Master Your Supplier Labeling
by Josh Thorp, on July 29, 2020
Have you ever wondered why your supplier labeling costs are so high? If you’re anything like most large manufacturers, the management of supplier goods is a complex process with multiple stakeholders. You have Planning that drives forecast and production scheduling, and Procurement that purchases materials from vendors based on those demand forecasts. Operations oversees the flow of incoming goods in the production line, and then Warehouse Management receives inbound shipments and moves them into inventory until ready for use. While the titles and roles may vary among organizations, the basic supplier workflow is generally the same It might appear as a straightforward process, however, it is easy to get caught up at some point along the supplier labeling path.
If you'd like to find out more, Loftware recently released the report Managing Your Supplier Labeling – Eliminate Relabeling Cost and Confusion. In this report you will find valuable insight into the common challenges supplier labeling entails. The report goes into detail and identifies
- Why your supplier inventory costs so high
- Where the disconnect is in your inbound receiving
- The good, the bad, and the ugly that comes with your day-to-day supplier labeling process
- What relabeling is costing you
After working with many companies like yours, we’ve seen attempts at alternative labeling strategies. Perhaps you send labeling guidelines to suppliers, provide pre-printed labels, or improved the ASN/EDI receiving process. Unfortunately, each method falls short of fully solving any issues. Perhaps it’s time to take a better approach by extending labeling to your suppliers.
If your curious what types of benefits you could receive by enhancing your supplier labeling process, here’s just the tip of the iceberg:
- Eliminate relabeling once and for all
- Increase velocity of inbound receiving
- Reduce inventory to achieve JIT goals
- Know when supplies are coming earlier top plan accordingly
- Respond faster to course corrections in manufacturing
- Prioritize orders by keeping suppliers in check
- Improve visibility into suppliers
- Gain insight into supplier carrier costs
Download the report and you will also receive a company use case to learn how one company recognizes over $25 million in annual savings as a result of improving their labeling process.