This week we’d like to dive into some industry data from the annual “Industry Outlook Report” that is published every year by Logistics Management and Modern Materials Handling. It’s a comprehensive survey of decision makers with purchasing authority for materiel handling solutions, and it’s often a useful way to validate some of the trends and challenges we see in our own client base as well as learn about others that may have been out of our purview.
As we continue our series of “challenges” that we started four weeks ago and will continue leading up to MODEX, we’re going to keep drilling down and spend a second week on the Eight Forms of Waste as they relate to Inventory. Last week we delved into the three areas of “Talent (Underutilized Resources)”, “Waiting Time” and “Extra Motion” (See “Eight Forms of Waste – Inventory, Part I”). This week we’ll look at four more forms of waste and how they impact your Inventory processes:
- Extra Processing
- Over Production