Managing inventory is at a crossroads – customers expect products to be available at the moment of need, while supply chain disruptions are now the norm across all sectors. With a far-reaching volatile marketplace and greater uncertainty, inventory optimization is more essential than ever.
Inventory imbalance is a fact of life at many companies, and today’s disruptions in supply chain have increasingly aggravated the problem. Reports show that as much as 66% of large enterprises globally are holding more inventory now than in the pre-pandemic times, and 1 in 5 companies are holding significantly more stock, wasting resources and dragging down working capital. One of the big consequences we’ve seen recently is that many organizations that rushed to replenish out-of-stocks over the past year, overcompensated when supply became available, and then had to discount that excess inventory.
We can’t overlook the major functions of inventory that come into play for efficient and reliable supply, and how the right balance of stock is key to address both typical and event-based demand. To respond to current market challenges and future complexities, organizations need to implement inventory strategies to effectively maximize the value and minimize the risks. This means not simply looking narrowly at demand, but taking into account the bigger picture – supply risks, constraints, and volatility.
The time is now to drive greater value from your inventory. The good news? Advances in technology have evolved quickly, making the tools for granular control and efficient management of inventory readily available. Cutting-edge supply chain planning software can be your right hand for successfully navigating today’s challenges and accelerate your inventory optimization.
Supply chain leaders are more and more reaping the benefits of a well-run end-to-end supply chain solution with a solid inventory application to optimize capacity and supply, synchronize decisions to balance risk and opportunity, and adapt tactics based on demand channels.
How do you ensure you can get the right inventory to the right place at the right time? How can you achieve overall visibility and greater certainty in meeting demand? How can you redefine your inventory strategy? If you’re asking yourself these questions, you’re ready to move your inventory management up the maturity curve.
From winning control of your inventory, to gaining more granularity, and optimizing your use of inventory for maximum value – this eBook is packed with insights and tips to set you on the right path to inventory excellence.
Explore key steps to forge a more holistic inventory management strategy to drive up service levels, free up working capital and improve profitability.