Optimising performance by predicting the future
Our world has changed and is now 100% unpredictable. Traditional planning methods for Inventory Planning are no longer reliable. Almost overnight, your supply chain strategy had to drastically change. In a world where borders open and close at a moment’s notice, and where Inventory Managers are struggling to stay abreast of huge fluctuations in demand, failure to adequately predict and anticipate challenges can lead to unproductive finger pointing.
Factory shutdowns in China, regional lockdowns, store closures and supply channels being turned away at the harbour, have all led to unprecedented fluctuations in demand that is universally affecting organisational bottom lines. These fluctuations then affect other areas of the business, such as reductions in working capital, workforce planning, profit margins and operational efficiencies potentially forever impacting your go-forward inventory strategy for many years to come.
Everyone hopes global and domestic markets will one day again normalise. However, it’s important to note that normalisation does not necessarily mean a return to normal trading.
Traditional inventory forecasting has always relied on a mix of past trends, sound predictions and supplier relationships. However the global pandamic has now changed all that. In a world gone mad, your warehouse can be a source of incredible value, or a critical liability to your organisation.
Accessing the right data at the right time, will assist you to visualise and better plan for the unexpected. Future-proofing your Supply Chain and Inventory Management processes requires automation and agility to manage this tightrope of supply and demand more effectively.
Strategies to help you with Inventory Planning include: