Inventories must be critically scrutinized. It would be too short-sighted to cut inventories across the board. Take a close look at what you stock in your company. The tricky thing about inventories is that no one is responsible for them in companies. Warehouse management ensures that items are stored properly and that items are put …
Let’s start with finished goods inventories. How much finished goods inventory you should have depends heavily on your company’s business model. If you produce to order, ideally you should not have finished goods in inventory. Your products should be completed on time and shipped and invoiced to your customers immediately. If you see finished goods …
If you run a manufacturing company, it is worth taking a close look at the stored semi-finished goods. This is where there is usually particularly great potential for optimization. Why is this so? Semi-finished goods are partly ordered by the purchasing department and then stored; and partly semi-finished goods from the company’s own production are …
Primary materials must be available in order to manufacture. Optimization consists of a trade-off between availability and inventory. A standstill in production may be significantly more expensive than a generous stockpile. But there are other solutions for availability: Think of agreed delivery availabilities with your suppliers or consignment warehouses at your suppliers? premises. Both options …
There is often liquidity potential in accounts receivable from customers. Of course, you don’t want to annoy or even drive away your customers by frequently following up. But customers who pay late receive an additional value that has not been agreed upon: liquidity that you are missing. Therefore, instruct your accounting department to regularly check …
You can strengthen your liquidity in the short term by shortening payment terms for your customers. If you recognize that liquidity problems are coming your way, don’t be afraid to openly ask customers about shorter payment terms. You will be surprised that many of your customers will show understanding. Of course, your customers also want …
When liquidity is needed, little thought is given to reducing non-essential assets. This may be because people do not believe in a quick sale. However, in situations where liquidity is urgently needed, there is often a mental barrier. People don’t even think about which assets can be sold without harming the business. Therefore, you should …
An effective form of financing is to stretch accounts payable payment terms. Some suppliers will respond to your request if they can agree to a price increase in return. You must then decide how important liquidity is to you. You know, of course, that suppliers become suspicious when asked to extend their payment terms. You …
Artificial intelligence cannot be implemented ad hoc, but requires a transformation process that begins with the of processes, continues via the automation of processes with and continues via data analyses with processes to learning processes with . Information can be extracted from data, insights can be drawn from information, and insights can be used for …
Digitalization is a necessary first step on the road to artificial intelligence. Processes in which information is not available digitally, or is only partially available digitally, are not digitalized end-to-end and can neither be evaluated by machines nor automated. Companies will also not succeed in internal coordination and exchange with other organizations if data is …
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