supply chain management Archives

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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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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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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Advanced Analytics

Posted on December 7, 2022February 22, 2023 by Lumatrak

Advanced Analytics Last week, we discussed Continuous Intelligence. When embarking on digitizing your supply chain, a first step is to shift responsibility for communicating current order status onto the suppliers resulting in the collection of real-time, actionable information for the business. Sharing data throughout the enterprise The next step in the digitization journey is to create a way to present this information to your stakeholders. The information has to be clear, useful...
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Introducing Lumatrak’s Newest Team Member

Posted on November 16, 2022February 22, 2023 by Lumatrak

Introducing Lumatrak's Newest Team Member Hal Capshaw recently joined Lumatrak after spending over a decade leading the procurement team supporting the real estate division of one of the largest retailers in the country. Hal was responsible for $3 billion in spend across operational supplies, merchandise fixtures, equipment and systems, building materials and services. Supply Chain Challenges Hal Faced Hal's team constantly faced challenges without clear visibility to their supplie...
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