Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of its free resource oninventory optimization and its best practicesIn today's complex business environment where the economic uncertainty and customer demands are a major concern, an investment aimed at optimizing inventory turns out to be a good approach to improve the working capital and customer services levels.
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STEPS TO BUILD AN INVENTORY OPTIMIZATION STRATEGY (Graphic: Business Wire)
Today customer satisfaction has become the key focus area for businesses across industries. However, several organizations still face the repercussions of traditional approaches. In the trade-off involving traditional approaches versus advanced inventory optimization techniques, businesses will have to choose to move away from traditional approaches and adopt newer analytics powered techniques. The analytics-based approach powered with the new processes and organizational structures, will empower businesses to become more agile in managing their inventory, thereby improving their capability to meet dynamic market needs.
"Inventory optimization can have a huge financial impact on the organization by minimizing inventory and freeing up working capital," says a supply chain analytics expert from Quantzig.
Quantzig's customized inventory optimization solutions coupled with domain knowledge can help you drive profitability. Request a FREE demo to know more!
Steps to build an inventory optimization strategy:
- Enhance visibility of inventory processes
Enhancing the visibility of inventory processes is crucial from an internal as well as an external business perspective. To do so businesses will have to transform themselves and adopt an omnichannel approach that delivers a single version of the truth across all channels.
The inability to understand customer preferences and the fluctuating demand signals revolve around the fact that businesses are not well equipped with a structured approach to inventory management. Request a free proposal to know more about our portfolio of supply chain analytics solutions and how it can help you gain a front liner advantage in today's complex business scenario.
- Analyze and monitor stocks on an ongoing basis
Understanding the relationship between stock codes and the issues surrounding service levels is a crucial step in inventory optimization. A detailed inventory analysis helps organizations to identify the demand frequency and draw conclusions on historic demand patterns.
- Forecast demand signals
Demand forecasting empowers businesses to determine the main driver of the inventory planning process i.e., 'customer demand'. The importance of this process cannot be understated, and its success should be assessed through a suitable measure of forecast accuracy.
- To read more, download this free resource
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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