HOW TO REDUCE OBSOLETE INVENTORY

Excess and obsolete inventory come as a result of many factors such as incorrect forecasting, long lead times, and poor product design or quality to name a few. “Inventory managers are acutely aware of the challenge presented by excess, obsolete and slow-moving inventory and, if left

uncontrolled how it adversely impacts the bottom line” (Inventory reproduction report, 2001, p. 9). By analyzing the depth of the issue, inventory managers are able to identify the root cause which is often as a result of uncertainty in both supply and demand. When an organization reduces its uncertainties, it diminishes its exposure to obsolescence. To prevent the growth in obsolete inventory, organizations must strategize through sales and operations planning (SO&P). Pay (2010) asserts the following:

SO&P strategies closely integrate the supply and demand planning processes that allow the business to provide the right products/services at the right time in the right quantity at the lowest possible cost. A tight connection between operations capabilities and sales demand planning enhances profitability, performance, customer satisfaction and return on investment, all while lessening exposure to potential obsolete inventory. (p. 69)

Obsolete inventory is one of the most costly inventory expense to an organization because it can result in chronic losses for the business. To prevent this problem within an organization, the organization must use effective forecasting techniques to determine and meet the demand of customers; establish functional quality assurance practices; utilize an efficient inventory management system that keeps track of stock surpluses, and streamline supply chain by reducing lead times. Simply put, “the best way to prevent losing value in your inventory, whether official or unofficial, is to closely manage the stock to avoid excess and obsolescence. This starts with controlling the introduction of new products which often partially or fully take the place of other items” (Kaczmarek, 2016, p. 52).

References

Best practices that reduce excess and obsolete inventory. (2001). Inventory Reduction Report, 2001(9), 1. Retrieved from http://ezproxy.snhu.edu/login?url=http://search.proquest.com.ezproxy.snhu.edu/docview/201691022?accountid=3783

Kaczmarek, D. S. (2016). Calculate the real savings from inventory reduction. Healthcare Purchasing News, 40(4), 52.

Pay, R. (2010). Avoiding Obsolete Inventory. Industry Week/IW, 259(6), 69-70.

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SMALL CANADIAN TOWN WILL GIVE LAND, A JOB TO ANYONE WILLING TO MOVE

Cape Breton is a small island at the eastern end of Nova Scotia. It features all four seasons, the population (as or 2001) is just under 150,000 and the community is true to its small town roots.

The Farmer's Daughter Country Market, a bakery and general store, is a staple of this hidden paradise and it is looking to expand. They have everything they need, except people. After hiring all the qualified locals in need of a job, the business put out a nearly too-good-to-be-true call for help on Facebook. Anyone willing to relocate (and meet the needs and qualifications of the store) will be offered a job and two acres of land to live on.

However, since the town is not qualified for the Foreign Worker Program, it can take only people who are legally authorized to work in Canada (just a few extra steps for any foreigner who really really wants the job).

For more information about the requirements, check out the Farmer's Daughter Country Market's Facebook page.

SOURCE: CBC & Chron

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5 MUST READ KEYS TO SUCCESS

Today, I came across an insightful article that I cannot help but share with you all. We all have goals, dreams, desires, wishes, ambition…the list goes on and on. While our dream and aspirations differ, we have one thing in common—we desire to succeed. Our end goal is to thrive; to stand out. We want to be able to say that we started something and finished it. We want to be able to say that we are a SUCCESS. Here are five keys to success that I think you will find beneficial.  

1. Preparation

“The secret of success in life is for a man to be ready for his opportunity when it comes.”

~Benjamin Disraeli

Success loves preparation. If the perfect opportunity presented itself today, would you

be ready? It’s better to be ready and not have an opportunity, then to have an opportunity and not be ready.

To succeed, you must be ready when opportunity comes. Spend your time preparing for success, when your opportunity comes, you’ll be glad you did.

2. Work

“Success is simply a matter of luck. Ask any failure.” ~Anonymous

All failures know that success is simply a matter of luck, they know it’s just a matter of being at the right place at the right time, they know with assurance that success is directly linked to good ole fashion chance.

However, those who have succeeded know that success is directly and proportionally linked to work. Even an amazing strategy can’t guarantee success. Zig Ziglar said, “The most practical, beautiful, workable philosophy in the world won’t work – if you won’t.”

You have to put in the time. However, when you put in the time, it makes success all the more sweet. When you come from “behind” and do the impossible, it makes success as sweet as a honeycomb. John H. Johnson said, “I believe the greater the handicap, the greater the triumph.”

3. Remember the Golden Rule

“Success is still the constant application of the Golden Rule.” ~Anonymous

Never forget the golden rule, “Do unto others as you would have them do unto you.” That’s the key to success. Serve your clients as you would have them serve you. Meet their needs as you would have them meet your needs. Give them prices that you would want to pay, exceed their expectations in a way that you would want your expectations to be exceeded.

