{"id":37742,"date":"2022-08-31T11:56:18","date_gmt":"2022-08-31T10:56:18","guid":{"rendered":"https:\/\/www.elixirr.com\/?p=37742"},"modified":"2025-10-31T10:39:38","modified_gmt":"2025-10-31T10:39:38","slug":"dont-neglect-inventory-management-heres-why","status":"publish","type":"post","link":"https:\/\/www.elixirr.com\/en-gb\/dont-neglect-inventory-management-heres-why\/","title":{"rendered":"Don’t neglect inventory management: here’s why"},"content":{"rendered":"\n

The COVID-19 pandemic has driven global economic and societal changes at the fastest rate in recent history, creating challenges for the most basic elements of commerce. Global businesses experienced major disruptions, with many forced to restrict their activities, sending the economy into a brief, but damaging, decline. Inaccurate demand forecasting has resulted in both a shortage of consumer products and logistics services, as well as increasing costs globally. And in the United States, costs including rising prices on consumer goods, capital equipment, electronics components, and many raw materials, contributed to inflation of close to 9%<\/a>. <\/p>\n\n\n\n

Many of the world\u2019s current supply chain challenges stem from the \u2018just-in-time\u2019 (JIT) Japanese manufacturing methodology of the 1970s and 1980s. This school of thought encourages manufacturing plants to keep on hand\u00a0 only<\/em> what they need and rely on the global supply chain to keep inventory levels low. Nevertheless, in the current environment, the exact opposite is occurring as\u00a0organisations are stockpiling<\/a>\u00a0to mitigate extended lead times. This is happening right now. As supply chain reliability wavers across manufacturing and retail, many businesses have stockpiled their inventories, leading to companies ordering less. This is contributing to a sense of economic contraction, so there is less consumer demand and less commercial demand. If inventory is not properly managed, this shift in economic conditions and economic uncertainty can be highly detrimental to manufacturing and retails businesses alike.<\/p>\n\n\n\n

How do I find the sweet spot between maintaining low inventory levels and stockpiling to ensure business continuity?<\/strong><\/h2>\n\n\n\n

According to the World Bank<\/a>, business revenue fell approximately 27% on average over the course of the pandemic, which created panic as to whether supply would meet demand, resulting in excessive stockpiling. Companies that are\u00a0still\u00a0<\/em>completing inventory checks on paper and inputting inventory levels into their enterprise resource planning tool (ERP) by hand are in trouble. To exacerbate challenges in procurement, this method of inventory management incurs painstaking labour costs, risks inaccuracies, and is plagued by human error. Forward-thinking companies are taking a more strategic approach to inventory management to mitigate supply chain risk and safeguard their long-term success.\u00a0<\/p>\n\n\n\n

However, as optimising inventory management practices often do not result in an immediate return on investment (ROI), organisational leadership often opts against it.\u00a0\u00a0This is misguided. These types of improvements can contribute to an\u00a0immediate\u00a0<\/em>boost in profitability by enabling increased service levels, reducing the risk of stockouts, and increasing net cash flow.\u00a0\u00a0In particular, the freeing up of cash on hand with a more precise level of inventory accuracy is one of most significant ways to mitigate risk in uncertain economic conditions like downtown or full-blown recession. Often during times of supply chain uncertainty, companies begin to build inventory levels to help mitigate risk of stockouts.\u00a0\u00a0Manufacturers and wholesalers inventory levels have increased from 9% to 15.9%, from November 2020 to November 2021 according to the most recent\u00a0US Census Bureau\u2019s Manufacturing and Trade Inventories and Sales Report<\/a>. This sort of increase without proper inventory management and control strategies can tie up unnecessary cash flow, potentially straining a business\u2019 health in trying economic conditions. Proper inventory management strategies can increase your net cash flow, enabling your business to operate without significant debt required for continuity and expansion of operations, avoiding the often-higher cost of capital (interest rates) during economic troughs.<\/p>\n\n\n\n

Avoiding investing in how your inventory is managed is a detrimentally short-term view that directly affects operating expenses and net income, not to mention customer satisfaction and the future ability to fulfil customer orders.<\/p>\n\n\n\n

So, what is inventory management and why does it matter?<\/strong><\/h2>\n\n\n\n

Ultimately, improving inventory processes leads to a more satisfied end-consumer, driving higher customer lifetime value (CLV), allowing a business to grow more efficiently and organically. Establishing inventory management processes and policies are foundational for a business and naturally enable the opportunity to implement automation. Bringing new tools and technologies into a business can further increase overall inventory turns and create resilience against global supply chain disruptions.<\/p>\n\n\n\n

