US retail trade to settle in 2022 after a buoyant 2021

2021 ◽  
Keyword(s):  
Inventory Management ◽  
Department Store ◽  
Retail Trade ◽  
Content Type ◽  
Pricing Power

Significance Department store and speciality retailers head into December, the month that makes or breaks their annual profits, in better shape than for many years. Raising profitability, the pandemic accelerated the shuttering of unprofitable stores, expanded e-commerce and tightened inventory management. Revenue was boosted by consumers spending more on goods and less on in-person services during lockdowns Impacts Newfound pricing power is helping retailers offset rising labour, shipping and stock costs. Inflation will disproportionately inflate sales values compared with sales volumes. Surveys suggest that consumers think the pandemic has permanently changed shopping habits more than retailers.

A systematic literature review of healthcare supply chain and implications of future research

2019 ◽  
Vol 13 (4) ◽  
pp. 405-435 ◽  
Author(s):  
Anuj Dixit ◽  
Srikanta Routroy ◽  
Sunil Kumar Dubey
Keyword(s):  
Supply Chain ◽  
Literature Review ◽  
Inventory Management ◽  
Cold Chain ◽  
Future Research ◽  
Research Papers ◽  
Content Type ◽  
Drug Manufacturing ◽  
Customer Training

Purpose This paper aims to review the healthcare supply chain (HSC) literature along various areas and to find out the gap in it. Design/methodology/approach In total, 143 research papers were reviewed during 1996-2017. A critical review was carried out in various dimensions such as research methodologies/data collection method (empirical, case study and literature review) and inquiry mode of research methodology (qualitative, quantitative and mixed), country-specific, targeted area, research aim and year of publication. Findings Supply chain (SC) operations, performance measurement, inventory management, lean and agile operation, and use of information technology were well studied and analyzed, however, employee and customer training, tracking and visibility of medicines, cold chain management, human resource practices, risk management and waste management are felt to be important areas but not much attention were made in this direction. Research limitations/implications Mainly drug and vaccine SC were considered in current study of HSC while SC along healthcare equipment and machine, hospitality and drug manufacturing related papers were excluded in this study. Practical implications This literature review has recognized and analyzed various issues relevant to HSC and shows the direction for future research to develop an efficient and effective HSC. Originality/value The insight of various aspects of HSC was explored in general for better and deeper understanding of it for designing of an efficient and competent HSC. The outcomes of the study may form a basis to decide direction of future research.

State-of-the-art literature review on inventory models for perishable products

2018 ◽  
Vol 15 (3) ◽  
pp. 306-346 ◽  
Author(s):  
Vaibhav Chaudhary ◽  
Rakhee Kulshrestha ◽  
Srikanta Routroy
Keyword(s):  
Inventory Management ◽  
Systemic Review ◽  
Current Status ◽  
Future Research ◽  
Inventory Models ◽  
Research Gaps ◽  
Content Type ◽  
Perishable Items ◽  
Perishable Inventory ◽  
The Future

PurposeThe purpose of this paper is to review and analyze the perishable inventory models along various dimensions such as its evolution, scope, demand, shelf life, replenishment policy, modeling techniques and research gaps.Design/methodology/approachIn total, 418 relevant and scholarly articles of various researchers and practitioners during 1990-2016 were reviewed. They were critically analyzed along author profile, nature of perishability, research contributions of different countries, publication along time, research methodologies adopted, etc. to draw fruitful conclusions. The future research for perishable inventory modeling was also discussed and suggested.FindingsThere are plethora of perishable inventory studies with divergent objectives and scope. Besides demand and perishable rate in perishable inventory models, other factors such as price discount, allow shortage or not, inflation, time value of money and so on were found to be combined to make it more realistic. The modeling of inventory systems with two or more perishable items is limited. The multi-echelon inventory with centralized decision and information sharing is acquiring lot of importance because of supply chain integration in the competitive market.Research limitations/implicationsOnly peer-reviewed journals and conference papers were analyzed, whereas the manuals, reports, white papers and blood-related articles were excluded. Clustering of literature revealed that future studies should focus on stochastic modeling.Practical implicationsStress had been laid to identify future research gaps that will help in developing realistic models. The present work will form a guideline to choose the appropriate methodology(s) and mathematical technique(s) in different situations with perishable inventory.Originality/valueThe current review analyzed 419 research papers available in the literature on perishable inventory modeling to summarize its current status and identify its potential future directions. Also the future research gaps were uncovered. This systemic review is strongly felt to fill the gap in the perishable inventory literature and help in formulating effective strategies to design of an effective and efficient inventory management system for perishable items.

