Tag: Inventory Optimization

reverse logistics

Reverse Logistics Management: Top 4 Benefits that Can Help You Boost Your Supply Chain Efficiency

Reverse logistics management is a multi-step process that helps tackle multiple challenges that arise in target market segmentation, logistics routing, and supplier management. Target market analysis for any reverse logistics process has become even more challenging due to the increasing number of customers and their rapidly changing behavior.

Without a robust strategy to conduct target market analysis, business tends to fail at offering complete customer satisfaction. Also, it increases distribution costs and resource investment levels. Therefore, it is very essential for businesses, especially e-commerce, to redesign their reverse logistics system.

At Quantzig, we understand that reverse logistics management enables companies to design and maintain cost-efficient supply chain networks. Additionally, a better reverse logistics system can help companies to improve profit margin and operations. In this article, our team of experts has highlighted a few important benefits and metrics that can help businesses to redesign their reverse logistics strategies and boost supply chain efficiency.

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RLBenefits of Reverse Logistics Management

Customer satisfaction

In today’s digital era, customers are more empowered and informed than ever. Therefore, it is important for businesses to maintain good customer relationships in order to retain customers. With the increasing number of purchases made online, customers expect faster, hassle-free and convenient returns. A good reverse logistics management system can help you enhance customer satisfaction and drive loyalty. Additionally, it helps in controlling costs and improving revenue. Therefore, it is imperative that businesses invest more in reverse logistics analytics solutions that reduce cycle times and improve customer satisfaction levels.

Better ROI

For any business, tracking and maintaining adequate inventory levels is quite an uphill task. Reverse logistics management helps in improving the speed of return and replacement, thereby, reducing the burden on inventory. As a result, the amount of capital hooked up in the inventory will reduce leading to significant improvements in ROI.

Our supply chain analytics solutions can help you identify new opportunities within the supply chain and benchmark costs across each of the supply chain nodes. Request a FREE proposal now to know more.

Improved Environmental Sustainability

Today every company focuses on tracking their environmental footprint. Advanced supply chain analytics solutions like reverse logistics management help companies to implement strategies that are environmentally sustainable. It promises to help companies to reduce the burden on the assets and the resources that are crucial to keep them running.

Metrics to Track Reverse Logistics Management

Companies across industries require metrics to evaluate the progress against its reverse logistics management plan. Such metrics help businesses to measure the impact of returns on the supply chain. Also, they guide companies to analyze the root causes behind low return rates. Today reverse logistics management is fraught with challenges that can curtail your ability to improve logistics processes.  If you’re finding it difficult to quantify the performance of your reverse logistics system, then you must consider the following metrics.

Cycle time: Cycle time is considered to be an important metric for measuring the performance of your reverse logistics system. If the return processes are standardized and streamlined, the return cycle should be short and “hassle-free”.

Amount of product reclaimed and resold: For a better reverse logistics system, it is important for companies to track the percentage of the reclaimed and resold product. Also, this metric helps in estimating the total recaptured value.

Percentage of material recycled: This metric in reverse logistics management helps in tracking the percentage of recycled product in the stream of reverse logistics. Furthermore, this helps in inventory optimization and better supply chain management.

Request a FREE demo below to know how our customizable supply chain analytics solutions can help you reduce excess spend, resource wastage, and inventory costs.

Waste: For any reverse logistics system, it is important to track the products that get disposed of as waste. This helps in adopting an approach that can help with waste management.

Percentage of cost recovered: Another important metric in reverse logistics management is the percentage of cost recovered from the items returned by customers. This can help in analyzing the profitability of a product that did not sell well and therefore companies can take preventive measures to avoid such loses.

Total Cost of Ownership: This is one of the most significant metrics in reverse logistics management. It not only helps to estimate the total cost of ownership in acquiring the product but also helps to measure the total cost incurred in reselling the product.

