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Setting the scene

Our client is an omnichannel retail company with multiple stores and a large customer base. They have been in business for over a decade and have experienced steady growth. However, as the company grew, its inventory management became more complex and time-consuming, resulting in inventory stockouts, overstocks, and missed sales opportunities.

The Challenge(s)

The client approached us for help with their business operations and inventory management. They were looking for an advisory solution to streamline their inventory processes and reduce the time and resources required to manage inventory. They were also looking for a solution that would help them improve their sales forecasting, reduce stockouts and overstocks, and improve their overall profitability.

How did we solve it?

We began by thoroughly analysing the client's existing inventory management system, including their current processes, data, and technology. Based on our analysis, we developed a comprehensive inventory management strategy that included the following components:

1. Business Advisory Services: We spent three months as a business operations advisor with the client. During this time, we identified the client's pain points and developed a roadmap for their inventory management system.
2. Inventory Planning: We helped the client to develop a detailed inventory plan that incorporated sales forecasting, lead times, safety stock, and reorder points. This plan allowed our client to optimise inventory levels, reduce stockouts and overstocks, and improve cash flow and their bottom line.
3. Inventory Tracking: We implemented an inventory tracking system that allowed clients to monitor their inventory levels in real-time, identify trends, and make informed decisions about re-stocking.
4. Inventory Optimisation: We helped the client optimise their inventory by identifying slow-moving and excess inventory and developing strategies to reduce inventory carrying costs.
5. Technology Implementation: Based on the client's needs and budget, we implemented a cloud-based inventory management system that provided the client with a centralised platform for inventory tracking, reporting, and analysis. The system also provided real-time visibility into inventory levels across all stores, enabling the client to make informed decisions about inventory replenishment.

What are the results?

Our inventory management solution helped the client to achieve the following results:

1. Reduced stockouts and overstocks: By implementing a detailed inventory planning process and a robust inventory tracking system, we helped the client to reduce their stockouts and overstocks by over 50%.
2. Improved sales forecasting: Our inventory planning process helped the client to improve their sales forecasting accuracy by over 80%, enabling them to make informed decisions about inventory replenishment.
3. Increased profitability and cash flow: Optimising their inventory levels and reducing their inventory carrying costs helped the client improve their profitability by over 30%, positively impacting their cash flow.
4. Enhanced customer and employee satisfaction: With optimised inventory levels, the client could meet customer demand more effectively, resulting in increased customer satisfaction. Additionally, with streamlined inventory management processes, the client's employees could focus on other business areas, resulting in increased employee satisfaction.

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