CLAREMONT, CA—Diversification makes good business sense during COVID-19, provided that the rationale and focus for doing so is clear, according to The Society for the Advancement of Consulting® (SAC). With a clear focus, customers will get enhanced value from products and services, as your business avoids the panic mode that besets weaker competitors.
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Managing warehouse inventory, on its face, seems a simple concept: Keep enough stock on hand to fulfill orders, but not so much stock that your warehouse is filled to the brim with inventory that won’t move for months (or years). Too much slow-moving inventory means you’re spending money to store products that aren’t earning immediate revenue, and too little means backorders and unhappy customers who are likely to seek out your competition. In practice, however, warehouse inventory management is quite complex, given the number of variables that impact the bottom line:
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I just want to give an update on what I’ve been up to during the COVID-19 roller coaster.
We are doing our best to stay safe here in Miami.
For those of you who know me well, it’s been over four months since I’ve been on a business trip or an airplane. I haven’t been home this much in nearly ten years, and it’s been incredible!
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How many KPIs do you manage?
I worked with a client who was trying to build an electronic dashboard for 50+ KPIs. When there is this number of KPIs, the information becomes white background noise and many organizations succumb to analysis paralysis.
It took time to convince, but we were able to reduce the number to The Relevant Few.
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FAU Business Moderated by David Menachof, FAU Associate Professor, Art Koch and Matt Tichon discuss the current supply chain and strategies going forward in terms of production capacity, inventory management, global vs. local sourcing choices, and value added issues.https://www.youtube.com/watch?v=LTPlvqY4IcE
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Art Koch’s Profit Chain® Series
Volume 3 | Number 7 | July 2020
Black Swan Event
We have learned important lessons from the ongoing COVID-19 black swan event. Here is a quick recap of the most significant lessons learned:
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After the last few months of navigating Covid-19 conditions, we can expect that the next 15-18 months will require patience as we wait for the virus to dissipate, for individuals to build antibodies and for vaccines to be developed.
There has been much voiced and written about the “new normal”, when we can expect to work remotely, restaurants to have plexiglass walls between tables, and masks to be worn 24/7. I don’t subscribe to this vision of the future.
Let’s stop to think about the past and current pandemics; yes, current pandemic! HIV/AIDS is still ongoing and has taken an estimated 25 to 35 million lives since its origin in 1981!
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Let’s spend a few minutes talking about the anticipated launch of your post COVID-19 strategy. This event will be a once in a lifetime opportunity to reset, regroup and retool your enterprise.
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Art Koch’s Profit Chain® Series
Volume 3 | Number 6 | June 2020
The Elegance of Simplicity
It was just last year when Apple Inc. (AAPL) announced that the company had exceeded a market value of $1 Trillion. How did they become the first company with a trillion-dollar valuation? It is my opinion that it was Steve Jobs’, and now Tim Cook’s, relentless focus on simplicity. Both understood that it would not be easy and that it would take unwavering tenacity to achieve their vision.
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Learn Art Koch’s Profit Chain® tricks on how to reduce inventory by over $200 Million, an average of 23% while increasing service level by an average of 18.5 percentage points.
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