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Achieving Operational Excellence requires the successful implementation of a Business Execution System that effectively and seamlessly integrates the following four building blocks: Strategy Deployment, Performance Management, Process Excellence, and High Performance Work Teams.
Inventory Reduction with Lean Management
A couple of months ago I was approached by the Owner and CEO of a privately held packaging company.
The company specializes on flexible packaging solutions for the produce packaging industry and generates a high single-digit profit margin from about $70 - 80M in annual revenue. One of the major challenges this organization faced was its high finished goods inventory.
Based on the annual raw material spending, this company had in average about 73 to 83 days-of-supply of finished goods on hand at any given day. This equals about 4.4 to 5.0 inventory turns per year. Read more ...
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”In the global and competitive environment of today and tomorrow, organizations must rethink and reshape their approach to execution in order to stay competitive. Operational Excellence is the strategic initiative under which this process can take shape“.
Frank G. Adler, Ph.D. - Operational Excellence Coach