Does Just In Time Inventory Make Sense For the Global Supply Chain?

A conversation with Sameer Joshi on “Just in time inventory”.  Watch the video below!

 

0:00: Meet Wilson Lau and Sam Joshi

0:32: We’re here to talk about “Just in time inventory”. What are some trends or things that you think make “just in time herbal ingredients” harder to secure these last few years?

2:09 - Overview of the Stakeholders in the Global Herbal Supply Chain

An overview of the supply chain:

  1. Government / Regulators
  2. Farmers / Wildcrafters
  3. Aggregators
  4. Processors
  5. Traders / Exporters  
  6. Logistic Providers
  7. Importers
  8. Manufacturers
  9. Distributors
  10. Brands
  11. Marketers
  12. Retailers /Platforms
  13. Consumers

3:32: Trends In Sourcing Ingredients Q2 2021

A look at transportation, international logistics, and shipping container shortages.

  1. Cost of Crops
  2. Hoarding of Ingredients
  3. Costs of Regulations
  4. Labor Shortages
  5. Environmental and Weather Patterns
  6. Crop Destruction

6:10: Getting Herbs and Botanicals Into The Country

The challenges with clearing and qualifying materials:

  1. Authorizations to Bring into the Country
  2. Testing and Lab Protocols
  3. FDA Labeling and Testing Requirements

8:08: What can companies do in order to minimize out of stocks and production delays?

8:15: The Importance of Data: Use your data and analytics. It does cost money to put those systems in place, but it’s an investment well worthy of spending the money/time/effort.

Use that data, that analysis, try and figure out what you can project and predict. have those dashboards available to you! You need to know how to use the data you have to stabilize your business and grow it.

14:06: Black swans in the supply chain and trends to watch