Effects of CEO and COO overconfidence on the firm's inventory leanness

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bowon Kim ◽  
Jaeseog Na
Keyword(s):  
Inventory Management ◽  
Operations Management ◽  
Market Competition ◽  
Chief Executive ◽  
Stock Option ◽  
Behavioral Characteristics ◽  
Firm Level ◽  
Content Type ◽  
Top Managers ◽  
Managerial Overconfidence

PurposeThis study examines whether the behavioral attributes, such as overconfidence, of chief executive officers (CEO) and chief operating officers (COO) affect firm's inventory leanness. If they do, how are they interacting with each other? Moreover, incorporating market competition into the analysis, this study explores how the competition moderates the relationship between managerial overconfidence and inventory leanness.Design/methodology/approachUsing a large panel data of US manufacturing firms between 1998 and 2015, this study measures top managers' overconfident characteristics using stock option information. Then, a panel regression analysis is adopted to test the effects of managerial overconfidence on inventory leanness. Moreover, a moderation model is applied to investigate the interaction effects of market competition.FindingsFirms with overconfident COOs (CEOs), other circumstances being equal, increase (decrease) the inventory leanness as the market becomes more competitive.Practical implicationsThe study suggests that firms should understand top managers' behavioral characteristics to manage inventory efficiently. Collectively, CEOs (COOs) tend to increase (decrease) inventory levels due to their overconfidence as the market gets competitive. Firms should establish a systematic process to be reviewed by diverse stakeholders to deal with managerial overconfidence.Originality/valueThis study is an exploratory study that examines whether and how top management's behavioral attribute relates to a firm's operations performance. It underlines that CEO and COO's overconfident characteristics determine the inventory leanness when market competition is considered. Numerous studies on firm-level strategies emphasized the top managers' overconfidence as a key factor. However, behavioral characteristics at the top management level have rarely been studied in operations management fields. Based on the results, scholars could compare and understand the effects of CEO and COO overconfidence to provide insights into inventory management.

Exploring the influence of store attributes on customer experience and customer engagement

2017 ◽  
Vol 45 (11) ◽  
pp. 1138-1158 ◽  
Author(s):  
Suhaily Mohd-Ramly ◽  
Nor Asiah Omar
Keyword(s):  
Structural Equation ◽  
Department Store ◽  
Customer Experience ◽  
Customer Engagement ◽  
Equation Modeling ◽  
Original Research ◽  
Retail Sector ◽  
Term Survival ◽  
Content Type ◽  
Store Attributes

Purpose The global retail landscape has changed drastically. The rising role of Asia as one of the fastest growing international retail penetration and expansion will continue to make the region to be the driving force in world economic growth. However, the ambitious expansion plans are making the retail sector to be more challenging. Emphasizing on the customer experience and enhancing the value proposition to customers are undeniably vital factors for the long-term survival of any retail business. Therefore, the purpose of this paper is to examine the influence of store attributes on customer experience and customer engagement in the context of department store in Malaysia. Subsequently, the influence of customer experience on customer engagement is also analyzed. Design/methodology/approach Using drop and collect survey, 484 valid responses of department store cardholders of age 18 years and above in the area Klang Valley, Malaysia, were collected. PLS structural equation modeling was used to test the hypotheses of this study. Findings Results revealed that customer experience is influenced by merchandise, store atmosphere, and loyalty program, while customer engagement is influenced by merchandise, communication, interpersonal communication, and loyalty. In contrast, post-transaction services were found to have non-significant impact on both customer experience and customer engagement. Analysis also revealed a strong relationship between customer experience and customer engagement. Research limitations/implications This study is carried out on customers of department store in Malaysia. However, the researchers urge other researchers to replicate the study from different countries and category of department stores. Originality/value Retail researchers recognize little knowledge on the contribution of store attributes to customer experience and customer engagement. This paper represents original research that encourages foreign retailers to employ service-dominant logic as a new marketing thought in designing strong customer engagement and experience strategies to capture the Malaysia market.

