Leveraging Inventory Optimization for a Household Products Retailer to Reduce Risks and Improve Business Performance
In the retail landscape, the efficiency of the retailer solely lies in the ability to deliver the goods and services at the right place and at the right time; while paying heed to the quality of the products. So, rendering these services can only happen with the assistance of an inventory management solution. Apart from […]READ MORE >>
In the retail landscape, the efficiency of the retailer solely lies in the ability to deliver the goods and services at the right place and at the right time; while paying heed to the quality of the products. So, rendering these services can only happen with the assistance of an inventory management solution. Apart from the conventional warehouse management, inventory management involves effectively keeping a track of products and maintaining accurate records to combat issues such as delays, short of products, and purchase of the wrong inventory. In the household products retail space, inventory management helps deliver detailed insights into the items right from the raw materials to the finished products and the suppliers. For several organizations in the household products retail space, inventory management determines the set of guidelines to follow to understand the level of inventory to be maintained and to safeguard variations in the goods.
With the aim to gain better visibility into the household products retail space, leading global retailers are approaching companies like Quantzig. With years of expertise in offering a plethora of services, Quantzig’s inventory management helps manufacturers in the consumer goods space effectively keep a tab on the goods available and the ones that have been sold.
The Business Challenge
A renowned household products retailer with a considerable number of manufacturing units spread across the globe was facing certain predicaments predicting and maintaining inventory and determining the average lifespan of the household products. The household products retailer wanted to analyze the variation in the product demand and judiciously deliver goods to meet the supply gap. Moreover, with the aid of inventory management, the household products retailer wanted to keep a track of the inventory levels and maintain price tendency for commodities.
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Benefits of Inventory Management
The inventory management solution offered by Quantzig helped the household products retailer maintain aggregate inventory levels for the products that have been sold and ensure better consistency in products stock. Also, the engagement assisted the household products manufacturer to deal with price fluctuations and address variations in the price by leveraging effective inventory management techniques. Furthermore, the household products retailing firm was able to save on transportation costs and improve the overall service delivery.
Inventory Management Predictive Insights:
- Effectively met the variations in the customer demand and offered customized products to the clients
- Addressed issues pertaining to delays in the goods and hedged against price increases
- Retained the potential customers and witnessed a 20% increase in the overall customer satisfaction
- Identified the gaps in the supply-demand and adequately met the demands of the customers
- Forecasted and oversaw inventory levels and increased savings
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