Quantzig’s Advantage

Quantzig helps its clients with its customized supply chain analytics solutions to proactively reduce their volume of returns, protect their brand and maximize return on asset. Our best-in-class reverse logistics management solutions and years of operational expertise help businesses to enhance performance and profitability. Our analytics experts help businesses to create an ROI-focused strategy that is fueled by unparalleled analytics solutions that offer insights into supply chain processes. Also, our seasoned analysts help companies to identify actionable opportunities for inventory optimization, waste reduction, and profit maximization through data collected across the product lifecycle. We offer real-time insights driven by data trends through our customized analytics dashboards that further helps businesses in data-driven decision making and enables them to tackle complex supply chain management challenges.

Want to know more about the metrics that can help you manage your reverse logistics process? Request for more information below.

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inventory management

Weekly Round-Up: A Storyboard on the Benefits of Leveraging Analytics for Supply Chain and Inventory Management

LONDON: Quantzig, a leading analytics services provider, has announced the release of their new storyboard on the benefits of leveraging analytics for supply chain and inventory management. Each of these downloadable articles explains how analytics solutions can help companies to optimize their inventory, analyze their real-time supply chain metrics, improve cost structure, and track inventory levels effectively.

Companies across industries are facing critical challenges associated with the volume of inventory transactions, the complexity of the analysis needed to identify trends in inventory use, sales, and forecast demand. Leveraging the use of analytics in supply chain and inventory management can help companies to make well-informed business decisions, optimize inventory, improve the bottom line, enhance supply chain flexibility, and optimize resource usage.

Quantzig’s analytics solutions have helped companies to identify bottlenecks and supply chain risks by offering insights into real-time data. Below, we have summarized some of Quantzig’s free resources and have also highlighted ways in which analytics in supply chain and inventory management has helped businesses to excel in the competitive marketplace.

A proper inventory management system can help in optimizing logistics, improving order fulfilment ratios, and increasing operational efficiency. Request a FREE demo to know how our solutions can help.

#1: How leveraging analytics help in inventory management? Reducing inventory holdings is a daunting task for businesses but adopting the right inventory optimization strategy can make this task easy. Quantzig’s analytics solutions take warehouse inventory management to the next level through sophisticated algorithms and customized dashboards that make stocking recommendations and offer a holistic approach to assess various demand and supply signals within the supply chain. This downloadable free resource offers actionable insights into essential steps to build an inventory optimization strategy.

 Inventory Optimization

 

 

 

 

 

 

 

 

Request a FREE proposal to gain comprehensive insights and achieve long-term benefits through our customized inventory management solutions.

#2: What are the best practices for warehouse inventory optimization? Monitoring and maintaining optimal levels of warehouse inventory seems to be a difficult task for businesses. However, businesses that succeed in doing so have been able to boost customer satisfaction rates, drive sales, and set an optimal capital cost structure. This free resource discusses some of the best practices that determine the most successful approaches to the complex process of inventory management. Also, it highlights some of the essential factors that evaluate the maturity of the processes associated with warehouse inventory management.

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#3: Transformational impacts of analytics on supply chain: Understanding digital customer behaviors and market trends amidst data explosion have become very challenging for businesses. But leveraging analytics can help in dealing with such challenges head-on by offering valuable insights into supply chain data. Incorporating analytics can impact both the top and bottom-line business results positively. A modern and digital supply chain network backed by the power of analytics can improve inventory management and the entire supply chain operations. Download this free resource to know more about the significant impact of analytics on the supply chain.

supply chain analytics WP

Want to know how our inventory management solutions can help you optimize the tracking of inventory and materials across the supply network. Get in touch with our experts.

supply chain analytics

How Can Supply Chain Analytics Help Streamline Inventory Lifecycle?

In a highly competitive market driven by digitally empowered customers, supply chain analytics turns out to be a golden key to stay ahead of the curve. An inefficient supply chain leads to critical challenges such as lack of innovation, lack of accountability, and reduced visibility. At Quantzig, we help you navigate this competitive marketplace through our modern supply chain analytics solutions.

