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B2B Industries In Digital Space : How are they upscalling their processess?

Every business has its own challenges that differ from industry to industry and depend on the specific requirements of the organization. B2B industries are increasingly using digital solutions to tackle their obstacles. Prior to recently, this wasn’t a practice, but nowadays, most industries hunt for marketplaces online. For example, Market leading companies such as Airbus, … Continue reading B2B Industries In Digital Space : How are they upscalling their processess?

Easy MRO PRocurement

How Goospares can ease your MRO Procurement

MRO procurement’s challenge is real and rapidly increasing. However, since the method can be so complicated and unmanageable, many companies are simply lending themselves — how much value is in doubt, because goods are cost-effective? Goospares, let you make MRO savings which help you achieve sustainable, longer-term efficiency savings. With Goospares support, the value of … Continue reading How Goospares can ease your MRO Procurement

Why-process-industries-need-ecommerce-in-2020

Why Process Industries Should Adopt E-commerce in 2020?

Already more and more industrial distributors/SMEs started to leverage digital channels like Facebook, LinkedIn, etc. Internet adoption rate seems to be increasing drastically every year. Studies are saying like 80% of industrial decision-makers are actively looking on the web for the best possible solutions. Scaling up your businesses to the next level is not possible … Continue reading Why Process Industries Should Adopt E-commerce in 2020?

how to choose your industrial marketplace

How To Choose Right Industrial Marketplace For Your Needs?

There are several platforms on the web you can utilize to reach your potential customers. But still, there is a lot you need to consider as an industrial buyer or seller. You have to identify which one is the best fit for your product categories, audience, etc. You will find several aspects when you decide … Continue reading How To Choose Right Industrial Marketplace For Your Needs?

Inventory Management risks

Top Inventory Management Risks That Can Impact Your Business

If we are having inventory or warehouse, we need to overcome some of the inventory risks which can badly impact overall business profit, operation, etc, Reducing the risk of an inventory by stabilized/having a well-organized warehouse will reduce the carrying cost of inventory and stocks.             Some of the inventory risks to be focused on … Continue reading Top Inventory Management Risks That Can Impact Your Business

Excess-Inventory-Management

Excess Inventory Management is Lot easier than before!

Excess Inventory is one of the important issues that 80% of the manufacturing industry facing is excess inventory. There are so many questions that whirl around the minds of the industrial experts, How to handle it? How to reduce excess inventory? How to liquidate it? How to avoid keeping excess stocks? How to manage the inventory? These are the main questions every industry is confusing with its excess inventory stocks.

Here are some of the solution and tips for inventory management, reducing excess inventory and lot more

5 Steps to Reduce Excess Inventory

  • Analyze the demand variability
  • Detailed Forecasting
  • Lead Time Management
  • Using of Inventory Control Methods
  • Liquidating Obsolete Stocks

Analyze the Demand Variability
Demand variability is one of the most important challenges every industry is facing where it starts with customer needs. Analyzing demand variability is between manufacturers and different tier companies. If the customer demand is satisfied directly through the tier 1 suppliers its easy to predict and say how the demand is, but due to the business model we are dealing with right now where aggregators, dealers, tier 2 & tier 3 suppliers are playing the part of the consumers, analyzing demand variability gets tougher and tougher.
There it is very essential to keep track of the whole supply chain right from the producer to the consumer.

Detailed Forecasting
Very optimistic forecasting may be one of the reasons for the overstock of items without detailed customer demand analysis. Different forecasting techniques, standards, and detailed information for the need of the products can be implemented to reduce the excess inventory.

Lead Time Management
Sometimes it can be supplier lead time or manufacturer lead time, either way, it is one major issue that should be taken care of. Too much lead time will increase the carrying costs of inventory. Solutions for lead time should have Consolidated Domestic suppliers, maintaining order frequency, and much more.

Using of Inventory Management methods
Keeping products in the warehouse in organized manners, maintaining the order and deliver status, tracking of material purchasing, annual forecasting report are some of the steps taken by every industry for better inventory management. Apart from these there some analysis techniques used to control/manage excess inventory stocks.

Some of the analysis methods are ABC Analysis method, VED Analysis, Economic order quantity model, FSN Analysis Etc,… Using these inventory management methods, industries must operate upon avoiding these unnecessary risks.

Liquidating Obsolete Stock
Though industries try hard sometimes unexpected changes in market demand, technology changes, and a current situation like COVID-19 can lead to over and excess of stocks in inventory/Warehouse.
To solve these problems facing by industries some online liquidating companies like Goospares.com help with the process of liquidating, excess and unused inventory by simple steps that benefit every industry in many ways. Instead of scraping or keeping warehouse nasty with excess stocks these inventory liquidations will gain some profit for those obsolete spare parts.

Above are the simple steps that can help to over the pressure of excess stocks in the warehouse which is affecting the bottom line of each industry. Many industry’s ROI can also be reduced because of these excess or obsolete inventory.

maintenance 4.0

Maintenance 4.0 in Processing Industries!

Maintenance 4.0 is the approach of operations and maintenance (O&M) activities for Industry 4.0 technologies (e.g. industrial research, automation, and robotics). Maintenance 4.0 may break the barriers of older strategies by enabling businesses to maximize the useful life of their production equipment and avoid unplanned downtime, reduce planned downtime, increase processes and safety, reduce energy, … Continue reading Maintenance 4.0 in Processing Industries!

MSME Webinar

Live Webinar: How to Reinstate Process Industry and MSME businesses, in today’s times?

Goospares hosted a Webinar with curated content for industry experts from leading companies or MSME’S Mr. Shyam Sekar, the Chief strategist of Goospares and Founder of Startup Xperts, gave major insights and opportunities for audience interaction. He shared his insights into the challenges faced by procurement leaders and how to solve it by reaping the benefits … Continue reading Live Webinar: How to Reinstate Process Industry and MSME businesses, in today’s times?

Mro procurement to excess inventory

How MRO procurement can be A Hidden Excess Inventory

What is MRO MRO Purchasing or Maintenance, Repair, and Operation is essential for a successful business. Every Industries production and delivery of products depends on how we maintain the machinery/equipment. MRO Role in Every industry Machinery/Equipment in every industry had to maintain properly for good production and profitability of the organizations. In today’s competitive world … Continue reading How MRO procurement can be A Hidden Excess Inventory

robotics and automation

The Facts and Figures Behind Industrial Automation and Robotics

When people talk of “automation and robotics,” it generally applies to industrial automation. Industrial automation is concerned with physical process control and management. The second step beyond mechanization in industrialization. It involves the use of physical machinery, and control systems to automate activities within an industrial process. The obvious example is a fully autonomous factory. … Continue reading The Facts and Figures Behind Industrial Automation and Robotics