scholarly journals Framework for successful supply chain implementation in healthcare area from provider’s prospective

2018 ◽  
Vol 12 (2) ◽  
pp. 135-145 ◽  
Author(s):  
Ik-Whan Kwon ◽  
Sung-Ho Kim
Keyword(s):  
Health Care ◽  
Supply Chain ◽  
Inventory Management ◽  
Health Care Providers ◽  
Management Practices ◽  
Cost Of Care ◽  
Care Providers ◽  
Financial Health ◽  
Content Type ◽  
Supply Chain Finance

Purpose This paper aims to explore avenue where suppliers and manufacturers are aligned with health-care providers to improve supply chain visibility. Supply chain finance is explored to link suppliers/manufacturers with health-care providers. Design/methodology/approach Existing literature on supply chain visibility in health care forms a basis to achieve the study purpose. Alignment calls also for financial health where supply chain partners’ working capital is readily available to execute joint supply chain plan. Findings There is a disjoint in supply chain alliance between suppliers/manufacturers and providers where providers are unable to trace the origin of supplies. Quality care suffers and cost of care rises as providers search for supplies on an emergency basis. This paper provides a framework where solution can be formulated. Research limitations/implications Suppliers/manufactures form a direct strategic alliance with providers where product visibility enables health-care providers with a better patient management with lower cost of supplies. Inventory management and logistics cost will be lowered as better planning/forecasting is in place. This paper does not call for testing any hypothesis. Perhaps, next move along this line will be to investigate financial health of supply chain partners based on supplier relationship management practices. Originality/value This paper proposes health-care supply chain as an alternative solution to achieve the following twin purposes: controlling the cost while improving quality of care through supply chain finance. As far as we know, this study is the first attempt to achieve the goals.

Off-price versus price-off

2014 ◽  
Vol 42 (10) ◽  
pp. 902-928 ◽  
Author(s):  
Ronald L. Hess Jr ◽  
Lawrence Ring
Keyword(s):  
Marketing Research ◽  
Extreme Points ◽  
Department Store ◽  
Future Research ◽  
Department Stores ◽  
Content Type ◽  
Store Attributes ◽  
The Us ◽  
Retail Format ◽  
Retail Formats

Purpose – The purpose of this paper is to better understand the unique competitive positioning characteristics of off-price retailers and how they compare to other types of retailers. The authors compare off-price and upscale off-price retailers with four major formats of retailers: first, discount department store/warehouse club retailers; second, moderate department store retailers; third, department store retailers; and finally, specialty department store retailers. Design/methodology/approach – The paper employs a representative sample that was randomly drawn from four primary metropolitan cities in the USA. The data were collected using telephone interviews by a prominent, marketing research firm. A series of discriminant analyses were conducted to examine the data. Findings – The findings of the paper indicate that the off-price formats were consistently positioned at extreme points along the price/value continuum, signifying the strongest value-orientation among the other retail formats. The authors also found that while the upscale off-price format followed the specialty department stores in terms of fashion. The results point to an important disadvantage of the off-price format – although strong on price/value, they often fall short on fashion and many other store attributes that may be important to luxury-oriented customers. Research limitations/implications – The paper employed a sample from several cities collected using a telephone interview methodology within the US. Due to these limitations, the findings of this paper may be hampered by this methodology and not generalize to regions outside of the US. Future research should examine how the demise of most of the upscale off-price retailers and growth of flash web sites have changed the competitive structure of retailing. Practical implications – The results demonstrate that the positioning of the off-price retail format is unique from other formats. The retail formats occupy distinct positions. The off-price retail format is strongly associated with the price/value position but only moderately fashionable to customers, especially when compared with the department and specialty department store formats. In contrast, the upscale off-price format, while also strongly positioned along the price/value continuum, is considered much more fashionable than the off-price retail format. In fact, the upscale off-price retail format only trails the specialty department store format in terms of fashion. Originality/value – The unique characteristics of the off-price retail format and growing interest from upscale department stores underscores the need for a comprehensive understanding of the motives of the off-price shopper. This paper provides retailers with a more complete understanding of the store attributes that differentiate the off-price retail format from other major retail store formats. The overall objective of this study is to offer a comprehensive view of the positioning of off-price retailers compared with many alternative retail formats.

