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How can supplier data improve your stock replenishment strategy?

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Stock replenishment is a crucial aspect of inventory management that affects your cash flow, customer satisfaction, and operational efficiency. However, replenishing your stock at the right time, quantity, and cost can be challenging, especially if you rely on manual methods or outdated systems. In this article, you will learn how supplier data can help you improve your stock replenishment strategy and achieve optimal inventory levels.

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Mahmoud Saif

Toll Manufacturing Supply Chain Planning Senior Supervisor
Zablon Ogenda

Business Operations Officer @ Missions of Hope International | Entrepreneurship, Operations Management

1 What is supplier data?

Supplier data is any information that you collect from your vendors or suppliers about their products, services, prices, availability, lead times, quality, and performance. Supplier data can be obtained from various sources, such as invoices, purchase orders, contracts, catalogs, websites, emails, or phone calls. Supplier data can help you evaluate your current and potential suppliers, negotiate better terms, monitor their compliance, and plan your purchases.

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Srinandan Reddy Tannamala

Supply Chain Professional
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One thing I have found helpful is to collect the data from the Purchase order, Performa Invoice and Invoice find the lead time to produce the key or critical products by finding the difference of dates from Performa Invoice and Actual Invoice/ Packing list date. An average of the last 10 such instances would provide a clear insight into the lead time of the product.

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ALEXANDRE JOSé MOREIRA DE SOUZA Opera??es Logísticas

Operador Logístico, Almoxarifado, ESG, Controle e Inventário de Estoque, WMS.
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Identificar a raz?o social (nome da firma); endere?o completo (rua, bairro, cidade, estado, endere?o eletr?nico e CEP) da empresa fornecedora; números do CNPJ e da Inscri??o Estadual; ramo de atividade; nome e fun??o da pessoa de contato.

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soujatya ghosh

Manager at Tata International
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Anticipation and forecasting always has a cost of holding the goods overtime, so supplier data is an essential source to mitigate stock out risks. At the elementary level cycle stock days(no. of days to consume the supply) is an important ingredient of replenishment planning. So cycle stock days=(Avg. supplying capacity/Avg. monthly consumption)x no. of working days/month. The Avg. supplying capacity of the supplier is one of the key indicators of the supplier data which is dependent on factors like supplier's capacity constraints, financial stability, geopolitical stability, climate change etc. hence monitoring of industry data or supply data (through websites and blogs) gives an insight to the future stock planning.

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Vikram Verma

Strategic Growth Leader | Business Development & Category Management | Driving Revenue Through Data-Driven Innovation
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Supplier data plays a crucial role in optimizing stock replenishment strategies for businesses. Leveraging supplier data effectively can lead to improved inventory management, reduced costs, and increased overall efficiency. Here are ways in which supplier data can enhance your stock replenishment strategy: 1. Lead Time Analysis: 2. Ordering Quantities: 3. Demand Forecasting: 4. Supplier Performance Metrics: 5. Supplier Reliability: 6. Cost Considerations: 7. Safety Stock Levels: 8. Communication and Collaboration: 9. Technology Integration: 10. Supplier Scorecards: 11. Continuous Improvement: 12. Adaptability to Changes:

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2 Why is supplier data important for stock replenishment?

Supplier data is essential for stock replenishment as it helps make informed decisions about when, how much, and from whom to order inventory. You can avoid stockouts and overstocking by forecasting demand and aligning it with supplier availability and lead times. Moreover, you can reduce inventory costs by comparing supplier prices and discounts, and selecting the best value. Additionally, you can improve inventory quality by tracking supplier quality standards and performance to avoid defective or expired products. Lastly, you can enhance inventory flexibility by diversifying your supplier base and having alternative sources of supply in case of disruptions or emergencies.

