According to Investopedia, the cost of goods sold, or COGS, refers to the “direct costs of producing the goods sold by a company.” To calculate cost of goods sold, take your beginning inventory costs, add your purchases during the accounting period and subtract your ending inventory.

There are many benefits to implementing a supply chain management system, from reducing overhead costs to mitigating risk. Although supply chain management has been around for 100+ years, its widespread recognition came in the mid-1990s as a result of globalization in manufacturing, particularly Asia.

The launch of Rocky River, OH-based Zirks has not only been met with great excitement by those in the fastener distribution world, but in the local community as well.

Lead times have long plagued manufacturing, procurement and supply chains. Simple math tells us the shorter the lead time, the shorter the return on investment. On the flip side, long lead times can mean inaccurate market demand, unhappy customers, loss in revenue and…well, you get it.