Cupertino, CA, February 13, 2015 --(PR.com
)-- Forecast Errors newsletter reported that IMPO magazine reported, employee theft is not the only potential problem manufacturers face. Complex production processes and the sheer volume of products and materials in the warehouse can make it hard to get a handle on inventory. That can result in inventory shrinkage, where the actual number of items on shelves is lower than the number of recorded items. In the manufacturing world, shrinkage can also refer to the loss of raw materials, such as metal or food ingredients, during the production process. Regardless of what went missing or how it went astray, even small amounts of inventory shrinkage have a big effect on the bottom line. A loss of $100 worth of products and a business which operates on a 10 percent profit margin requires an extra $1,000 worth of items to make up for the loss.
Forecast Errors, a weekly e-newsletter, sponsored by Ultriva, Inc. shares methods, modes, and tools used to inform Manufacturers’ of Forecast Errors that they face on the manufacturing floor, and with a variety of supply chain industries. The newsletter explores forecast errors as the difference between the actual and predicted value. Forecast Errors argues that what separates best-in-class companies from those that struggle with accuracy is how they root out (and learn from) forecasting errors.
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Ultriva’s (www.ultriva.com) cloud-based platform leverages seamlessly integrates with leading ERP and MRP systems, to deliver an end to end pull based replenishment solution. Ultriva, based in Cupertino, CA, implements a global demand driven manufacturing model by providing full visibility, scheduling, and sequencing of production of customer orders. Ultriva was named one of the Great Supply Chain Projects of 2014 by Supply & Demand Chain Executive magazine and recently named one of 50 Best Supply Chain Blogs of 2014 by SupplyChainOpz. The company’s global footprint is increasing rapidly with implementations in wide variety of industry sectors and enterprises such as Magellan Aerospace, CareFusion, Emerson, Ingersoll Rand, McKesson, Triumph Group, Regal Beloit, Thermo Fisher, and more. Follow Ultriva on Twitter at @Ultriva.