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Mahmoud Saif

Toll Manufacturing Supply Chain Planning Senior Supervisor
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To provide valuable insights and information that enable business to effectively manage their supply chain and optimize inventory level also to meet customer demand with greater agility

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Zablon Ogenda

Business Operations Officer @ Missions of Hope International | Entrepreneurship, Operations Management
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Data is an important tool to making informed decisions. Every business need supplier data to help in choosing the right supplier for various goods and also to pick the best in terms of prices which will help improve the profitability of such businesses.

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ALEXANDRE JOSé MOREIRA DE SOUZA Opera??es Logísticas

Operador Logístico, Almoxarifado, ESG, Controle e Inventário de Estoque, WMS.
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Ainda sobre os fornecedores, é importante irmos mais a fundo, pois?eles ser?o a pe?a-chave para que a reposi??o de estoque aconte?a dentro das necessidades do seu negócio. Por isso, busque parceiros com os quais você possa contar e estabele?a boas rela??es com eles.

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3 How to collect and analyze supplier data?

Collecting and analyzing supplier data can be a tedious and time-consuming process if done manually or with spreadsheets. To simplify and automate this task, you can use an inventory management software that integrates with your supplier's systems and databases. This software can help you gather and store the data in a centralized and secure platform, organize and categorize it according to different criteria, visualize and interpret it using charts, graphs, tables, or dashboards, as well as generate and export reports that summarize the data and provide insights and recommendations for your stock replenishment strategy.

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ALEXANDRE JOSé MOREIRA DE SOUZA Opera??es Logísticas

Operador Logístico, Almoxarifado, ESG, Controle e Inventário de Estoque, WMS.
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Questionários estruturados. ... Entrevistas estruturadas. ... Experimentos controlados. ... Observa??es estruturadas. ... Entrevistas em profundidade. ... Grupos focais. ... Observa??o participante. ... Análise de documentos.

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4 How to use supplier data for stock replenishment?

Using supplier data for stock replenishment can help you optimize your inventory levels and avoid unnecessary costs and risks. For instance, you can set reorder points and quantities based on your supplier's availability and lead times, as well as expected demand and safety stock levels. Automating purchase orders and invoices based on supplier data and inventory rules is also beneficial. Moreover, you can negotiate better prices and terms with suppliers based on supplier data and purchase history. Finally, monitoring and evaluating supplier performance and feedback based on supplier data and quality/service standards is a great way to ensure success.

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5 How to improve your supplier data quality?

Improving your supplier data quality is essential for ensuring the accuracy and reliability of your stock replenishment strategy. Poor quality supplier data can lead to errors, delays, disputes, and losses. To improve your supplier data quality, it is important to validate and verify it regularly and update it if any changes or discrepancies occur. Additionally, you should standardize and format the data according to the requirements and specifications of your inventory management software. Furthermore, duplicate, incomplete, or irrelevant supplier data should be eliminated or avoided as it may clutter the inventory management system and cause confusion. Lastly, communicating and collaborating with your suppliers by sharing your supplier data is necessary to ensure consistency and transparency.

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Leigh Boccius, CSCP CLTD

Director of Supply Chain at StructureCraft and ASCM instructor
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Identify the key vendors within your supply network that you wish to partner with. Successful supply chains should be integrated and seamless. Introduce vendor scorecards and allow your vendors to co-select the criteria. Then collaborate with them to find solutions to ensure consistent performance and accurate supplier data for best results.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can supplier data improve your stock replenishment strategy?

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3

4

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6

1 What is supplier data?

2 Why is supplier data important for stock replenishment?

3 How to collect and analyze supplier data?

4 How to use supplier data for stock replenishment?

5 How to improve your supplier data quality?

6 Here’s what else to consider

Inventory Management

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How can supplier data improve your stock replenishment strategy?

1

2

3

4

5

6

1 What is supplier data?

2 Why is supplier data important for stock replenishment?

3 How to collect and analyze supplier data?

4 How to use supplier data for stock replenishment?

5 How to improve your supplier data quality?

6 Here’s what else to consider

Inventory Management

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