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Making Better Fulfillment Decisions On The Fly In An Online Retail Environment
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Book Synopsis Making Better Fulfillment Decisions on the Fly in an Online Retail Environment by : Jason Acimovic
Download or read book Making Better Fulfillment Decisions on the Fly in an Online Retail Environment written by Jason Acimovic and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Relative to brick-and-mortar retailers, online retailers have the potential to offer more options to their customers, with respect to both inventory as well as delivery times. To do this entails the management of a distribution network with more decision options than a traditional retailer. The online retailer, not the customer, decides from where items will ship, by what shipping method, and how or whether multiple-item orders will be broken up into multiple shipments. What is the best way to fulfill each customer's order to minimize average outbound shipping cost? We partner with an online retailer to examine this question. We develop a heuristic that makes fulfillment decisions by minimizing the immediate outbound shipping cost plus an estimate of future expected outbound shipping costs. These estimates are derived from the dual values of a transportation linear program (LP). In our experiments on industry data, we capture 36% of the opportunity gap assuming clairvoyance, leading to reductions in outbound shipping costs on the order of 1%. These cost savings are achieved without any deterioration in customer service levels or any increase in holding costs. The transportation LP also serves as the basis for a metric that provides information on the quality of the inventory position. Based on initial successful piloting, our industrial partner has implemented the metric, as well as a version of the heuristic that it is applying to every fulfillment decision for each of its SKUs in North America.
Book Synopsis Lowering Outbound Shipping Costs in an Online Retail Environment by Making Better Fulfillment and Replenishment Decisions by : Jason Andrew Acimovic
Download or read book Lowering Outbound Shipping Costs in an Online Retail Environment by Making Better Fulfillment and Replenishment Decisions written by Jason Andrew Acimovic and published by . This book was released on 2012 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: As online retailing - or e-tailing - continues to grow as more and more customers buy physical goods on the internet, finding ways to reduce the cost and environmental impact of outbound shipping in this sector will become increasingly important. We investigate the impact of making poor fulfillment and replenishment decisions using data obtained from a large American online retailer. Then, we propose implementable - i.e., computationally tractable and relatively intuitive - solutions for both the fulfillment and replenishment problems, both tested either on actual data from our industrial partner or on small but realistic models. We first focus on the fulfillment problem, namely, deciding from which warehouse(s) to fulfill a customer's order when several options exist. We propose a heuristic that utilizes the dual values of a transportation linear program to estimate the opportunity cost of depleting inventory from a warehouse. This linear program values inventory at a warehouse due to both its geography and the size of its catalogue. After showing that this linear program is asymptotically optimal - using concepts developed in airline network revenue management - we then test the heuristic on industry data, showing a 1% reduction in outbound shipping costs as compared to a myopic fulfillment policy. The last part of the thesis focuses on replenishment. Every period, for each item, the network places an order to restock all the warehouses. Complicating this decision are two factors. First, the orders will not arrive immediately, but rather require a lead time to be delivered. During this time a random number of customers will place orders with the network. Second, any customer's order may be filled from any warehouse, which becomes important when warehouses stock out of an item. Therefore, it is not trivial to calculate the optimal inventory to order to each warehouse. We show that using a standard replenishment policy - popular in practice - can lead to dynamics that result in increased outbound shipping costs. We propose a replenishment policy heuristic that is intuitive and performs well on examples. This heuristic has two variants: a simpler one that assumes deterministic demand, and a more complicated one that accounts for stochasticity.
