Business Intelligence in Inventory Management

Inventory management is a systematic approach to sourcing, storing, and selling inventory—both raw materials (components) and finished goods (products).  For businesses, having the right stock, at the right time, in the right quantity, at the right cost is—otherwise known as  inventory management— is essential. Business intelligence can highlight meaningful insights to control and oversee purchases from both suppliers and customers, and maintain stock inventory and order fulfillment. It can also help a business control inventory costs, improve service levels, manage inventory assets efficiently, and prevent out-of-stock instances. 

Challenges 

• Inability to meet customer demands due to evolving needs 
• Mismanagement of inventory due to lack of insights on inventory levels and running orders 
• Restricted visibility of inventory, expenses, cash flow, and revenue to take strategic decisions 
• Leaders were unable to accurately track inventory and meet upcoming needs 
• Limited to static excel based reports to manage and record various inventory statistics  
• Users endured extra hours to maintain inventory records correctly

Solution  

Our solution enabled the following capabilities to address the challenges of inventory management: 

• Users can analyze products by the cost of goods sold and provide a comprehensive understanding of all products 
• The dashboard offers users greater visibility to effectively manage stock, maintain optimal inventory levels, and optimize inventory turn in real-time
• Empowers leaders with insight into high performance and low-performance indicators so leaders can make decisions, control losses, and increase profit 
• Provides a birds-eye view of various categories orders, out of stock levels, and in-hand levels across a segmented view of days, months, quarters, or years