Inventory management governs how your organization operates, serves its clients, and increases sales. To be profitable, every organization needs to manage its inventory optimally. To keep track of what is in stock, many organizations rely on manual stock counting. Faber Infinite Consulting offers excellent benefits to help profitable businesses become more stable through its Inventory and Supply Chain Optimization Program and Execution (ISCOPE) module.
To obtain accurate figures, it is vital to establish a system that does not require stock takes. It is essential to monitor and maintain optimal inventories, but estimating where, what, and how much is required is difficult. Overstocking reduces working capital, whereas understocking increases the risk of missed opportunities.
Faber Infinite’s approach to inventory management is geared towards the implementation of an accurate and fit inventory management module based on scientific calculations developed by our expert team. The system can help the client understand the current inventory situation, the future state of inventory details, proposed savings in each component, what needs to be stored, and most importantly, in what quantities.
The scientific inventory management module devised by Faber Infinite Consulting is industry neutral and can resolve supply chain and inventory issues in any organization from the ground up.
One of the world’s largest wire harness suppliers from Japan engaged with Team Faber Infinite Consulting to streamline the inventory. With expertise in inventory management, a thorough analysis was done by our consultants, which helped the client to identify high buffer stocks and safety stocks. Team Faber Infinite then assisted the client team in reducing buffer stock and safety stock by improving customer forecast and supplier reliability. Thus, Faber delivered tangible results to the client by delivering a 30% reduction in inventory carrying costs.
Additional tangible benefits provided by Faber Infinite to make profitable businesses more stable are:
- 31% Reduction in overall inventory value
- 30% Reduction in Inventory carrying Costs
- 13% Inventory Optimization for Finished Goods
- 17% Reduction in stockout incidents
The primary inventory management challenges are having too much inventory and not being able to sell it or not having enough inventory to fulfill orders, and not knowing what items you have in inventory and where they are located. Team Faber with immense experience has identified key improvement areas which can impact the overall business efficiency, which are:
Reduction in overall inventory value
- A faultless replenishment framework
- Avoid excess ordering
- Reduction in air freight orders
- Zero stock-outs
- Linkage to existing ERP
All businesses, particularly those in inventory-intensive industries like manufacturing, retail, automotive, etc must avoid tying up more cash than necessary in inventory while minimizing waste and shrinkage. Inventory models are used by successful businesses to accomplish this.
Faber Infinite is the best to assist with your inventory crisis! Roll out the best-in-class inventory management module today! Contact us at [email protected] and build a profitable organization to compete in the market.
Written by Faber Aleena & compiled by Faber Mayuri