When you follow the golden rule, you open the door to success.

4. Confidence

“Confidence is the companion of success.” ~Anonymous

If you don’t believe in your abilities, don’t be surprised if no one else does either. Your negative thoughts about yourself send a signal throughout the world that others pick up on and respond accordingly. If you’re broadcasting the station “Depression 108.7” then others will treat you like you’re depressed.

But, when you believe in yourself and your potential, people pick up that signal, and they will treat you according to how they believe, you believe, you should be treated. Did you get that?

5. Lead

“A most important key to successful leadership is your ability to direct and challenge the very best that is in those whom you lead.” ~Anonymous

To be successful you must be a great leader. There’s probably nothing more difficult than being a great leader. It’s easy to be selfish, it’s easy to only be concerned with your needs, your wants and your desires. But to succeed you have to lead! You have to do what’s best for the people; you must bring the best out of those in whom you lead.

When you really lead, you will succeed.

Thank you for reading and be sure to pass this article along.

Mr. Self Development is an author who teaches a motivational and practical guide to success. Please visit him at Mr. Self Development.com.

Article Source: PICKTHEBRAIN.COM
Image Source: Getmespark.com

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WHICH SHAPE ARE YOU? | FIVE BASIC PERSONALITY TYPES

There are some people who believe there are five basic personality types, and each type tends to prefer a different shape. Knowing whether you, your co-workers and friends are squares, rectangles, circles, triangles, or squiggles just might help you build better careers, teams, and friendships. Here is what each shape might say about you -- and how you can recognize other people for their shapes.

If you are a SQUARE: You are an organized, logical, and hardworking person who likes structure and rules. But sometimes you have trouble making decisions because you always want more information. You feel most comfortable in a stable environment with clear directions on what to do. You tend to like things that are regular and orderly. You will work on a task until it is finished, no matter what.

How to spot a square: They appear to move "straight," use precise or specific gestures, love routine, and are very concerned with detail. They are also very neat in their appearance and their personal workspace. They do a lot of planning and are always prompt.

If you are a RECTANGLE: You are a courageous (brave), exciting, and inquisitive explorer who always searches for ways to grow and change. You enjoy trying things you've never done before and love asking questions that have never been asked. You like structure, and will often be the person to be sure things are done the proper way, taking all rules and regulations into consideration. When you are given a task you will start organizing it to be sure it can be done in the most systematic way.

How to spot a rectangle: These people often have "fleeting eyes and flushed faces." They also tend to giggle and they like variety. For example, they'll come into work early or late -- but not on time. And those who have offices tend to be disorganized with a mishmash of furniture.

If you are a TRIANGLE: You are a born leader who's competitive, confident, and can make decisions. You also like recognition. You are goal oriented and enjoy planning something out and then doing it (you are motivated by the accomplishment). You will tend to look at big long-term issues, but might forget the details. When given a task you set a goal and work on a plan for it. American business has traditionally been run by triangles and, although usually men, more women are taking those roles today.

How to spot a triangle: They have powerful voices, love to tell jokes, and they play as hard as they work. They also tend to be stylish dressers.

If you are a CIRCLE: You are social and communicative. There are no hard edges about you. You handle things by talking about them and smoothing things out with everybody. Communication is your first priority. When given a task, you will want to talk about it. You are a "people person," with lots of sympathy and consideration for others. You listen and communicate well and are very perceptive about other people's feelings. You like harmony and hate making unpopular decisions.

How to spot a circle: They are friendly, nurturing, persuasive, and generous. They tend to be relaxed and smile a lot. They're talkative, but have a mellow voice. They also have a full laugh and like to touch others on the shoulder and arm.

If you are a SQUIGGLE: You are "off-the-wall" and creative. You like doing new and different things most of the time and get bored with regularity. When given a task, you will come up with bright ideas about to do it. But you don't think in a deliberate pattern from A to B to C. Instead, you tend to jump around in your mind, going from A to M to X.

How to spot a squiggle: They can be "flashy," dramatic, and extremely creative -- and they don't like highly structured environments. Both men and women squiggles tend to be funny and very expressive. They also have great intuition. Most performers and writers are squiggles.

Source: Office of Disability Employment Policy, U.S. Department of Labor

Photo Credit: Focus Educational 

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The Standard with the Odogwu's

"This program gathers information and makes it uniques, providing the standard that should be out there for talk shows and lifestyle shows for the African audience.

Through unique individuals and unique programming, our aim is to inspire people in all parts of the diaspora to make change for the global community. News is our business." - The Odogwu's

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Okoya's son launches Nigerian Doll line

Most if not all Naija girls grew up playing with oyibo dolls. You know? The blonde hair blue eyed

barbies that looked nothing like a naija girl. Well, with growing access to new technologies and globalization, entrepreneurship is big business in Nigeria as we are seeing many young people going into business instead of seeking employment with oil firms or banks as they did in the past. One of such savvy young people is Taofick Okoya.