Download or read book Fast Fulfillment written by Sanchoy Das and published by Business Expert Press. This book was released on 2021-08-09 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides insights and process details of how to design and build disruptive innovations, so that you are not flying blind or just throwing darts in an effort to pivot/expand to the online order fulfillment world. The fulfillment machine is the delivery side infrastructure of an online business, it is the physical and digital innovations which make it possible to immediately deliver customer orders. Customers want to order everything, while sitting on their couch and they want immediate fulfillment. Fast fulfillment is happening, and everyone knows that, but most are scared of it. Many experts describe the wonders of online retail, but none explains what fast fulfillment is or propose a solution to building a fast fulfillment machine. Managers are frustrated just reading about how great Amazon is, and how startups are innovating fantastic technology driven processes. Here is the book, written in a simple easy to read style which unravels the technical mystery of the fulfillment machine. It levels the knowledge field, reveals the secrets of fast fulfillment, and helps the reader construct a plan to innovate and be ready to face the disruptors. What is happening in retail is contagious across industries, there are no wide moats. Managers and engineers are rushing to redesign their supply chains into fast fulfillment machines. This book provides insights and process details of how to design and build disruptive innovations, so that you are not flying blind or just throwing darts in an effort to pivot/expand to the online order fulfillment world. The book does not story-tell the fast fulfillment machine, it is informative and instructive.
Book Synopsis Research Handbook on Inventory Management by : Jing-Sheng J. Song
Download or read book Research Handbook on Inventory Management written by Jing-Sheng J. Song and published by Edward Elgar Publishing. This book was released on 2023-08-14 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive Handbook provides an overview of state-of-the-art research on quantitative models for inventory management. Despite over half a century’s progress, inventory management remains a challenge, as evidenced by the recent Covid-19 pandemic. With an expanse of world-renowned inventory scholars from major international research universities, this Handbook explores key areas including mathematical modelling, the interplay of inventory decisions and other business decisions and the unique challenges posed to multiple industries.
Book Synopsis The Oxford Handbook of Supply Chain Management by : Thomas Y. Choi
Download or read book The Oxford Handbook of Supply Chain Management written by Thomas Y. Choi and published by Oxford University Press. This book was released on 2021-08-30 with total page 815 pages. Available in PDF, EPUB and Kindle. Book excerpt: Supply chain management contends with structures and processes for delivering goods and services to customers. It addresses the core functions of connected businesses to meet downstream demand. This innovative volume provides an authoritative and timely guide to the overarching issues that are ubiquitous throughout the supply chain. In particular, it addresses emerging issues that are applicable across supply chains--such as data science, financial flows, human capital, internet technologies, risk management, cyber security, and supply networks. With chapters from an international roster of leading scholars in the field, the Oxford Handbook of Supply Chain Management is a necessary resource for all students and researchers of the field as well as for forward-thinking practitioners.
Book Synopsis Operations in an Omnichannel World by : Santiago Gallino
Download or read book Operations in an Omnichannel World written by Santiago Gallino and published by Springer Nature. This book was released on 2019-10-15 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world of retailing has changed dramatically in the past decade. Sales originating at online channels have been steadily increasing, and even for sales transacted at brick-and-mortar channels, a much larger fraction of sales is affected by online channels in different touch points during the customer journey. Shopper behavior and expectations have been evolving along with the growth of digital channels, challenging retailers to redesign their fulfillment and execution processes, to better serve their customers. This edited book examines the challenges and opportunities arising from the shift towards omni- channel retail. We examine these issues through the lenses of operations management, emphasizing the supply chain transformations associated with fulfilling an omni-channel demand. The book is divided into three parts. In the first part, “Omni-channel business models”, we present four studies that explore how retailers are adjusting their fundamental business models to the new omni-channel landscape. The second part, “Data-driven decisions in an omni-channel world”, includes five chapters that study the evolving data opportunities enabled by omni-channel retail and present specific examples of data-driven analyses. Finally, in the third part, “Case studies in Omni-channel retailing”, we include four studies that provide a deep dive into how specific industries, companies and markets are navigating the omni-channel world. Ultimately, this book introduces the reader to the fundamentals of operations in an omni-channel context and highlights the different innovative research ideas on the topic using a variety of methodologies.
