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Inventory is a critical element to most businesses, but different functions within a business have different perceptions of how much inventory there should be.
Sales tend to want large volumes of inventory to guarantee service; finance want the inventory minimised to reduce working capital, and operations want sufficient raw material to keep equipment operating efficiently.
In addition, all inventories need to be of the right quality, positioned in the right place, at the right time, and in the right quantity. The difficult task of inventory management is to balance and satisfy all of these needs.
All too often companies use ‘rule of thumb’ techniques for inventory management that do not stand up to scrutiny. These techniques are not scientific, or factual, and are often based on perception or intangible experience. In many companies this leads to over-inflated inventory holding, ‘squirrel’ stocks and conflicting ideas between sales, finance, operations and supply chain as to how much inventory is truly required.
There are proven methodologies and formulae that can optimise the level of inventory against all of the service, working capital and equipment utilisation criteria.
These policies can be developed and introduced with consensus from all functions; they can demonstrate clear rationale and logic behind the resulting inventory levels, and they can balance and satisfy all of the needs of the business.
Our inventory management consulting team is highly skilled in inventory policy development. We have considerable knowledge and experience in defining policies, formulae and calculations that can ensure inventory levels are fully optimised, justified and balanced with all the functional needs.
Have a look at the typical inventory management areas considered by our consultants to optimise inventory performance or contact us now to discuss your inventory management needs.
At SCCG, we always endeavour to undertake the widest review possible to ensure elements of your warehouse, picking and despatch processes are not ‘sub-optimised’. We are highly experienced in analysing and developing solutions for all areas of Materials Management, Procurement, Stores and Inventory Optimisation and Management including Strategy Development, Stock location, Handling and Picking processes, Demand Forecasting, Integrated Inventory Control, Vendor Management, Vendor Support Operations and Performance Measurement.
We pride ourselves on key analytical skills, detailing above and beyond ‘Warehouse Best Practice’. All our analysis and solutions are specific to your requirements, costed, tested and presented with clear and concise rationale, a full set of operator and Process SOP’s and a detailed implementation path supported by various Inventory Management Tools. Our Consultants are experienced in Multi-Temperature Warehouse operations, management and implementation across all sectors.
Building transport, inventory and location strategies around your customer service goals. Developing a logistics infrastructure that meets your business goals.
Our knowledgeable Supply Chain Consultants have built Cost-to-Serve models to allow companies to unlock hidden profit potential by understanding the costs involved in serving specific customers and products. Understanding each clients’ individual priorities and the specific complexities of each business; The SCCG team carefully utilise specific models, in order to custom-build solutions for each client.
Synonymous with Supply Chain is Inventory Optimisation, for which our Supply Chain Consultants use ‘Inventory Modelling’ to establish the correct level of stock for any given situation – balancing the need to maintain a high-level of customer service with the desire to minimise working capital.
As part of the Global Supply Chain – Import, Export and Logistics – is the part of the supply chain processes that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customs and customer requirements.
Inventory modelling can be used to define the correct stocking policy for a large range of SKUs – for example, which SKUs should be stocked in local branches, and which should be held in one national centre.
Supply chain and Logistics Specialists highly experienced in all aspects of Supply Chain and Logistics Operations, Distribution Network Strategy, Warehousing Operations, e-commerce Logistics and Warehouse and Distribution Centre Design.
