Today’s entry to win the The 100 Greatest Supply Management Tips of All Time! contest is one of my personal favorites. It offers good advice for how to approach supplier negotiation and management:

• Predictability is more important than time: Fixed, reliable lead times are more important than the length of the lead time. The importance of lead time in inventory is seen in the expression, “uncertainty is the mother of inventory.” The length of lead time is of secondary importance to the variability and uncertainness in the lead time. Examine lead times throughout the supply chain, involving all of the different players and interests.

Of course, considering the volatility and unpredictability of lead times, a better phrase might be, “Uncertainty is the mother-in-law of inventory.” (Truth be told, my own mother-in-law is a saint. But I couldn’t miss the opportunity for a good – albeit predictable – joke.)

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