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How to Reduce Inventory and Improve Customer Service?
Optimizing inventory has been one of the biggest challenges of my (professional) life from intern to SCM director 🎯 🏋️‍♀️ :
👉 Enough stock to make my customers happy 😀
👉 But not too much, to keep enough cash flow for my CFO 💰
Finding the right balance between inventory, service, and costs is one of my favorite game.
Here are my 11 inventory reduction strategies:
00:00 Intro
01:00 Having the proper KPIs
01:37 20/80 Focus
02:03 Clean SLOB (Slow Moving & Obsolete)
04:11 Accept shortages
05:14 Reduce the number of products
06:55 Improve (or implement) your forecast
08:00 Reduce your MOQ
08:57 Mitigate uncertainty (demand & suppliers)
09:57 Reduce & stabilize lead times
10:55 Centralize inventory
12:31 Automate
Here is my action plan: watch this tutorial, pick one of these solutions, and start optimizing your inventory & service TODAY🚀
Trust me, it is not that complicated. We just have to keep it simple and go step by step.
Let me know in the comments what the quickest and easiest solution is to optimize your inventory.
Edouard
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