Taofick Okoya.

Taofick, who has a little daughter realized that there was a gap in the market when he wanted to buy his daughter a doll and noticed all he could get his hands on were white dolls; White dolls in the most populous black nation? Sometimes our mentality as blacks/Nigerians is quite startling!!! But I'll keep my opinions to myself and rather celebrate with Taofick, as he brings his entrepreneurial pursuit into fruition.

Wuraola

And not only are these Nigerian dolls just dolls: they are named the Queens of Africa dolls for a reason; they will help the average African girl child effortlessly relate with being black and beautiful...

Nneka!

...Education about African history is emphasized with cds and inscriptions that come with the dolls, alongside cultural and moral values being heightened.

So mothers, fathers, grandpas and mas, and the young at heart, go get your Nneka, Azeezah, or Wuraola now!!! For now, the Azeezah doll is available at myasho.com

Azeezah!!

The ‘Queens of Africa‘ project team intend to achieve their goal of grooming the children as queens that will become role models.

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5 days to African Vibes Magazine 4th Anniversary Party!!!

The beautiful Amabel Niba of African Vibes Magazine is hosting the annual African Vibes Anniversary Party on April 24th, 2010. And this year the dazzling CEO promises, a bigger, more glamorous and feel good party. "Unlike the previous years where our parties have been held in MD or the Northeast, this year, the event is in Hollywood, California because we want Hollywood to take notice," says Amabel Niba. According to Amabel, "African fashion is beautiful and regal and we want it to go mainstream because it is just so fresh and different"
So if you are part of the fashionable crowd, there is nowhere else to be on

Saturday, April 24, 2010 at 4:00 PM - Sunday, April 25, 2010 at 2:00 AM (PT) other than 1735 Vine Street, Hollywood, CA 90028, where the event is taking place.
Doors open at 4pm and parties all the way till 2AM on April 25, 2010. Dress Code: Elegant/Contemporary African. To purchase tickets, visithttp://avmag2010.eventbrite.com/

There will be VIP Gift bag with goodies and special offers from our sponsors valued at over $500 *Complimentary premium champagne toast and tray passed hors d’oeuvres courtesy of African Vibes Magazine at the Exclusive Invitation Only VIP Lounge After Party.There will be cute guys and the ever beautiful, curvaceous and scrumptious African ladies. And much more!!!

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Are you Fabulous, African, and Black?

If your answer is in the affirmative, then you should be on the look out for the latest Mag in town. It's Editor-in-Chief is none other than the young and fashionable Sinem Bilen-Onabanjo and it is called Fabulous, African and Black:FAB.

Run by a team of budding beauties, Suby Onabanjo (Creative Director), Yoanna Pepper Okwesa (Fashion Editor), Lola Maja (Beauty Editor), Tayo Sonekan (Resident Stylist) and Familusi Akin Babajide (Publisher), it is the Mag to look out for when next you are in Lagos or London. Perhaps, the Magazine would launch in the US and South Africa in the future.

Launched on March 21st, 2010, the made by Africans for Africans magazine plans on showcasing the best of what Africa and Nigeria have to offer with top-notch photography, innovative graphic design and thought-provoking editorials.
So Watch OUT ppl, Naija girls with their unequalled entrepreneurial skills are sprouting out new ideas by the minute and they are ready to take the world by storm!!!

Visit http://www.fabmagazineonline.com/

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Prowheels Integrated Services Limited

www.prowheelsmag.com

Prowheels Integrated services Limited was registered in Nigeria with a commitment to create a well defined relationship between automobile and spare parts buyers and sellers. With the use of modern technology, they have pledged to stem the challenge of bridging the gap for local and international dealers and individuals in the automobile and spare parts business.

A group of professionals in diverse fields such as Concierge services, Leadership, IT/IS, Accounting and Project Management led by the present managing partner, Kolawole Akinmuyiwa, a seasoned businessman and other equity stakeholders with enormous professional capabilities inspired by the challenges of automobile and spare parts marketing and sales in Nigeria came together to set up this partnership for excellence.

Their collective industry experience and vision gives them a peculiar advantage for the enhancement of MARKETING AND ADVERTISING CONCEPT being the one and only automobile and spare parts advertising company in Nigeria.

Their vision and mission is to give their clients value for their money without compromising safety and industrial standards. They are determined to create a seamless link between automobile buyers and sellers in Nigeria. One of the reasons their slogan reads: Prowheels……going the miles for you!

Their strength is driven by:

. High quality service and organization adaptiveness

. High degree of responsiveness

. Dynamic technological research and development

. Confidentiality and transparent integrity

With qualified, certified, competent and experienced personnel, and a company procedures that exceeds what is available in most African countries, Prowheels is poised to make a difference in Nigeria’s automotive industry.

see www.prowheelsmag.com for details.

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