Improve inventory performance: "Data sharing and collaboration"

Improve inventory performance: "Data sharing and collaboration"

Investment into technology has enabled organisations to make improvements into how inventory is managed between the traditional B2B or B2C models. Our efforts focus on improving the quality of planning settings, the way in which information is managed and how it flows to create inventory. We adopt a structured approach that aims to address underlying issues which are hindering improved inventory management performance.

Our initial assessment can be broadened to cover a range of areas, though we tend to concentrate on core components which formulate the final roadmap to improve inventory performance. An operational plan, including business metrics will be detailed and implemented across the business to drive inventory optimisation.  Read more about our inventory reduction strategies which have delivered a number of organisations real savings.

Core components of our inventory roadmap

  1. "People"- Their role in contributing to inventory performance and the quality of trained personnel.
  2. "Inventory Process and Procedures" - How complete and reflective of current standards
  3. "Technology for Inventory Management" - The tools being used to manage inventory
  4. "Analytics for Inventory Management"  - How and when is it being managed

Improve inventory performance: "Quality trained personnel"

The strength of an individuals understanding of inventory management is supported by standardised and validated procedures. A stakeholder assessment will identify core competencies, their understanding and application of inventory management principles, analytical problem solving ability, understanding of supply chain constraints and their decision making capability.

Improve inventory performance with: "Processes and Procedures"

Managing physical inventory requires an understanding of the inventory movement process from suppliers to the end customers and a familiarity with the purchasing, manufacturing, warehousing and distribution functions. This must also include a responsive demand management process that drives adherance to customer service levels within inventory policy settings.

Using technology to improve inventory performance

The use of multiple technologies such as Enterprise Resource Planning (ERP), Warehouse Management System (WMS), Financial systems etc can become quite problematic as transaction paths can be complicated. It is important to understand the interractive transaction path, the leakage points that impact on the integrity and speed of each transaction. Realtime processing is the aim.

Analytics improves inventory performance

This pillar represents the coming together of processes, procedures, transactions and data sets to create a single Analytics tool that measures, reports and drives inventory management performance. Integrating these datasets through a common reporting platform will provide greater visibility and data integrity for informed decision making.

 

Improve inventory performance: Data sharing and collaboration