WBSRocks: Business Growth with Enterprise Software and Digital Transformation WBSP292: Grow Your Business by Learning To Solve Inventory Excess and Obsolescence Issues w/ Pete Grett
If your physical and digital inventory may not be aligned and you don't have KPIs to track your excess inventory and obsolescence, you might be carrying aging inventory, and you might not be aware of that. Also, while some of the inventory may appear aging, if that is the critical inventory for their machines or operations, there may be a chance that you may not have these parts when you need them the most. Planning for inventory excess and obsolescence is hard as you not only need to look at the global planning, but you also need to make sure that you are monitoring the inventory at the plant level. So what are the best practices to track and optimize inventory excess and obsolescence?
In today's episode, our guest, Pete Grett, shares his insights into inventory excess and obsolescence. He also discusses the critical metrics to track inventory obsolescence and how global planning might drive the inventory needs. Finally, he discusses concepts such as the critical components and ad-hoc warranty processes that might disrupt the inventory planning, hub and spoke model and how the supply chain network needs to be mapped to discover cost savings opportunities, and finally, how DTC customers that might be seeking Amazon-like experience may require micro-fulfillment centers as the traditional regional DC model may be too expensive for them due to the supply chain costs.
For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.