Book Synopsis Operational Research by : João Paulo Almeida
Download or read book Operational Research written by João Paulo Almeida and published by Springer Nature. This book was released on 2024-01-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the XXII Congress of APDIO – IO 2022 which is the 22nd edition of the regular meeting of the Portuguese Association of Operational Research (APDIO). The APDIO regular meetings aim to gather Portuguese and international researchers, scholars and practitioners, as well as M.Sc. and Ph.D. students, working in the field of Operations Research to present and discuss their latest research works. The main theme of the XXII Congress of APDIO is OR in Turbulent Times: Adaptation and Resilience. Readers find interesting results and applications of Operational Research cutting-edge methods and techniques in the wide variety of the addressed problems. Of particular interest are the applications of, among others, linear, nonlinear and mixed-integer programing, multiobjective optimization, metaheuristics and hybrid heuristics, multicriteria decision analysis, data envelopment analysis, simulation, clustering techniques and decision support systems, in different areas such as, supply chain management, scheduling problems, production management, logistics, energy, telecommunications, finance and health.
Book Synopsis The Routledge Companion to Production and Operations Management by : Martin K. Starr
Download or read book The Routledge Companion to Production and Operations Management written by Martin K. Starr and published by Routledge. This book was released on 2017-03-27 with total page 1264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This remarkable volume highlights the importance of Production and Operations Management (POM) as a field of study and research contributing to substantial business and social growth. The editors emphasize how POM works with a range of systems—agriculture, disaster management, e-commerce, healthcare, hospitality, military systems, not-for-profit, retail, sports, sustainability, telecommunications, and transport—and how it contributes to the growth of each. Martin K. Starr and Sushil K. Gupta gather an international team of experts to provide researchers and students with a panoramic vision of the field. Divided into eight parts, the book presents the history of POM, and establishes the foundation upon which POM has been built while also revisiting and revitalizing topics that have long been essential. It examines the significance of processes and projects to the fundamental growth of the POM field. Critical emerging themes and new research are examined with open minds and this is followed by opportunities to interface with other business functions. Finally, the next era is discussed in ways that combine practical skill with philosophy in its analysis of POM, including traditional and nontraditional applications, before concluding with the editors’ thoughts on the future of the discipline. Students of POM will find this a comprehensive, definitive resource on the state of the discipline and its future directions.
Book Synopsis Principles of Supply Chain Management and Their Implications by : Jack Muckstadt
Download or read book Principles of Supply Chain Management and Their Implications written by Jack Muckstadt and published by Springer Nature. This book was released on with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Transformational Innovation in the Creative and Cultural Industries by : Alison Rieple
Download or read book Transformational Innovation in the Creative and Cultural Industries written by Alison Rieple and published by Taylor & Francis. This book was released on 2023-06-13 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides insights into how common strategic contingencies drives competitive advantage and innovation in the different clusters Provides an historical overview of how innovation has developed, and therefore how it might develop in the future Includes coverage of how COVID has impacted creative and cultural industry innovation and operating practices and their implications for a post COVID landscape
Book Synopsis Order Fulfillment Algorithms for Online Retail by : Pin-Yi Chen
Download or read book Order Fulfillment Algorithms for Online Retail written by Pin-Yi Chen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study an order fulfillment problem in an online-retail setting where the retailer's fulfillment system includes warehouses that hold inventory (fulfillment centers), and a transportation network composed of node facilities and transportation arcs. To minimize the total transportation costs for order fulfillment, the online retailer should plan its transportation capacities properly in advance and execute according to the transportation plan by making smart fulfillment decisions. To fulfill a customer order, the online retailer must decide from where to source the inventory needed for the order, as well as how to route the order to the customer to satisfy a delivery time commitment. In this research we focus on the latter decision, namely choosing the route for each order. The online retailer has full control of its transportation system in both planning and execution; in addition, the online retailer can rely on third party carriers to transport some of its orders. We design an order fulfillment algorithm that makes immediate routing decisions for incoming orders. To determine the route to assign to an order, we compare the costs of all feasible routes. For routes that use retailer-controlled resources, we need to account for the opportunity costs associated with these resources. We propose to do this with the dual values from a transportation quadratic program, which tries to account for the uncertainty of the network flows to estimate the opportunity costs of depleting resources in the transportation network. The dual values are updated periodically with the most updated system states that include resource capacities and demand forecasts. We numerically test our algorithm on a realistic network with inputs inspired by the actual data from our industry collaborator. We compare our algorithm with several benchmark algorithms, including a LP-based algorithm that mimics the algorithm in the retailer's current operating system. The experiments show a 50% reduction in the mean percentage difference in shipping cost from the hindsight solution as compared to the LP-based algorithm. In addition to the fulfillment algorithm, we formulate a capacity planning problem that determines the optimal level of transportation resources in the network for a given demand forecast. When the demand deviates from the planned capacity by a lot, adding or removing planned resources becomes a crucial cost-saving mechanism. Motivated by this, we propose ad hoc truck controllers that make online capacity modification decisions and test it with small examples.
