How to optimize Inventory: 11 proven inventory reduction strategies
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- čas přidán 29. 06. 2024
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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
►MY BLOG: abcsupplychain.com
#supplychain #inventorymanagement #inventoryoptimization
Hi Edouard, I've watched all your videos and found them to be incredibly helpful as a beginner. I do hope that you keep these videos coming, they are amazing!
I am glad it helped Zulkhairee, thank you for your feedback!
Thank you for this wonderful video.
Please don't stop posting on this channel it is very helpful and i dont understand french 😅😂
I will Ibrahim !
Amazing work you have done!!! I am working on the inventory optimization with the long lead time challenge and expensive backorder recovery cost. Appreciate if you share some insights
FMECA is helpful indeed. Nice vid, thank you!
very useful, appreciate it.
Very useful, thank you
I have been following your youtube account for a long time, the videos you make are all perfect, and the viewers give you the highest rating, you are a very influential blogger
Glad you like them!
As an Inventory Manager for a global wholesale distribution company, I can say all of these tips have a lot of validity.
Hi Jay, thank you very much for your feedback ! :)
This guy is a legend!
haha, thanks! 😂
This is so good!
Thank you!
Awesome video. I wish I watched it 2 years ago. Would've saved me a lot of work and headaches.
Glad it helped! Never too late :)
I have watched all videos. Wowww awesome.
Glad you like them!
Hi Edouard. I am looking for your video "Forecast Accuracy KPI 4 methods in Excel" and can't seem to find it. Can you please direct me to the link? Your videos are outstanding and packed full of information. Please keep posting your awesome knowledge of Supply Chain !!
Hi Ron, thank you very much, more to come! Here it is: abcsupplychain.com/forecast-accuracy-formula-excel/
Hi, Great video! Can you recommend any automation software for small businesses?
Hi Dolapo. I don't recommend any software at the moment because I prefer focusing on education and teaching. It also depends on what type of automation you want. You can automate many things on Excel with modules such as Power Query and Power Pivot
One of the actor in the series Doctor House resembles you a lot
Hi Edouard, which factors would you look at for optimization of a crossdock? Which kind of data can be used?
Please make a video regarding Inventory aging.
Is this method for a push process or a pull process. I am in the Manufacturing industry.
Not sure to understand your question?
i love the way to explain things to simple.
Thank you, I always try to keep it simple :)