Warehousing & Inventory Management
Through the development, implementation, and maintenance of a tailored inventory management policy, warehouse space can be optimised by ensuring that the correct level of stock is being maintained always, without compromising customer service.
HaroldandCo Consulting supports its clients by exploring and determining dynamic Inventory Management Tools that allow you to run various scenarios and implement without the need for extended consultant time.
The following are examples of areas where these tools are provided:
Cycle Stock - The minimum quantity of stock needed to cover the average expected demand during the replenishment lead time.
Safety Stock - A statistical calculation that assesses, based on historical data, the probability of variation in the replenishment quantity or the replenishment lead time. This calculation is then optimised against your target service requirements per SKU to deliver an optimal safety stock.
Demand Variation Safety Stock - based on historical data, this calculation considers possible variation of customer demand. As with the Safety Stock, the calculation is optimised against target service requirements to provide the optimal safety stock.
ABC analysis of SKUs - determine fast moving/high value product vs. slow moving/low value products to 1. Vary target stocks by level of value to the business (thus reducing working capital deployed); 2. Identify obsolete stock that could be delisted
Economic Order Quantities (EOQ) - A model that balances purchase costs and holding costs against demand; to identify the optimal purchase quantity when considering the total costs (purchase, handling, storage, working capital) and not just the direct purchase cost.
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