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Inventory Management 3 Keys To Freeing Working Capital 1 127894 PDF
Inventory Management 3 Keys To Freeing Working Capital 1 127894 PDF
Inventory Management 3 Keys To Freeing Working Capital 1 127894 PDF
May 2009
Nari Viswanathan
~ Underwritten, in Part, by ~
Inventory Management: 3 Key Strategies to Freeing Working Capital
Page 2
Executive Summary
In these times of economic uncertainty and global credit crunch, companies Research Benchmark
need to actively seek out best practices in how to move from working Aberdeen’s Research
capital optimization theory to practical initiatives that will improve Benchmarks provide an in-
corporate financial performance while maintaining customer satisfaction. depth and comprehensive look
Supply chain, procurement, and financial professionals have an opportunity into process, procedure,
to use working capital innovations to create a market advantage for their methodologies, and
companies. Cash velocity can be a competitive differentiator and companies technologies with best practice
need to assess a variety of breakthroughs in working capital management to identification and actionable
keep pace with their peers. Aberdeen surveyed over 170 companies to find recommendations.
out their challenges and plans relating to inventory management to publish
this benchmark report.
Table of Contents
Executive Summary....................................................................................................... 2
Best-in-Class Performance..................................................................................... 2
Competitive Maturity Assessment....................................................................... 2
Required Actions...................................................................................................... 2
Chapter One: Benchmarking the Best-in-Class ..................................................... 4
Business Context ..................................................................................................... 4
The Maturity Class Framework............................................................................ 6
The Best-in-Class PACE Model ............................................................................ 6
Strategic Actions of the Best-in-Class................................................................. 7
Chapter Two: Benchmarking Requirements for Success .................................... 9
Competitive Assessment......................................................................................10
Capabilities and Enablers......................................................................................11
Chapter Three: Required Actions...........................................................................19
Laggard Steps to Success......................................................................................19
Industry Average Steps to Success ....................................................................19
Best-in-Class Steps to Success............................................................................20
Appendix A: Research Methodology.....................................................................22
Appendix B: Related Aberdeen Research............................................................24
Featured Underwriters..............................................................................................25
Figures
Figure 1: Companies Are Actively Re-evaluating Inventory Management....... 4
Figure 2: Key Pressures to Improve Inventory Management ............................. 5
Figure 3: Strategic Actions Taken by Best-in-Class Companies......................... 7
Figure 4: Approaches for Impacting Working Capital.......................................... 8
Figure 5: Process Playbook for Closed Loop Inventory Management.................14
Tables
Table 1: The Maturity Class Framework................................................................. 6
Table 2: The Best-in-Class PACE Framework ....................................................... 7
Table 3: Competitive Framework ...........................................................................11
Table 4: Closed Loop Inventory Management Technology Enablers................14
Table 5: The PACE Framework Key ......................................................................23
Table 6: The Competitive Framework Key ..........................................................23
Table 7: The Relationship Between PACE and the Competitive Framework....23
Chapter One:
Benchmarking the Best-in-Class
Business Context
Fast Facts
In these times of economic uncertainty and global credit crunch, companies
are actively seeking best practices for reducing inventory holdings Ö Ninety-one percent (91%) of
throughout their multi-tiered supply chain networks. In fact, as Aberdeen’s companies indicate that they
recent survey of overall supply chain trends shows, reducing inventory is the are involved in reviewing
top action companies have taken to date in response to the recession opportunities for improving
inventory performance
(reported by 54%). Companies are looking for practical initiatives that can
through process changes.
unlock working capital while maintaining customer satisfaction. With 62% of
companies reporting a drop in customer demand over the past year, Ö Corporate need to improve
focusing on inventory is critical if a company wants to avoid a spike in write- return on investment capital
offs due to obsolescence, when the stock builds up but cannot be sold. and shortage of working
Aberdeen has surveyed 170 companies to uncover the most pressing capital to support our
current challenges and best practices in inventory management, summarized operations / expansions are
the top two pressures.
in this report.
This study confirms that inventory management processes and technologies
are being actively re-evaluated by companies today. As Figure 1 shows, 91%
of respondents say they have made or been asked to provide
recommendations to management in the past six months on how to
improve their company’s inventory management processes. Fully 61% of
respondents say they have made, or have been asked to make, inventory-
related technology recommendations within the past six months.
Looking at inventory
process or policy 91%
changes
Looking at inventory
technology 61%
enhancements
0% 20% 40% 60% 80% 100%
Percentage of Respondents, n = 137
Percentage of Respondents, n = 137
Examining the key pressures that companies are facing with respect to
inventory management, we see that the corporate need to improve return
on invested capital (29%), shortage of working capital to support operations
/ expansions (20%), and the pressure to improve service levels (15%) are
acting simultaneously, which creates the need for balancing these mutually
exclusive business pressures. Given the recessionary conditions in the
financial market, it makes sense that the top two critical pressures are
working capital related.
