| Topic : Information technology for SCM |
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Retail & Supply Chain Professionals |
Online Business |
Supply Chain Management in FMCG |
4 more ...
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Activity:
28 views;
last activity : 07 06 2010 20:18:09 +0000
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Information repalces inventory
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Types of Information & Helps
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Forecasting replaces inventory
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It's true - let me give a couple of examples. 1. farmer - Typically, farmers try to hoard grains for 'safety' - in case if the rain fails in the forthcoming season. If timely and accurate information is provided to the farmers, then teh farmers can decide whether to store grains or not. In teh absence of such information, usually, the farmers store 'inventory' and dump it once they get the new inventory (grains). Thsi is a classical case where infirmation repalces inventory. Example 2: Lean manufacturing and agile manufacturing: Many organizations have started this 'information' driven startegy to decide 'what' to manufacture and 'when'. In the absence of such an information system, traditionally these organizations would be manufacturing products which would either be outdated or replaced, leading to wastage of inventory.
There are many such areas where 'information' replaces inventory. |
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yes Anavarathm with the information on consumer buying trends one is able to predict the demand and with this it is able reduce the inventory that gets stored and during this many of products get wasted due to not handling them properly which will incur losses, so with information collected from various avenues and compiled together one can come to the conclusion of the demand and supply can be forecasted before itself....
yes what you have mentioned is really true if proper info is provided then this replaces inventory, today one is able to get info on the demand that will be there in the market in the next fiscal year, by which one will not exceed the supply mark, before it was the case like there was more production than the demand, which had to be stored, so yes Information has replaced inventory in the recent years.
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Types of Information which useful if it accurate: - Manufacturing
Information -Distribution and Retailing Information -Demand Information Information - Helps improve
forecasts Regards Mihir Kumar Jhaveri, PMP, CSCM |
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According to me not only Information replaces inventory, but also effective forecasting of the demand that will be there in the market replaces inventory, with the technology and tools at hand one is able to generate the exact and specific demand that will be there, and in this regard a little information is also required from the sales people, and then one can effectively forecast the demand and the supply that needs to be done. |
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Other tools for Inventory management vs Is implemented in any company in India |
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