Key Challenges

New technologies coupled with skyrocketing datasets can impact the supply chain consistently. As a result, companies find it difficult to have a flexible and transparent supply chain. Also, ensuring compatibility throughout the supply chain is not an easy task for organizations. But supply chain analytics can help deal with all these issues effectively. It can offer actionable insights into the potential risks in inventory management and mitigate them by analyzing scenarios. Additionally, supply chain analytics can assist in organizing the reverse logistics process and make supply chain management better. These are only some of the many solutions that big data analytics can offer to your supply chain. But do you know which particular supply chain analytics solution can suit your organizational needs? Quantzig can help.

Download a free copy of this article on leveraging supply chain analytics to improve inventory lifecycle and gain in-depth insights into how analytics solutions can help you in inventory management.

Our Solution

Quantzig’s supply chain analytics approach is not a one-stop solution for all, but a solution that is customized for your organization. We provide a framework that comprises different supply chain analytics solutions and helps in solving end-to-end supply chain issues. We promise to offer a structured approach in defined steps that starts right from analyzing the current scenario to the execution of specific solutions that can vary from inventory management to supply chain management to logistics optimization.

Key takeaways:

  • Learn how to reduce inventory costs through smart demand sensing
  • Gain comprehensive insights into ways to improve production plan and inventory optimization with the help of supply chain analytics
  • Establish a consistent approach to promote cross-functional collaboration
  • Understand how a proper supply chain analysis framework can empower sales and operation execution
  • Learn how supply chain analytics can help you measure cash to cash cycle time
  • Comprehend how supply chain analytics solutions can enhance the functioning of transport logistics

Why Quantzig?

Quantzig has substantial data analytics experience in the supply chain landscape by working with our clients across the globe with end-to-end data modelling capabilities. Our supply chain framework comprises solutions that help our clients in prudent decision making. Our comprehensive approach to analytics projects ensures that we drive any organization’s competitive readiness and success and deliver crucial business insights within time and budget. We always aim to bring together the best combination of analysts and consultants to maximize business outcomes and drive continuous market excellence.

warehouse inventory management

6 Best Practices for Warehouse Inventory Management

Any small-to-medium sized business follows a core business practice of monitoring inventory levels accurately. But when it comes to supplying products through multiple channels on time, businesses do find it challenging. The constant pressure from several buyers and various store locations make it difficult for businesses to keep up with the market demands while monitoring the needs of their customers and the process of inventory. This is why businesses need to have a proper warehouse inventory management practice in place.

A proper warehouse inventory management system is the key to deliver efficiency and maintain a competitive position in the marketplace effectively. Businesses must focus on following best practices for warehouse management in order to move towards an effective inventory optimization approach and eliminate labour-intensive traditional methods.

At Quantzig, we understand the importance of effective warehouse inventory management and the difference it can create in driving optimum business results. And to help companies deal with inventory management challenges at the deepest level, our team of experts have highlighted some of the warehouse inventory management best practices that can guide in expanding product portfolios and supply chains. Also, these practices can assist organizations to boost their service levels and free up time for employees to concentrate on value-adding tasks.

Are you looking for ways to optimize your warehouse inventory? Request a FREE proposal now to know how our inventory management analytics solutions can help you.

Warehouse Inventory Management Best Practices

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customer segmentation analysis

Is an Effective Retail Inventory Management the New ‘Holy Grail’ for Small Businesses?

What is inventory management?

Simply put, inventory management refers to the effective handling of the inventory or stock that the company holds. Inventory management deals the flow of goods from the manufacturers to warehouses and from these facilities to ultimately the point of sale. Retail inventory management is an element of supply chain management and includes aspects such as controlling and overseeing ordering inventory, storage of inventory, and controlling the amount of product for sale. Rightly managing the inventory can help businesses have the right products in the right quantity on hand and avoid products being out of stock and funds being tied up in excess stock. Request Proposal

In this blog, we have discussed the techniques and best practices of inventory management for small business concerns:

Inventory management for small business 

Undertake stock audits

Even if businesses own a good retail inventory management software, it is essential for these companies to undertake physical stock audits at regular intervals. This helps ensure that the company’s physical stock count matches the inventory count in the system.  One of the most popular techniques of inventory management for small business includes annual, year-end physical inventory that counts every single item and ongoing spot-checking, which can be most useful for products that are moving fast or have stocking issues.

