Lumatrak, Author at Lumatrak

Optimizing your GNFR Supply Chain

Posted on March 16, 2023March 10, 2023 by Lumatrak

Optimizing your GNFR Supply Chain The goals of optimizing the Goods-Not-for-Resale (GNFR) supply chain include: Cost Savings By identifying and tracking GNFR expenses, a retail business can identify areas where cost savings can be made, such as by negotiating better prices with suppliers or standardizing purchasing processes. Inventory management By implementing an inventory management system, a retail business can track inventory levels and identify areas of overstocking or ...
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Increasing Supplier Accountability

Posted on March 10, 2023March 10, 2023 by Lumatrak

Increasing Supplier Accountability Retail businesses rely heavily on their suppliers to provide a range of goods and services that are essential to their operations. Goods-not-for-resale (GNFR) spending represents a significant portion of a retail business's expenses and it is critical to ensure that suppliers are providing the products and services as agreed upon. Increasing supplier accountability in the GNFR space is essential for the success of a retail business. There are several...
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Understanding the Impact of GNFR costs

Posted on March 2, 2023March 10, 2023 by Lumatrak

Understanding the Impact of GNFR costs In a retail business, understanding the impact of Goods-Not-for-Resale (GNFR) costs is crucial for maintaining profitability and ensuring long-term success. GNFR costs refer to the expenses incurred on items that a business purchases for its own use, rather than for resale to customers. These can include items such as office supplies, fixtures, and equipment. Although GNFR costs are not directly tied to revenue generation, they can still have a sign...
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Supplier Evaluation

Posted on February 23, 2023February 22, 2023 by Lumatrak

Supplier Evaluation Reasons for reviewing existing Suppliers Regularly reviewing and evaluating the performance of existing suppliers is extremely important in the Goods-Not-for-Resale (GNFR) space of retail. There are several reasons why regular supplier performance reviews are important: Identifying areas for improvement Regular reviews allow a retail business to identify areas where suppliers may not be meeting expectations or where improvements can be made. This could...
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Supplier Selection

Posted on February 16, 2023February 22, 2023 by Lumatrak

GNFR Supplier Selection Selecting the best suppliers Developing a process for assessing and selecting suppliers is an important step in optimizing the GNFR supply chain. The process should be based on a set of criteria that are relevant to the specific needs of the retail business. Factors to consider Some common factors to consider when selecting suppliers include: Cost Assessing the cost of the goods or services offered by the supplier is an important factor in determini...
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Managing GNFR

Posted on February 9, 2023February 22, 2023 by Lumatrak

Managing GNFR Managing Goods-Not-for-Resale (GNFR) is important in a retail business because it can have a significant impact on both the top and bottom line. GNFR expenses refer to the costs incurred on items that a business purchases for its own use, rather than for resale to customers. These can include items such as office supplies, fixtures, and equipment. Although GNFR expenses are not directly tied to revenue generation, they can still have a significant impact on a retail business's ...
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The Importance of Managing Goods Not For Resale Spend

Posted on February 2, 2023February 22, 2023 by Lumatrak

The Importance of Managing Goods Not For Resale Spend In a retail business, managing Goods-Not-for-Resale (GNFR) spend is crucial for maintaining profitability and ensuring long-term success. GNFR spend refers to the expenses incurred on items that a business purchases for its own use, rather than for resale to customers. These can include items such as office supplies, fixtures, and equipment. Although GNFR spend is not directly tied to revenue generation, it can still have a significant im...
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Difference between Indirect Spend and Goods-Not-for-Resale

Posted on January 25, 2023February 22, 2023 by Lumatrak

Difference between Indirect Spend and Goods-Not-for-Resale Indirect Spend Categories Indirect spend and GNFR are two terms that are often used in the context of business expenses, but they refer to slightly different things. I was introduced to the term GNFR (Goods-not-for-Resale) when my career brought me to the retail sector, after a number of years in manufacturing. I was familiar with the term indirect spend but had never heard the term GNFR. So, after more than a decade in retail ...
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Onshoring Considerations

Posted on January 18, 2023February 22, 2023 by Lumatrak

Onshoring Considerations In today’s globalized economy, many companies have turned to offshoring, or outsourcing the production of goods and services to countries with lower labor and production costs. However, the current climate of multiple supply chain disruptions has led some companies to re-evaluate their reliance on foreign suppliers and consider the advantages of onshoring, or producing goods and services domestically. Shipment containers from offshoring Mitigating Risk from for...
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Managing Supply Chain Pinch Points

Posted on January 12, 2023February 22, 2023 by Lumatrak

Texas sign shown frozen during a winter storm

Pinch Points Affecting Supply Chains Last week, I discussed some of my more general risk mitigation strategies. This week, I’m going to focus on a specific example of a pinch point within the supply chain. A pinch point is a product that has limited sourcing options. Winter storms causing supply disruptions In 2021 and 2022, we experienced supply disruptions within our refrigerated systems category despite being sourced with multiple suppliers. In February 2021, the south-central regio...
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