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Inventory KPI is important in any customer-oriented organization, from suppliers down to the end users. In the aviation industry, for instance, the end users may be the pilot, the flight crew or the passengers. With the field of aviation changing its business paradigm into something new, so does its inventory KPI as well.

Newer business models are currently being used in the aerospace industry. The focus may be on the use of narrow jets, wide bodied jets, low-cost carriers and many others. Inventory KPI is important in the supply of service facilities at global locations that are strategically dispersed to enable proper aircraft servicing. Many airline companies see just how important it is to be able to provide full service to ensure competitive edge. Moreover, in a military environment, tracking of inventory KPI is of even crucial importance as well, especially with the escalating use of net centric warfare and rapid reaction.

Also, new players with a varied geographical spread are entering the commercial aviation business. Especially in the aerospace industrys globally interdependent environment, effective and efficient management in logistics can spell a huge difference between profit and loss.

Good inventory management and measurement of inventory KPI can boost airline operations, resulting to an increase in sales and more economic benefits for locations where these airlines operate. Traditional inventory KPIs for handling stock control include ABC classification for parts based on frequency of use and value; measurement of stock turns and service level responsiveness and recording the rate of daily receipts.

These measures show that airline companies can boost its competitive edge when there is proper cash management for acquired goods and services. In fact, this particularly holds true when interest rates and inflation rise. Cost of holding stock increases subsequently and can even go up to about 20 to 30% of the items cost, to store it for a year. Proper inventory management can reduce operating costs by minimizing the space needed for operations, thus making it easier to gain higher profit margins and market share.

Many leaner operations and sophisticated supply networks in the aviation industry operate under the new business paradigm. Inefficiency can lead to financial repercussions in terms of aircraft on the ground (AOG) situation. This is why it is important to enhance and get maximum leverage in managing the inventory control system to incorporate the end-to-end supply chain.

While various departments also come with their own objectives, the key here is to effectively communicate both externally and internally within the organization in order to arrive at a level that is strategic to the businesss operational execution.

Organizational inventory KPI must be associated to its supplier base, in order for the supply chain to be working well towards the same objectives. This is especially important in key supply chain activities which include management of the supply chains risk vulnerability and ensuring the supplys security.

Apart from the importance of logistics and warehousing to strategic and operational success in the aviation business, inventory KPI should be dynamic and must go with the organizations strategy. For instance, inventory KPI should show that lean operations are in line with the activities in the supply chain.

According to the new market research report”Food Diagnostics Marketby Type (Systems, Test Kits, Consumables), Test Type (Safety & Quality), Site, Food Tested (Meat, Bakery, Dairy, Processed Foods, Cereals & Grains, and Fruits & Vegetables), and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Food Diagnostics Marketis projected to grow fromUSD 13.5 billionin 2020 toUSD 19.2 billionby 2025, recording a compound annual growth rate (CAGR) of 7.2% during the forecast period. The major factors driving the growth of the food diagnostics market include the growing concerns associated with food safety and hygiene due to increasing number of COVID-19 cases and increasing globalization of food trade. The increasing cases of food recalls are also projected to drive the market growth.

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The hybridization-based sub-segment in the systems segment on the basis of type is projected to be the largest segment in the food diagnostics market during the forecast period.

Hybridization-based systems are further bifurcated into PCR systems, microarray systems, sequencers, and gene amplifiers. The growth of this segment is attributed to high analytical precision offered by hybridization-based systems. Growing demand of automated PCRs is also projected to drive the growth of this segment. PCR is projected to dominate the market followed by gene amplifiers.

Browsein-depth TOC on”Food Diagnostics Market”

148 – Tables 62 – Figures 281 – Pages

The safety segment on the basis of testing type is projected to be the largest and fastest growing segment in the food diagnostics market during the forecast period.

The increasing number of food recalls and necessity to maintain trust and consumer confidence in safety and availability of food is projected to drive the demand of safety testing. Also, with the advent of the coronavirus, food safety is given greater importance by all the affected countries to prevent contamination of any food items.

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The European regionis projected to be the largest market for food diagnostics during the forecast period.

The European region is projected to be the largest market for food diagnostics during the forecast period. The region is witnessing growth owing to factors such as changing conditions under which food is processed, traded and distributed, accelerating globalization of the food chain and international trade of food and agricultural products. The region is also backed by the presence of key players such as Biorex Food Diagnostics (UK) and Randox Food Diagnostics (UK) in the food diagnostics market. The growing adulteration across meat products in the UK has also pushed the growth of the European food safety industry further driving the food diagnostics market.Germanyis projected to be the largest market inEuropefor food diagnostics followed by the UK.

Key food diagnostics market players include3M(US), Thermo Fisher Scientific Inc. (US), PerkinElmer Inc. (US), Danaher Corporation (US), Shimadzu Corporation (Japan), Agilent Technologies Inc. (US), bioMerieux SA (France), Bio-Rad Laboratories, Inc. (US), Neogen Corporation (US),Foss (Denmark), Biorex Food Diagnostics (UK), and Randox Food Diagnostics (Ireland). These players have adopted various growth strategies such as collaboration and new product launches to expand their presence in the global food diagnostics market further. New product launches have been the most dominating strategy adopted by major players. This strategy has helped them to increase their presence in different regions.

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