Very Influential Critical
Critical
“We sell into consumer
Corporate need to improve
packaged manufacturers who
38% 29% have seen an erosion of 20% of
return on invested capital
their demand in the last six
Shortage of working capital to support months. As a result our
25% 20%
operations/expansions customers are forecasting
conservatively and trying to
Pressure to improve service levels 30% 15% drain out their existing
inventory stocks. This has
Market pressure to reduce
resulted in our organization
ordertodelivery lead times
36% 7% having to reduce the capacity
dramatically. We are now
Increasing lead times, variability, concerned about the eventual
26% 10%
and carrying costs upswing where we will not be
in a good position to address
0% 10% 20% 30% 40% 50% 60% 70% 80% the increased demand.”
Percentage of Respondents, n = 131
~ Director of Supply Chain,
Source: Aberdeen Group, May 2009 Mid-size Process Manufacturer
In order to further analyze inventory management processes, Aberdeen
identified Best-in-Class characteristics for people, process, technology and
metrics.
Challenges of Working Capital & Inventory Seen Through the
Eyes of a Biotechnology Manufacturer
Thomas Panzer, VP of Supply Chain, Bayer Healthcare, spoke at Aberdeen’s
2009 Supply Chain summit on the topic of “Inventory Optimization…in the
Biotech Industry.” The following are some of the salient points from that
session.
Pressures
· The cost of maintaining working capital buffer has increased
significantly after the credit crisis.
· There is a severe need to free cash to finance the growth. This is
forcing companies to optimize their working capital for flexible,
responsive, and cost effective supply chains.
Industry Challenges
· Given the focus on life saving drugs, running out of stocks is not an
option and service levels have to be as close to 100% as possible.
· Highly regulated environment and comprehensive requirements
from health authorities: These result in a situation where the stock
requirements are not governed by inventory theory but often by
legal and government in-country stock levels.
· There are also shelf-life limitations; hence inventory needs to be
drained out by end of life.
continued
78% 76%
75% 73% 71%
66%
55%
50% 50%
50% 45%
41%
38%
32%
25%
Improve forecasting Optimize inventory Improve Improve inventory
accuracy location and replenishment visibility
quantities across strategies n = 131
n = 131
our network
Source: Aberdeen Group, May 2009
© 2009 Aberdeen Group. Telephone: 617 854 5200
www.aberdeen.com Fax: 617 723 7897
Inventory Management: 3 Key Strategies to Freeing Working Capital
Page 8
For many companies, especially with global supply chains, inventory is the
biggest lever impacting their working capital position. Due to increased global
complexity companies are experiencing long lead times and high demand
volatility. This has resulted in an increased emphasis on managing inventory.
Organizations are looking for ways to leverage inventory management
processes and technologies to unlock working capital.
The measure of net working capital is the Cash-to-Cash cycle:
Cash Conversion Cycle (absolute measure) = (DSO + DIO – DPO)*
*DSO=Days Sales Outstanding
DIO=Days Inventory Outstanding
DPO=Days Payable Outstanding
Working capital is a major driver of cash flow and ties up capital that could
instead be used to pay back debts, pay interests associated with short-term
loans and reduce cost of financing, and invest in future growth.
There are several approaches available to impact the cash-to-cash cycle, as
Figure 4 indicates, targeting the improvement in one or more of these
metrics:
· Receivables – Days Sales Outstanding (DSO)
· Inventories – Days Inventory Outstanding (DIO)
· Payables – Days Payable Outstanding (DPO)
CashtoCash Cycles = DSO + DIO DPO
Use 3 rd party financing
to pay suppliers faster
while extending terms
Reduce leadtimes Adopt a for the buyer
for the buyer
so that orders can be build to order Use 3 rd party
delivered quicker and model Inventory financing
get paid faster
Chapter Two:
Benchmarking Requirements for Success
The implementation of inventory management processes and the associated Fast Facts
organizational changes are critical in weathering the recessionary conditions Ö Seventy (70%) of Best-in-
being faced by organizations today. Information technology also has a Class companies adopt a
supporting role to play in this endeavor. statistical method to
Case Study — Inventory Planning Helps Legend Valve Maintain establish inventory targets
Customer Service & Reduce Inventory Ö Seventy (70%) of
Company Background: Legend Valve is a mid-size wholesale distributor of respondents indicate that
they revise their inventory
valves (both commercial as well as residential) with over 5,500 Stock Keeping targets once a quarter or at
Units (SKUs) in inventory. Legend Valve specializes in industrial plumbing a lower frequency
values and fitting as well as radiant in-floor heating. Its customers are
professional wholesalers who then sell to the local market installers or
contractors. They have approximately 5,000 customers in the continental USA.
In terms of the supply chain, there are two distribution centers that they own.
Legend Valve has adopted an outsourced manufacturing model with design
done in-house and manufacturing contracted to suppliers in Italy, Mexico, and
Asia. The average lead-times for their products are 90 to 120 days.
Their selling point to their customers is a commitment to meeting delivery
dates to their customers.
Challenges:
The unique market differentiator for Legend is its service guarantee to its
customers. Legend Valve discounts backordered items 5% along with a 5%
discount for orders that do not ship in 24 hours.