Fine-tune forecasting methods

Accurate forecasting is a vital element of inventory management for small businesses. The forecasted sales figures should be largely based on factors such as the historical sales figures, predicted economic growth, market trends, and the promotions and marketing efforts involved.Contact US

Cloud-based stock management software

It is advisable for small businesses to use a retail inventory management software with real-time sales analytics capabilities. Having a cloud-based stock management software also helps employees to access data in real-time and on the go. Such advanced software also ensures that the company’s stock levels are automatically updated and adjusted as when a sale happens, eliminating stock-out or stock overflow situations.

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Quality control

One important rule of stock management is to never compromise on the quality of the product. It could be as simple as assigning a checklist to employees to do a quick examination during stock audits that includes signs of damage and correct product labeling. If damaged products reach the retail shelves or the final customers, chances aRequest Proposalre the brand name could be hampered.

Drop shipping method

Drop shipping is a technique of retail inventory management for small business; wherein, businesses can sell products without actually holding the inventory. Instead, a wholesaler or manufacturer is put in charge for carrying the inventory and shipping the products when a consumer buys from your store.  This way, companies do not have to worry about inventory holding, storage, or fulfillment. Several companies venturing into online platforms adopt drop shipping methods. This supply chain fulfillment strategy can be adopted by many types of businesses across all industries.


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IR31

Quantzig’s Inventory Optimization Helps a Wholesale Food Distributor to Increase Profit Margins By 35%

What the Client Wanted

Efficiently track inventory levels with improved visibility into the incoming and outbound deliveries.

The Outcome

Simplified the end-to-end tracking of the products from order to delivery.

Summary of the Wholesale Food Distribution Industry

The global wholesale food distribution industry comprises of over 35,000 establishments that aim at distributing food and related products on a wholesale basis. The industry is witnessing promising growth, characterized by the rising global population and the growing demand for food due to the rising disposable income. Request ProposalThe growth of the wholesale food distribution space can also be attributed to the four I-engines; including internationalization, integration, innovation, and implication.

Industry Challenges

Increasing labor and transportation costs: The recent economic slowdown has greatly affected the transportation and labor space in terms of the fluctuations in fuel prices. As a result, organizations in the wholesale food distribution space are facing relentless pressures to cope with increasing labor charges while maintaining consistency in the products being offered. Besides, organizations should also ensure the need to maintain compliance requirements with the utmost quality in the products. 

Increasing demand for organic products: In the wholesale food distribution space, the food products are sold in a wholesale basis, but when it comes to the organic products, the shelf life of the products is affected. With the increasing demand for organic products, it becomes crucial for organizations to maintain better packaging techniques to retain the shelf life of the organic products.


About the Client

The client is a leading wholesale food distributor based out of India with over 100 business bases spread over 15 countries.

Client’s Challenge

The client was facing challenges in maximizing the ROI as the distribution and retail markets are volatile. Additionally, over 35% of their inventory was stuck in non-performing stock keeping units, which contributed to less than 5% of their overall sales. As a result, the client wanted to devise effective strategies that would help them handle and better manage their inventory levels.


Summary of our inventory optimization engagement
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Business Impact

The inventory optimization solutions offered by Quantzig helped the wholesale food distributor to augment their inventory by supporting them in identifying and decommissioning the non-productive stock. The inventory optimization experts also helped the client develop business cases including the estimated savings associated with each opportunity. Additionally, implementing SKU rationalization techniques for inventory management helped the client increase their profit margins by 35%.

Inventory Optimization Solution Insights

Today, it is essential for wholesale food distributors to identify and devise effective strategies that help re-deploy unbalanced inventories. Adopting Quantzig’s inventory optimization solution brings about improvements in cost efficiency by maximizing profit margins. Inventory optimization coupled with predictive analytics capabilities can better manage logistics to gain in-depth insights into the supply chain network.


To know more about how our inventory optimization engagement helped the wholesale food distributor to gain insights into the latest food and beverage industry trends

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