Improving Inventory Management in Supply Chain to Control Cost of Operations

Improving inventory management in supply chain is the key aspect of any business, and the automotive industry is not an exception. Companies in this industry have focused on improving inventory management to improve operational efficiency over the last few decades. They continuously work to hold inventory at the lowest possible costs by analyzing different cost components. However, there are a few challenges that companies face during inventory management. Here is a must-read case study for companies seeking to improve their inventory management process.

The Business Problem

The client is one of the known automobile manufacturers with a strong market presence in Europe and the American region. Despite earning annual revenue of over $35 billion, the company was facing predicaments in identifying risks due to supply-demand mismatch. The high value of products and complex product portfolios with multiple options were making it difficult for the company to match supply with real customer demand. Even if they tried moving from one planning period to next, the manufacturer could find only limited opportunity to adjust production. This compelled the client to engage with experienced inventory management specialists and achieve their business objectives.

Keep material cost under control to minimize production cost.
Facilitate data for short and long term planning and control of inventory.
Improve inventory management process to eliminate duplication in ordering or replacing stocks.
Ensure the continuous supply of inventories to the production to high vehicle inventory levels of specific configurations.

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Inventory Management: Making Shopping a Smooth Experience for Shoppers and Providing Scope for the Expansion of Businesses

The Business Problem

A European private-label clothing and accessory manufacturer that designs and manufactures its own line of apparels wanted to improve its stock management, store operation, and logistics capabilities to gain a competitive advantage in the market. They sought to implement item-level tagging to every item whether jackets, skirts, or socks to increase the efficiency of their inventory management system. Moreover, they wanted to deploy an inventory management system that could follow the implementation guidelines issued by the European Fashion Council and Textile Regulation.

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Solutions Offered and Client Journey

SpendEdge’s analyst team conducted a comprehensive analysis to optimize workflows and business processes that can help the client reduce human error in inventory management. Based on the analysis, they categorized products that were moving fast and devised inventory management strategies that could capture and share the information of products across all warehouse departments in real time and prevent errors in purchasing, sales, and billing.

The experts at SpendEdge offered an inventory management solution that was capable of saving time and money on store operations. They encoded EPC tags with Serialized Global Trade Item Numbers to every product at the manufacturing factory to gain real-time information regarding the delivery of items at distribution centres. This tagging allowed the client to inspect the entire carton in a few seconds by simply scanning the label/code. Moreover, with such an effective inventory management system, the inventory accuracy increased substantially and improved the process efficiency of the client.

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Key Finding & Outcomes

Faster Checkout for Shoppers

The improved inventory management system helped the client witness a noticeable difference in the shopping experience provided to customers. The stores and boutiques equipped with this system immediately read the chosen items and calculated the amount to be paid. This made the shopping experience smoother and faster for both customers and teams.

Provided Scope for Expansion

The improved inventory management process helped the client to expand their presence in different countries in Europe. Also, it reduced labor costs by making employees more efficient, while maintaining their current payroll. This increased their bottom line and alerted them to update their inventory of certain products after they reach below a designated level. Want to know more about benefits, request for more information.

What is the Role of Inventory Management in the Apparel Industry?

Inventory management plays a crucial role in the apparel industry as the inventory of goods changes frequently. Companies need to replace outdated fashion pieces with new ones and provide options to their customers on a regular basis that means the change of the inventory’s product mix.

Without an effective inventory management system, implementing changes in the product mix can be difficult and time consuming. Therefore, businesses need a proper inventory management system that can make things the complete process easier and faster.

Wondering how effective inventory system can help companies increase their process efficiency? Get in touch with our experts today!

SpendEdge’s Inventory Management Helped a Pharmaceutical Supplier Maintain Accurate Inventory Levels and Minimize Cost of Inventory

With the growing concerns pertaining to healthcare treatments, the pharmaceutical suppliers have witnessed a promising growth over the past few years. Moreover, the pharma companies are expected to witness considerable growth, owing to an ageing population, changing lifestyles, and unhealthy eating habits. However, with these rising customer expectations, the commercial environment is getting harsher with customers looking for cost constraints in the pharmaceutical products offered. Moreover, inventory management is becoming a major concern for the companies in the pharmaceutical industry. While the pharma companies can’t risk drug shortages due to lack of inventory visibility, they also never want to incur the costs of overstock that would negatively impact productivity and the patient experience. Thus, to address these challenges and enhance production capabilities, organizations are looking to devise an inventory management solution.

With the help of a reliable inventory management system, organizations can effectively keep track of their stock manually. In addition, the inventory management system helps businesses restock certain items, the amount of purchase, and the prices to pay.

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The Business Problem

The Business Problem

Key Finding & Outcomes

Faster Checkout for Shoppers

Provided Scope for Expansion

What is the Role of Inventory Management in the Apparel Industry?

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