Book Synopsis Multi-Item Online Order Fulfillment by : Yanyang Zhao
Download or read book Multi-Item Online Order Fulfillment written by Yanyang Zhao and published by . This book was released on 2020 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The boom of e-commerce in the globe in recent years has expedited the expansion of fulfillment infrastructures by e-retailers. While e-retailers are building more warehouses to offer faster delivery service than ever, the associated fulfillment costs have skyrocketed over the past decade. In this paper, we study the problem of minimizing fulfillment costs, in which an e-retailer must decide which warehouse(s) to fulfill each order from, subject to warehouses' inventory constraints. The e-retailer can split an order, at an additional cost, and fulfill it from different warehouses. It is notoriously challenging to make effective real-time fulfillment decisions at the occurrence of order split, which has become a major problem for e-retailers.We focus on a two-layer distribution network that has been implemented in practice by major e-retailers. We analyze the performance of fulfillment policies that do not rely on demand forecasts. We show that, under an assumption that aligns with the practice of most e-retailers, a myopic policy achieves a constant performance ratio compared to an optimal clairvoyant algorithm. We further show that this ratio is tight. More generally, we characterize the performance guarantees of the myopic policy in terms of the cost parameters of the model. Finally, we complement our theoretical results by conducting a numerical study and demonstrate the good performance of the myopic policy.
Book Synopsis Joint Inventory and Fulfillment Decisions for Omnichannel Retail Networks by : Aravind Govindarajan
Download or read book Joint Inventory and Fulfillment Decisions for Omnichannel Retail Networks written by Aravind Govindarajan and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: With e-commerce growing at a rapid pace compared to traditional retail, many brick-and-mortar firms are supporting their online growth through an integrated omnichannel approach. Such integration can lead to reduction in cost that can be achieved through efficient inventory management. A retailer with a network of physical stores and fulfillment centers facing two demands (online and in-store) has to make important, interlinked decisions - how much inventory to keep at each location and where to fulfill each online order from, as online demand can be fulfilled from any location. We consider order-up-to policies for a general multi-period model with multiple locations and zero lead time, and online orders fulfilled multiple times in each period. We first focus on the case where fulfillment decisions are made at the end of each period, which allows separate focus on the inventory decision. We develop a simple, scalable heuristic for the multi-location problem based on analysis from the two-store case, and prove its asymptotic near-optimality for large number of omnichannel stores under certain conditions. We extend this to the case where fulfillment is done multiple times within a period and combine it with a simple, threshold-based fulfillment policy which reserves inventory at stores for future in-store demand. With the help of a realistic numerical study based on a fictitious retail network embedded in mainland USA, we show that the combined heuristic outperforms a myopic, decentralized planning strategy under a variety of problem parameters, especially when there is an adequate mix of online and in-store demands. Extensions to positive lead times are discussed.
Book Synopsis Column Generation by : Guy Desaulniers
Download or read book Column Generation written by Guy Desaulniers and published by Springer Science & Business Media. This book was released on 2006-03-20 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Column Generation is an insightful overview of the state of the art in integer programming column generation and its many applications. The volume begins with "A Primer in Column Generation" which outlines the theory and ideas necessary to solve large-scale practical problems, illustrated with a variety of examples. Other chapters follow this introduction on "Shortest Path Problems with Resource Constraints," "Vehicle Routing Problem with Time Window," "Branch-and-Price Heuristics," "Cutting Stock Problems," each dealing with methodological aspects of the field. Three chapters deal with transportation applications: "Large-scale Models in the Airline Industry," "Robust Inventory Ship Routing by Column Generation," and "Ship Scheduling with Recurring Visits and Visit Separation Requirements." Production is the focus of another three chapters: "Combining Column Generation and Lagrangian Relaxation," "Dantzig-Wolfe Decomposition for Job Shop Scheduling," and "Applying Column Generation to Machine Scheduling." The final chapter by François Vanderbeck, "Implementing Mixed Integer Column Generation," reviews how to set-up the Dantzig-Wolfe reformulation, adapt standard MIP techniques to the column generation context (branching, preprocessing, primal heuristics), and deal with specific column generation issues (initialization, stabilization, column management strategies).
