RightOn Inventory reinvents numbers 4 and 1!

No. 4: Economic Order Quantity (EOQ): Economic Order Quantity is a mathematical approach for determining the financially optimal amount of product to order from suppliers based on inventory holding costs and ordering costs. The original concept is generally credited to Ford Whitman Harris, a Westinghouse engineer, from an article in 1913, but it was a much later article in the Harvard Business Review in 1934 by RH Wilson that made EOQ mainstream. The formulas are still taught today, and the basis for much supply chain decision-making even in this era. 

And finally.... (drum roll...envelop please)... 

No. 1: The Toyota Production System: When James Womack and several co-authors wrote "The Machine that Changed the World" in 1990, it was of course not a Toyota car that had such an impact, but rather the Toyota Production System (TPS) that was the foundation of the company's dramatic success across the globe. Pioneered by Toyota's Taiichi Ohno and a few colleagues, TPS not only is the foundation for today's Lean manufacturing and supply chain practices, but the concepts have penetrated versus every area business. TPS truly did change the world.

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