Inventory management provides the \u2018infrastructure\u2019 necessary to implement other types of supply chain optimisations, from the implementation of procurement efficiencies to the optimisation of your network.<\/p>\n\n\n\n

How we can help with rapidly evolving supply chain conditions<\/strong><\/h2>\n\n\n\n

In response to changing economic and manufacturing conditions around the world, companies are taking a more measured approach to inventory management. Before the pandemic, many companies relied on JIT procurement and inventory methodologies, keeping lean inventories. According to Bloomberg<\/a>, the average lead time for raw production materials is 97 days, while capital equipment is up to 173 days. With growing lead times, companies are stockpiling to prepare for shortages. Moving from extremely lean management to excessively stockpiling has the potential to create further shortages and tie up a business\u2019 free cash in inventory. We work with our clients to navigate this changing landscape with bespoke inventory management strategies. <\/p>\n\n\n\n

Our work in this space<\/strong><\/h2>\n\n\n\n

Take our work with a global leader in mobile site solutions, which led us to deliver a 15% improvement in inventory accuracy in just four months.\u00a0\u00a0This streamlined approach revolutionised the way they manage inventory. Our client initially asked us to help them create more efficient processes to keep track of what inventory they have on hand at any given time \u2013 at the time they had no ability to see what they actually had in stock. Working side-by-side with their executive leadership team, we developed and implemented a strategy to solve for inventory discrepancies as well as implementation of appropriate technologies to automate processes and save labour time and cost.\u00a0<\/p>\n\n\n\n

Resist the temptation to drastically alter your inventory strategy based on the challenging macroeconomic situation. Instead, here are a few steps you can proactively take to begin considering how your organisation should cope with the changing landscape:<\/p>\n\n\n\n

    \n
  1. Complete an internal audit to identify places where inefficiencies are contributing to money being left on the table. This could be across all areas of inventory management (automation, receiving, managing, transporting, and usage)<\/li>\n\n\n\n
  2. Determine where manual effort and inaccurate data limits your product throughput and visibility into inventory levels<\/li>\n\n\n\n
  3. Examine areas that have traditionally been referred to as, \u201cthis is the way we\u2019ve always done it\u201d \u2013 these are likely inefficient or introducing unnecessary risk<\/li>\n\n\n\n
  4. Engage experts to incorporate outside-in thinking and industry best practice. Our industry leading innovation network of startups, organizations, and venture funds can provide advice and assistance across verticals and business areas\u00a0<\/li>\n\n\n\n
  5. Consider whether an internal centre of excellence could drive continued optimisations and innovation around inventory and supply chain efficiencies<\/li>\n<\/ol>\n\n\n\n