Book Synopsis Retailing in the 21st Century by : Manfred Krafft
Download or read book Retailing in the 21st Century written by Manfred Krafft and published by Springer Science & Business Media. This book was released on 2009-12-17 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: With crisp and insightful contributions from 47 of the world’s leading experts in various facets of retailing, Retailing in the 21st Century offers in one book a compendium of state-of-the-art, cutting-edge knowledge to guide successful retailing in the new millennium. In our competitive world, retailing is an exciting, complex and critical sector of business in most developed as well as emerging economies. Today, the retailing industry is being buffeted by a number of forces simultaneously, for example the growth of online retailing and the advent of ‘radio frequency identification’ (RFID) technology. Making sense of it all is not easy but of vital importance to retailing practitioners, analysts and policymakers.
Book Synopsis Quantitative Approaches to Distribution Logistics and Supply Chain Management by : Andreas Klose
Download or read book Quantitative Approaches to Distribution Logistics and Supply Chain Management written by Andreas Klose and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: Increasing customer needs, the globalization of markets and the evolution of e-commerce add to the complexity of logistic processes. In today's business, it is well understood that an effective management of logistic processes is impossible without the use of computer-based tools and quantitative methods. This book presents in a systematic way quantitative approaches to distribution logistics and supply chain management. The main orientation of the book is towards practical problem solving, and numerous case studies and practical applications are presented. The topics covered include: supply chain management, revers logistics, e-commerce, facility location and network planning, vehicle routing, warehousing, inventory control.
Download or read book Results written by Bruce A. Pasternack and published by Crown Business. This book was released on 2005-10-18 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every company has a personality. Does yours help or hinder your results? Does it make you fit for growth? Find out by taking the quiz that’s helped 50,000 people better understand their organizations at OrgDNA.com and to learn more about Organizational DNA. Just as you can understand an individual’s personality, so too can you understand a company’s type—what makes it tick, what’s good and bad about it. Results explains why some organizations bob and weave and roll with the punches to consistently deliver on commitments and produce great results, while others can’t leave their corner of the ring without tripping on their own shoelaces. Gary Neilson and Bruce Pasternack help you identify which of the seven company types you work for—and how to keep what’s good and fix what’s wrong. You’ll feel the shock of recognition (“That’s me, that’s my company”) as you find out whether your organization is: • Passive-Aggressive (“everyone agrees, smiles, and nods, but nothing changes”): entrenched underground resistance makes getting anything done like trying to nail Jell-O to the wall • Fits-and-Starts (“let 1,000 flowers bloom”): filled with smart people pulling in different directions • Outgrown (“the good old days meet a brave new world”): reacts slowly to market developments, since it’s too hard to run new ideas up the flagpole • Overmanaged (“we’re from corporate and we’re here to help”): more reporting than working, as managers check on their subordinates’ work so they can in turn report to their bosses • Just-in-Time (“succeeding, but by the skin of our teeth”): can turn on a dime and create real breakthroughs but also tends to burn out its best and brightest • Military Precision (“flying in formation”): executes brilliant strategies but usually does not deal well with events not in the playbook • Resilient (“as good as it gets”): flexible, forward-looking, and fun; bounces back when it hits a bump in the road and never, ever rests on its laurels For anyone who’s ever said, “Wow, that’s a great idea, but it’ll never happen here” or “Whew, we pulled it off again, but I’m tired of all this sprinting,” Results provides robust, practical ideas for becoming and remaining a resilient business. Also available as an eBook From the Hardcover edition.
