Streamline Inventory for Operational Efficiency
A substantial 11% of revenue is lost to stockouts
Implement robust safety stock measures, classify inventory for clarity, and leverage automation for efficient reorder processes
More About the Problem
Inventory, crucial for your business, can turn into a headache without effective management. Excessive stock not only drains resources but can also lead to pilferages. Stockouts disappoint customers, impacting loyalty, while misplaced items contribute to operational challenges. Hence, optimizing becomes crucial for efficiency, preventing resource wastage and enhancing overall business performance.
The Approach
Making it Happen
A robust inventory optimization framework includes:
Safety Stock Calculator: Examine historical data, seasonal trends, and lead times for calculating safety stock levels for each item.
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Inventory Categorization: Categorize items into A, B, and C based on the Rate of Sales (RoS). Prioritize frequent ordering and tight control for A items, regularly monitor B items, and bulk order for C items.
Manual reorder processes pose the risk of human error, potentially causing missed orders. Therefore, implementing an inventory optimization framework is incomplete without automating reorder processes. Automation allows businesses to establish predefined parameters and reorder points, ensuring seamless restocking when inventory falls below safety stock levels.
Leveraged historical demand supplier lead times & market trends to develop a safety stock calculator for leading brick and mortar chain, helping the business find the right equilibrium between on-hand inventory and loss in sales, reducing Out of Stocks (OOS) by ~15%
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