No company wants to have its products recalled. However, if a recall is necessary, the priority is to minimize the ramifications and complete it as quickly and efficiently as possible. Certain industries—such as consumer packaged goods, pharmaceutical, and automotive, among others—are well acquainted with the need to properly accomplish recalls. However, many other industries also are at risk, and they might not even know it.
All companies keep track of the value of inventory that they have in stock because it is an important part of the company’s financial status — usually one of the larger assets on the balance sheet. Total inventory value is not a useful measurement for operations, however. It needs context, and that’s what is provided by inventory turns.
We are entering the Experience Economy where customers are most interested in building memories, rather than in owning products or receiving a service. Economists and pundits alike are noting this major change in the business world to be as significant as the changes from an agricultural economy to the industrial age and from the industrial age to the service economy, which the developed world has traveled over the last two centuries.
The explosion of IoT growth and IIoT growth is bringing huge numbers of connected devices into the global network of the Internet. Take a look at how the number of ‘smart’ objects, devices and other connected things is growing, with profound expansions into areas that affect supply chain management.
Physical products can’t be produced digitally, but digital resources can and do support manufacturing in a big way. Although manufacturing has made use of computers for decades, ever more powerful systems, sophisticated software, the Internet, and the Industrial Internet of Things (IIoT) have expanded the digital world of manufacturing . . .
Any discussion of analytics today has to include some consideration of the impact of the industrial Internet of Things, or IIoT, the proliferation of sensors and connected devices that are the source of much of the big data that analytics feeds on. What’s different — or not different — about IoT sensors and devices? Where and how are they being used? And how does this all fit with big data and analytics?
Hello from beautiful New Hampshire where it’s almost December 25th and we’ve only had a dusting of snow! We know you’re busy with end-of-year activities, holiday preparations and the general craziness we all impose on ourselves. Nevertheless, we hope you’ll get to take some time out for yourself and reflect on everything that’s good in your life. We both wish you a joyful holiday season and an outstanding and fruitful 2017! — Dave and Debby