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Category: Manufacturing

Straight Line Depreciation and Reducing Balance Depreciation

Straight Line Depreciation This refers to the approach of charging the cost of an asset evenly over the period that such an asset will be useful and it is the best approach to use when; There is no actual estimate of the pattern of economic benefits that the asset is anticipated to deliver over its useful life. Economic benefits of an asset are expected to be realized evenly over its…

ARTIFICIAL INTELLIGENCE IN MANUFACTURING

ARTIFICIAL INTELLIGENCE IN MANUFACTURING The world today has become a platform where technology wishes to rule us all; a place in which living seemingly has become a lot easier and comfortable, due to the usage of gadgets. Today, there are tools and machines which when used make work faster, efficient and effective as well. These developments in modern times has evolved into the advent of artificial intelligence (AI). Artificial intelligence…

Difference Between Internet Of Things (IOT) And Industrial Internet Of Things (IIOT)

Difference between IoT and IIOT Internet Of Things (IOT) began as an emerging trend and has now become one of the changing elements that is driving the world in many respects. This is because there is an increased appreciation for smart objects, which tends to make life easier. In recent times, almost every appliance we use, ranging from iron, clothing, cars and other household electronics have some level of connectivity…

Internet of Things for Industry 4.0

Internet of Things for Industry Internet of Things for Industry 4.0 is a common term that refers to the technologies and concepts of value chain organisation that draws together the internet of things, services and cyber-physical systems. The term originates from a project by the German that promoted computerisation of the manufacturing process. The first revolution in the industries mobilised the mechanisation of production using steam power and water. The…

Inventory Replenishment: Why Push When You Can Pull?

Inventory Replenishment Unlike the traditional supply chains, today’s supply chain is inspired by demand. At the same time, retailers, manufacturers and distributors seek to achieve the maximum profit by choosing the most appropriate model to forecast demand or react to consumer purchases. Currently, many companies have adopted cloud computing and technologies in order to help them transit form the traditional push to the modern day pull model. The push system…

Four Reasons Retailers Should Pay Attention to Reverse Logistics

Reverse Logistics Often, retailers emphasize the need for an agile and cost-efficient movement of freight to stores or customers but fail to acknowledge reverse logistics hence leading to missed opportunities for the entire consumer goods supply chain. Through the multi-channel model, consumers are able to buy anytime and anywhere hence making it necessary for retailers to focus of four important logistics. The first reason why retailers need to focus on…

Why Every Manufacturer Needs a Reverse Logistics Solution

Reverse Logistics Solution Averagely, manufacturers spend 9-14% of sales on product returns annually. However, 45 percent of manufacturers fail to utilize a reverse logistics solution. Instead, these manufactures rely on retail or wholesale partners to deal with any customer returns, recalls, and seasonal overstocks. Initially, manufacturers saw no need to reject any customer returns, product recalls or overstocks. However, this changed after the mid-1900s when most of the U.S. manufacturing…

Goals for Asset Management

Goals for Asset Management Regardless of the value of an organization’s assets, it is important to ensure that all asserts are protected and well managed. Asset management can help plan and maximize the returns on the investment. An effective asset management program can help achieve a wide range of goals pertaining to asset management. A proper program can help identify wastage of any sort in an organizational setting. In today’s…

Best Practices in Today’s Distribution Center

Best Practices in Distribution Center A business may achieve success or complete failure depending on the selection of human resource, process tools and technology. The distribution center is crucial to the business environment. According to Don Derewecki, the executive vice president of Gross & Associates, businesses no longer require warehouses in order to operate effectively. Instead, throughput centers have become popular in today’s business environment. While best practices are bound…

Breakthroughs Manufacturing the Future of Medical Science

Future of Medical Science From curing crippling diseases and eradicating plagues to extending the average lifespan, medicine has undergone numerous changes over the years. At present and in the future, science and technology may be combined to bring about a new world where diseases can be prevented and premature deaths avoided. In the last few months alone, many change shave taken place in the medicine field hence giving hope for…