INVENTORY MANAGEMENT
Our inventory management consulting service covers both inventory management processes and inventory management systems. Our expert consultants can cover the following:
Inventory management processes at both the corporate and warehouse level
Inventory planning and purchasing
Inventory movements within the warehouse
Developing inventory locations and barcode scanning
Onboarding new items
Phasing out obsolete items
Stocking strategy
Inventory management systems within the warehouse
Inventory planning and optimization systems
Inventory slotting
Inventory analysis – inventory grading, inventory turns, inventory profiling, optimal inventory levels, safety stock levels, reorder points (min and max levels), and more.
Establishing KPIs to measure and monitor inventory management performance
Developing target inventory levels based on all the key inputs.
Scope
The objectives of our inventory management consultants typically include:
Increase inventory visibility
Improve inventory accuracy
Improve warehouse productivity
Optimize inventory planning processes
Optimize inventory management practices
Minimize inventory levels while maintaining service to customers
Free up capital
Improve product availability
Objectives
Every project is different, but our inventory management consultants’ typical deliverables include:
Inventory Profiling and Data Analysis
Detailed inventory analysis to help categorize and profile inventory, evaluate current performance, and identify improvement opportunities.
Inventory Management Best Practices Audit
An audit of your current inventory management processes and system support vs. Establish’s Logistics Best Practices.
Inventory Management Process Mapping
Detailed process maps and standard operating procedures (SOPs) for all inventory related processes with a gap analysis of how to implement the new processes. This may include physical changes, new technology, and/or additional system support.
Optimized Warehouse Slotting Strategy
A data-driven inventory slotting plan outlining the ideal inventory placement to maximize warehouse efficiency and minimize pick times. The plan will include categories for SKUs and inventory locations, and general rules and constraints for inventory slotting that can be executed at a SKU level.
Inventory Management KPIs and Metrics
A list of inventory-related KPIs and metrics, including how to measure them and how they should be used.
Optimized Inventory Levels
Compare the current inventory levels to optimized inventory levels based on detailed analysis and algorithms to see where improvements can be made while maintaining service to customers.
Deliverables
Methodology
Project Kickoff: Learn business requirements and scope of improvements for inventory management.
Gather & Analyze Data: Collect and analyze all required data pertaining to inventory management, both qualitative and quantitative. Witness how throughput and inventory management processes are currently handled.
Information Gathering: Conduct an in-depth review of all the current inventory planning and inventory management inputs.
Process Mapping:
Map the processes and flows and compare with Establish’s Logistics Best Practices
Recommend inventory management process improvements to close the gaps
Enhance / connect the support systems to advance the inventory management processes
Optimize Inventory:
Profile the data and understand velocities and demand patterns
Refine inventory strategies
Calculate optimal inventory levels
Final Report: Share recommended inventory management strategies and provide business case.
Why Establish?
Experience
With over 50 years of experience, we have developed our own proprietary Logistics Best Practices assessment and supply chain analytics tools and have designed and improved over 1,000 operations in almost every industry. Our inventory management consultants bring that expertise to every project to ensure the strategy is optimized and meets your business requirements. Please visit our client page to view all our happy customers (https://www.establishinc.com/clients ).
Full-Service Partner
Our inventory management consulting staff has a deep knowledge in all aspects, including analytics, process improvement, warehouse design, inventory strategies, and project management, making them capable of supporting you throughout every step of the process, from discovery through implementation of improvements and beyond.
Independent and Unbiased
We sell no other products besides our services. This allows our warehouse design consultants to develop completely unbiased recommendations that are independent of any specific supplier or vendor and are customized and specifically designed for your needs.
TOOLS & METHODS
Within inventory optimization we are using state of the art tools and methods. Below you find some of the most important tools:
Establish’s Logistics Best Practices™
Logistics and warehouse operations benchmarking tool
Assign™
Logistics data cleansing, profiling and network optimization software
RELEX Solutions
Supply chain planning software
WHITE PAPERS & CASE STUDIES
Establish has a long track-record within inventory management. The case studies below are just a few examples of achievements from Establish's supply chain consultants together with clients within inventory management.
Inventory Optimization at a Global Electronics Company
Establish worked with a large electronics company to review its inventory strategy. With a global customer base and operations in the US, Europe, and China, the $350M manufacturer was struggling to meet growing customer expectations.
Inventory Management for a Device Manufacturer
Establish help a device manufacturer reduce inventory carrying costs while improving their customer service levels.