Optimizing Inventory Management for a Manufacturing Firm
Industry: Manufacturing
Goal: The manufacturing firm experienced frequent stockouts and excess inventory, leading to inefficiencies and increased costs. They needed a solution to optimize inventory levels and improve supply chain efficiency.
Strategy and Execution: We developed an advanced inventory optimization model using historical sales data and sophisticated demand forecasting techniques. The model provided real-time insights into optimal inventory levels, taking into account seasonality, lead times, and supplier reliability.
Framework: SQL for data extraction and transformation, R for statistical modeling and forecasting, and Looker for visualization and decision support.
Business Impact: The optimized inventory management system reduced stockouts by 30% and inventory holding costs by 25%. This improvement enhanced supply chain efficiency, reduced operational costs, and improved customer satisfaction by ensuring product availability.