Logistics practices in healthcare organizations in Bogota

2018 ◽  
Vol 31 (3) ◽  
pp. 519-533 ◽  
Author(s):  
Nubia Velasco ◽  
Juan-Pablo Moreno ◽  
Claudia Rebolledo
Keyword(s):  
Information And Communication Technologies ◽  
Inventory Management ◽  
Case Study Research ◽  
Communication Technologies ◽  
Public Hospitals ◽  
Future Research ◽  
Healthcare Organizations ◽  
Content Type ◽  
Information And Communication ◽  
Cross Case Analysis

Purpose The purpose of this paper is to explore the current state of logistics practices in healthcare organizations in Bogota, Colombia. Design/methodology/approach The assessment is based on case study research using open interviews, focused interviews, a questionnaire and direct observations as sources of evidence. Seven Colombian health care settings are analyzed: four public hospitals and three private clinics. Cross-case analysis allows the identification of patterns regarding supply management, inventory management, replenishment and use of information and communication technologies. Findings Manual procedures, poor planning, little recognition from top management and a lack of specialized personnel characterize the current situation. Innovative practices with a potential to improve the efficacy of logistics activities are rare, particularly in public hospitals. Research avenues Future research could replicate this study in other Colombian cities, in order to generalize the results to the whole country. It could also be interesting to document successful and less successful implementations of innovative logistics practices in Colombian hospitals to guide and promote their adoption. Research limitations/implications The small number of cases considered, and the fact that the research is concentrated in one city, limits the generalizability of the results. Originality/value To the best of the authors’ knowledge, this research is the first to explore the state of healthcare logistics practices in Colombia.

Preventive maintenance planning considering machines’ reliability using group technology

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Farouq Alhourani ◽  
Jean Essila ◽  
Bernie Farkas
Keyword(s):  
Inventory Management ◽  
Virtual Machine ◽  
Preventive Maintenance ◽  
Clustering Algorithm ◽  
Group Technology ◽  
Heuristic Method ◽  
Similarity Coefficient ◽  
Reliability Factor ◽  
Content Type ◽  
Coefficient Method

PurposeThe purpose of this paper is to develop an efficient and effective preventive maintenance (PM) plan that considers machines’ maintenance needs in addition to their reliability factor.Design/methodology/approachSimilarity coefficient method in group technology (GT) philosophy is used. Machines’ reliability factor is considered to develop virtual machine cells based on their need for maintenance according to the type of failures they encounter.FindingsUsing similarity coefficient method in GT philosophy for PM planning results in grouping machines based on their common failures and maintenance needs. Using machines' reliability factor makes the plan more efficient since machines will be maintained at the same time intervals and when their maintenance is due. This helps to schedule a standard and efficient maintenance process where maintenance material, tools and labor are scheduled accordingly.Practical implicationsThe proposed procedure will assist maintenance managers in developing an efficient and effective PM plans. These maintenance plans provide better inventory management for the maintenance materials and tools needed using the developed virtual machine cells.Originality/valueThis paper presents a new procedure to implement PM using the similarity coefficient method in GT. A new similarity coefficient equation that considers machines reliability is developed. Also a clustering algorithm that calculates the similarity between machine groups and form virtual machine cells is developed. A numerical example adopted from the literature is solved to demonstrate the proposed heuristic method.

