The client: Consumer goods manufacturer
Area of engagement: Inventory management
The consumer goods manufacturing sector includes several major manufacturing segments that are involved in the production and supply of a diverse range of products. Companies in this market space have started launching new and innovative products to keep up with the growing needs of the customers. Moreover, the industry has undergone an enormous transformation over the past few years. Also, leading players in the manufacturing space are looking at developing strategies to leverage their profits and market share in an interconnected and competitive environment. Several factors including the changes in consumer behavior, the availability of highly advanced technology, and scarcity of natural resources have contributed significantly to its transformation. Challenges for these organizations include meeting the changing demands of customers, maneuvering through a consolidating market, and executing strategies to grow profitably.
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Some of the other factors that will influence the growth prospects of the global consumer goods manufacturing industry over the next few years include:
- Changes in consumer behavior: Smartphone ownership, internet access, and social media are becoming pervasive globally. This has impacted the way manufacturers interact with consumers. Changes in consumer behavior have also brought about several changes in this sector. The consumers now demand readily available product information along with real-time information updates and around-the-clock customer service.
- The rise of the digital consumer: Technology plays a significant role in the growth of the consumer goods industry. Consumer good manufacturing companies face challenges in building successful business channels. Leading firms are now exploiting technology-driven opportunities to better understand the consumers and connect with them in a better manner. Also, several consumer goods manufacturers have been successful when it comes to shifting to e-commerce platforms that allow consumers to conduct transactions and even customize the products and services offered.
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The Business Challenge
Consumer goods manufacturing companies will need to find innovative ways to meet the needs of aging consumers.
The client, a prominent consumer goods manufacturer with several manufacturing units spread across the globe, wanted to implement a robust inventory management system to manage their inventory across divisions and manufacturing units across the globe. The client also wanted to devise effective ways to keep track of their stocks and maintain accurate counts to ensure the availability of products. Additionally, the client was looking at implementing a new inventory management system that preschedules releases based on the track records.
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The Solution and the Business Impact
Strategies that we recommend based on our analysis to improve inventory management.
The inventory management solution offered by the team of experts at Quantzig helped the consumer goods manufacturer develop a more efficient inventory management system keeps track of their resources. Additionally, our solutions also assisted the client in monitoring and control, stock-flow analysis, and issue resolution. Our inventory management strategy also helped the client in developing a more organized warehouse by improving the accuracy of inventory orders.
Inventory Management Insights
Maintaining appropriate inventory levels is crucial for businesses, as too much inventory can be costly. By implementing a good inventory management strategy, organizations such as the consumer goods manufacturing segment can increase their overall efficiency and productivity. Similar to supply and demand, a reliable inventory management system help firms in reducing the liabilities and loss created by overstock. Moreover, inventory management also offers the benefit of streamlining the operations across the supply chain network.