Developing & building an Inventory Tracker for Planning, Management and Maintenance of Finished products Stock
Tools used
MS Excel
Our Client, a D2C apparel major was losing out on a lot of opportunity due to lack of timely stock maintenance and incorrect projections of size and color ratios.
Fashion industry, being seasonal in nature, they would face major loss of sales with SKUs suddenly picking up and leading to stock outs.
Another major challenge in this situation was aligning the stock to appeal to marketplace algorithms to maintain healthy channel ratio
Priorise team devised a solution that involved creating a size-specific Inventory Management Report taking into account the available Stocks, stock movement in terms of Sales and production cycle of fast-moving products. Whenever a product goes down below the minimum threshold for that particular style, a warning is generated and amount of reorder created.
Some key features of this solution:
Since it’s the Apparel industry, recency of sales is taken care of when determining the average daily movement
For specific styles (where the order cannot be replenished in time), alternative solution in the form of altering slow moving larger sizes to smaller ones can be suggested in order to cater to the customer’s needs
Changing fashions & Seasonality is taken into account
The tool also helps in determining Under-ordered & Over-ordered inventory as interim checks
Project Information
- Since implementing this solution, SKU refill is prioritized better leading to Reduction in Stockouts (even when catering during Sale season), and hence, Increment in Revenue
- Higher brand visibility on partner channels is maintained along with Cost optimization as targeted production of critical styles is implemented (basis sales and available stocks)
- Tracking and managing inventory has become easier