    Our team of experts have deep experience in the manufacturing space<\/a>, from supply chain optimisation to industry 4.0. We\u2019ll help you solve your toughest business problems.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The COVID-19 pandemic has driven global economic and societal changes at the fastest rate in recent history, creating challenges for the most basic elements of commerce. Global businesses experienced major…<\/p>\n","protected":false},"author":1,"featured_media":37758,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[116],"tags":[319,145,191,208],"related_service":[],"related_industry":[56],"class_list":["post-37742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-inventory-management","tag-manufacturing","tag-procurement","tag-supply-chain"],"acf":[],"yoast_head":"\nDon't neglect inventory management: here's why - Elixirr<\/title>\n<meta name=\"description\" content=\"In a post-covid world, supply chain management has never been more crucial for businesses. 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https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2022\/08\/Inventory-management-blog-Elixirr-1278x767.jpg 1278w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2022\/08\/Inventory-management-blog-Elixirr-1378x827.jpg 1378w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2022\/08\/Inventory-management-blog-Elixirr-1640x984.jpg 1640w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/> <div class=\"wp-component-card__preview-icon\">\n <span class='edwp-svg '><svg width=\"47\" height=\"47\" viewBox=\"0 0 47 47\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g>\n<path d=\"M23.4141 0.539062C36.1232 0.539183 46.4258 10.8416 46.4258 23.5508C46.4257 36.2599 36.1231 46.5624 23.4141 46.5625C10.7049 46.5625 0.402465 36.2599 0.402344 23.5508C0.402344 10.8415 10.7048 0.539062 23.4141 0.539062ZM23.4141 1.68945C11.3606 1.68945 1.55273 11.4974 1.55273 23.5508C1.55286 35.6041 11.3607 45.4111 23.4141 45.4111C35.4673 45.411 45.2743 35.604 45.2744 23.5508C45.2744 11.4974 35.4674 1.68957 23.4141 1.68945Z\" fill=\"currentColor\"\/>\n<path d=\"M19.2841 33.6992C18.9579 33.6986 18.6374 33.6111 18.3543 33.4454C17.7167 33.0759 17.3203 32.3585 17.3203 31.5797V15.8189C17.3203 15.0379 17.7167 14.3227 18.3543 13.9531C18.6442 13.7827 18.9735 13.6951 19.3078 13.6994C19.6421 13.7037 19.9692 13.7998 20.2548 13.9776L33.4237 22.0406C33.6981 22.2166 33.9244 22.461 34.0812 22.751C34.238 23.0409 34.3203 23.3668 34.3203 23.6982C34.3203 24.0295 34.238 24.3555 34.0812 24.6454C33.9244 24.9353 33.6981 25.1798 33.4237 25.3558L20.2527 33.421C19.9604 33.6017 19.6256 33.6979 19.2841 33.6992Z\" fill=\"currentColor\"\/>\n<\/g>\n<\/svg>\n<\/span> <\/div>\n <\/figure>\n <div class=\"wp-component-card__content edwp-row-load\">\n <p class=\"wp-component-card__eyebrow\">\n Articles <\/p>\n <a href='https:\/\/www.elixirr.com\/en-gb\/dont-neglect-inventory-management-heres-why\/' class='wp-component-card__title'>\n <h2>\n Don’t neglect inventory management: here’s why\n <\/h2>\n <\/a> <div class=\"wp-component-card__description\">\n The COVID-19 pandemic has driven global economic and societal changes at the fastest rate in recent history, creating challenges for the most basic elements of commerce. Global businesses experienced major… <\/div>\n <div class=\"wp-component-card__meta\">\n <p class=\"wp-component-card__date\">\n 31 August 2022 <\/p>\n <div class=\"wp-component-card__terms\">\n <div class=\"wp-component-tags edwp-component\">\n <div class=\"wp-component-tags__tag\">\n Manufacturing <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"wp-component-card__button-wrapper\">\n <button class=\"btn btn--link arrow wp-component-card__button\">\n Read more <span class='edwp-svg '><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g id=\"Lg\">\n<path id=\"Vector\" d=\"M1.12509 9.50162H15.8648L9.43259 3.06941C9.374 3.0113 9.3275 2.94216 9.29576 2.86599C9.26403 2.78981 9.24769 2.70811 9.24769 2.62559C9.24769 2.54307 9.26403 2.46137 9.29576 2.38519C9.3275 2.30902 9.374 2.23988 9.43259 2.18177C9.54971 2.06535 9.70814 2 9.87328 2C10.0384 2 10.1969 2.06535 10.314 2.18177L17.8151 9.6829C17.8737 9.74101 17.9202 9.81014 17.9519 9.88632C17.9837 9.96249 18 10.0442 18 10.1267C18 10.2092 17.9837 10.2909 17.9519 10.3671C17.9202 10.4433 17.8737 10.5124 17.8151 10.5705L10.314 18.0717C10.1975 18.1871 10.0404 18.2522 9.87641 18.2529C9.79414 18.2534 9.71259 18.2376 9.63643 18.2065C9.56027 18.1754 9.491 18.1296 9.43259 18.0717C9.374 18.0135 9.3275 17.9444 9.29576 17.8682C9.26403 17.7921 9.24769 17.7104 9.24769 17.6278C9.24769 17.5453 9.26403 17.4636 9.29576 17.3874C9.3275 17.3113 9.374 17.2421 9.43259 17.184L15.8711 10.7518H1.12509C0.959309 10.7518 0.800312 10.686 0.683084 10.5687C0.565857 10.4515 0.5 10.2925 0.5 10.1267C0.5 9.96093 0.565857 9.80193 0.683084 9.68471C0.800312 9.56748 0.959309 9.50162 1.12509 9.50162Z\" fill=\"#1D0F25\"\/>\n<\/g>\n<\/svg>\n<\/span> <\/button>\n <\/div>\n <\/div>\n<\/article>\n","_links":{"self":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/37742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/comments?post=37742"}],"version-history":[{"count":2,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/37742\/revisions"}],"predecessor-version":[{"id":57517,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/37742\/revisions\/57517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/media\/37758"}],"wp:attachment":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/media?parent=37742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/categories?post=37742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/tags?post=37742"},{"taxonomy":"related_service","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/related_service?post=37742"},{"taxonomy":"related_industry","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/related_industry?post=37742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}