Challenges

A leading health foods manufacturer was juggling an excess of on-hand surplus inventory for select products while attempting to identify sales demand and inventory shortages for other products. Due to a lack of visibility into expiring products, safety stock led to longer shelf time and expiration of products. Fluctuations due to seasonal demand combined with inventory-on-hand shortages resulted in revenue loss.

The customer’s complex inventory required accurate inventory management that aligned with their production schedule. With the addition of ConverSight, the customer gained advanced visibility into their inventory, resulting in a decrease in month-to-month costs.

Solution

ConverSight optimized the customer’s inventory by providing visibility across all areas, including aging inventory and accurate inventory levels of all products. Through conversations with ConverSight’s AI assistant Athena, the customer was able to get proactive insight into their critical parts and other key SKUs.

Removed non-moving inventory – With ConverSight, the customer identified and removed non-moving inventory that was contributing to margin erosion.

Automated Purchase Orders – The customer was able to execute data-informed purchase orders that are both automated and accurate, reducing the burden on the customer to make these purchases at the right time and place.

Improved customer experience – The customer improved their customer experience by cutting down on delayed shipments and other critical stoppages.

Impact

Since the initial deployment, the customer has gained advanced visibility across their supply and procurement network. Key stakeholders and decision makers are now aligned with their production and procurement schedule with tools like:

• Advanced Visibility: Delivered real-time visibility into aging inventory &inventory levels of all products at all locations for optimized inventory management.
• On-Demand Insights: Provided real-time and historical insights into inventory, while tracking seasonality demands to recommend safety stock accordingly.
• Smart Forecasting: Produced key metrics and proactive insights on inventory for reduced inventory costs.

With the adoption of ConverSight, purchase orders became automated and accurate, as well as aligned with suppliers and global supply chains.

For more information about how ConverSight can slash inventory costs and reduce stockouts, request a demo today.