutes
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Lean Supply Chains in 3 minutes
What does it mean for a supply chain to be lean? In manufacturing, lean describes the method that maximizes productivity while simultaneously minimizing waste. A lean Supply Chain also aims to eliminate waste through better inventory control and streamlining all supply chain processes, although supply chains are by nature very complex and frequently see conflicting incentives and points of view.
Shipping Containers in 3 minutes
The global use of containers for transportation has resulted in major cost reductions, boosting supply chain efficiency. One of the container’s key advantages is its global ‘Standardization’ of its dimensions regardless of location. Cargo is shipped in containers that are either exactly the same or a multiple of the standard unit of size.
Cross-docking in 3 minutes
Cross-docking, is a logistics method of having goods enter and exit the facility without ever being put in storage. Whilst this method removes loading and pick up operations from warehousing staff, it does so at the expense of the flexibility offered by having the goods stored at the warehouse. Not holding stock certainly comes with many attractive advantages, but also drawbacks such as worse deals with suppliers and a reduction of service to the customers.
Time Series for Supply Chain in 3 minutes
Time series are one of the most basic and versatile mathematical tools used in business to support statistical models and consist of a series of data points linked to a particular point in time. Time series are frequently used to model anything from the evolution of a company’s sales, product prices and lead times on a yearly, monthly, daily or even hourly basis.
FMCG (Fast Moving Consumer Goods) Supply Chain in 3 minutes
The FMCG industry is one of the oldest in our civilization. Packaging and processing technologies have continuously been evolving, but other supply chain practices such as optimizing recipe composition, are still managed through trial and error at best.
Hard Luxury Supply Chain in 3 minutes
The supply chain for hard luxury (high end jewellery and watches) is defined by unique challenges. Unlike how most products are otherwise generally mass produced, each piece of hard luxury is either unique or part of a limited collection. Even though these luxury goods are timeless in their value and appreciation, there is still an expectation of novelty from the customer. This sparse demand, combined with a continuous push for novelty, are the main challenges in the supply chain in hard luxury.
ERP (Enterprise Resource Planning) in 3 minutes
ERP (Enterprise Resource Planning) refers to a class of enterprise software that supports and keeps track of the routine operations for a company, and tracks its resources, such as cash flow, raw materials, work in progress, end products, client orders, purchase orders, and payroll.
Spare Parts for Supply Chain in 3 minutes
The main goal in the spare parts industry is to minimize the downtime of your valuable assets such as aircrafts, vessels, oil rigs, wind turbines, generators, manufacturing equipment and heavy machinery. Whenever an asset needs repair or maintenance, the piece of machinery undergoes a full stop which is a highly costly scenario.
Fashion Supply Chain in 3 minutes
Fashion is driven by novelty. It constitutes the core of fashion, as well as its key challenge. Fashion brands are continuously producing and designing new collections that are driven by current trends and the upcoming season.
Forecasting Accuracy for Supply Chain in 3 minutes
Forecasting is the practice of analyzing historical data to predict anticipated conditions in the future and is at the core of supply chains. Naturally, increasing their accuracy became highly sought after. But what factors affect forecasting accuracy?
Numerical Forecasting for Supply Chain in 3 minutes
At its core, the practice of numerical forecasting is about using a scientific approach to define a future anticipation based on previous historical data. When we produce, or transport goods, there are delays involved in every process. This means that what you decide today ultimately reflects an anticipated condition about the future.
The Bullwhip Effect in 3 minutes
The Bullwhip Effect is a well known supply chain distortion, commonly described as a problem that must be avoided. At Lokad, however, we would argue that the bullwhip effect is a phenomenon that naturally occurs in supply chains, and minimizing it is not necessarily advantageous for your business.