Plans are worthless, but planning is everything. The same can be said for production schedules and production scheduling. No matter how they are derived, production schedules will almost never play out as planned.
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 . . .