An inherent differentiation and system level assessment approach to inventory management

2019 ◽  
Vol 30 (2) ◽  
pp. 663-680 ◽  
Author(s):  
Patrik Jonsson ◽  
Stig-Arne Mattsson
Keyword(s):  
Inventory Management ◽  
Negative Impact ◽  
Positive Impact ◽  
System Level ◽  
Group Level ◽  
Fill Rate ◽  
Stock Performance ◽  
Safety Stock ◽  
Content Type ◽  
Rate Method

Purpose The purpose of this paper is to explain the effects of inherent differentiation and system level performance assessment in inventory management. This is done by comparing the performance of two common safety stock methods, by considering the methods’ inherent differentiation and item group-level performance effects. Design/methodology/approach Due to the lack of analytical relationships between the two methods, the analysis is based on event-driven simulations. Data are collected from eight different case companies. Findings explain the importance of assessing safety stock performance for groups of items and not for individual items, as is common in academic studies. It explains how the methods’ inherent differentiation and planning environment characteristics affect the relative performances of the two safety stock methods. Findings The study explains the importance of assessing performance of safety stock methods on a system-level, rather than on item-level measures. It explains why the demand fill-rate method has a negative impact on the performance for groups of items, while the number-of-days method has a positive impact. The study also explains how the group-level safety stock performance is affected by five demand data characteristics. Research limitations/implications The study explains the importance of assessing performance of safety stock methods on a system-level, rather than on item-level measures. It explains why the demand fill-rate method has a negative impact on the performance for groups of items, while the number-of-days method has a positive impact. The study also explains how the group-level safety stock performance is affected by five demand data characteristics. Practical implications Understanding the necessity of system level assessment of safety stock performance, how methods inherently differentiate service levels, and how demand characteristics affect methods’ performance can guide the choice of safety stock methods in companies. Originality/value No research on the characteristics of the number-of-days safety stock method, any assessment of differentiation characteristics of and comparison with the demand fill-rate method, has been published. The variable “inherent differentiation” is also introduced and defined.

Detecting counterfeit pharmaceutical drugs

2019 ◽  
Vol 26 (4) ◽  
pp. 1027-1047
Author(s):  
Dominic Peltier-Rivest ◽  
Carl Pacini
Keyword(s):  
Supply Chain ◽  
Inventory Management ◽  
Prevention Strategy ◽  
Pharmaceutical Drugs ◽  
Counterfeit Drugs ◽  
Pharmaceutical Supply Chain ◽  
Content Type ◽  
Forensic Accounting ◽  
Recent Estimate ◽  
Multi Stakeholder

Purpose This paper aims to analyze drug counterfeiting, explains its risk factors and operating and legal environments reviews recent legal cases and develops a multi-stakeholder prevention strategy that includes forensic accounting methods. Design/methodology/approach This is a theoretical study based on legal case studies and the best forensic accounting strategies. Findings Pharmaceutical drug counterfeiting is a fast-growing fraud that so far has attracted little attention from forensic accountants. A recent estimate projects that criminals collect around $75bn annually in illicit sales from counterfeit drugs (Bairu, 2015). Pharmaceutical counterfeiting also leads to the loss of lives when criminals use lethal chemicals in the manufacturing of fake medicines (Liang, 2006a; Brown, 2005). Because the detection of drug counterfeiting is extremely difficult after fake medicines have been ingested by patients, the strategy developed in this paper is based on early discovery by using reliable tracking technologies and inventory management controls in the supply chain, conducting effective regulatory and legitimate customs inspections, and increasing consumer awareness of basic forensic accounting tools. Research limitations/implications This paper extends previous research by integrating various factors into a single multi-stakeholder prevention framework. Practical implications The paper presents a synthesized, comprehensive view of the drug fraud epidemic and analyzes concrete steps that can be taken to protect the pharmaceutical supply chain to reduce the loss of lives and monetary injuries. Originality/value No previous research has analyzed this issue from a multi-stakeholder point of view and used forensic accounting tools to complement a prevention strategy. The drug counterfeiting prevention strategy developed in this paper addresses the supply side, the regulatory enforcement side and the demand side.

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