However, this focus on customer service comes with its own challenge. In
order to maintain the high level of fill rates / customer service, the company
had stored a high level of inventory for their SKUs, including the slow moving
ones. The company realized that its inventory turn levels were too low given
the challenging economy. The lead-times were also 90 days or more due to the
majority of their products. This resulted in variability in supply.
Solution / Actions Taken:
Inventory management was not new to Legend Valve. The company already
had an in-house system that was being used to come up with inventory
stocking levels. However this system was difficult to maintain and enhance due
to its custom nature.
In order to resolve the situation, the company embarked on an inventory
management project that had to balance the fill rates with the inventory turns
through the adoption of a packaged application. The company selected a best-
of-breed inventory planning solution as part of this initiative. The EVP of
Legend Valve says, “The packaged software actually has 80% to 90% of the
capabilities that our existing custom solution had.
continued
© 2009 Aberdeen Group. Telephone: 617 854 5200
www.aberdeen.com Fax: 617 723 7897
Inventory Management: 3 Key Strategies to Freeing Working Capital
Page 10
Note that the percentages indicate the respondents have selected "strong
capabilities" or "very strong capabilities" out of five choices that include "no
capabilities,” "poor capabilities,” "acceptable capabilities,” "strong
capabilities," and "very strong capabilities.”
Process
Best-in-Class companies are, compared to all others:
· 1.5-times as likely to have the ability to determine safety stock
targets for inventory at critical nodes in the supply chain, which is
typically owned by the inventory analyst within supply chain and is a
monthly / weekly process.
Simplistic general rule of thumb methods lead to flabby supply
chains. Companies facing high customer service level requirements,
short product life cycles, or multi-tier manufacturing or distribution
networks have the most to gain from moving toward item-location
level inventory policies.
· 40% more likely to have the ability to replenish inventory into
distribution buffers based on customer demand, which is typically
owned by the inventory analyst and is a weekly / daily process.
· Twice as likely to have the ability to segment inventory based on
customer service requirements, which is typically owned by the
demand planning organization and is a quarterly / monthly process.
Different products have different costs and lead times. For example,
a customer who requires a custom part from a manufacturer (Build
to Order) will have different service requirements than a customer
who sells a commodity (Build to Stock) part. Thus segmentation of
the customers based on their inventory management requirements
is necessary.
· 1.5-times as likely to be leveraging a statistical method for
computing inventory targets.
Seasonal industries can see large swings in demand as well as lead
time variability across demand peaks and lows driven by seasonality.
Construction equipment companies are examples of companies that
have long-term seasonality and the apparel industry involves short-
term seasonality.
All of the Best-in-Class differentiators outlined are key influencers in
achieving closed loop inventory management and are impacting several
different organizations and have different frequencies / cadences. The
amount of effort required in gaining success in enabling each of these
process steps cannot be underestimated. For example, the usage of
statistical methods for computing inventory targets can result in unreliable
targets unless the correct process and technology enablers are adopted.
Organization
· Best-in-Class companies are 30% more likely than all others to be
managing inventory at the network level.
Organizations that have either provided a single owner of inventory
or provide a cross-functional team for managing inventory are
better positioned to achieve closed loop inventory management
excellence. This is due to the fact that the associated processes are
Performance Management
· Best-in-Class companies are 1.5-times as likely to have the ability to
analyze demand patterns and create accurate SKU-level forecasts.
· Best-in-Class companies are twice as likely to have the ability to
measure customer service levels during the execution phase.
As the VP of Supply Chain of a large high-tech manufacturer says, “Our
biggest challenge has been that the metrics that we use for linking the
inventory levels to financial metrics are historically focused on lagging
indicators. We constantly identify problems after they have already
happened. We have not been able to operationalize [sic] the key metrics
such as cash-to-cash cycle and use it to drive responsive behavior in our
supply chain.”
Technology
Aberdeen research from June 2008, Technology Strategies for Closed Loop
Inventory Management, found that Best-in-Class companies follow the
principles of closed loop inventory management. Figure 5 shows the
components of closed loop inventory management. The outermost circle
shows the events that occur and the inner circle shows the metrics that
should be tracked as these events occur.
Inventory Segmentation
Seventy (70%) of respondents indicate that they revise their inventory
targets once a quarter or at a lower frequency. Inventory policies should
not be updated very frequently due to the nervousness it creates in the plan
– a monthly frequency is the ideal frequency, which 24% of respondents
selected.
Inventory segmentation, however, should be done based on business drivers
such as profit margin optimization. For example: A large consumer
electronics manufacturer saw a spike in demand for a specific type of video
recording device that it had not foreseen, resulting in lost revenue. For the
next cycle of planning, the company changed its process to segment the
inventory at a more granular level of attribute of the product than what
they had done previously. The key takeaway is that the process and the
technology that enables it should be flexible enough to support
segmentation in the middle of the planning cycle driven by impending
business challenges.
Inventory Optimization
This process step involves being able to consider the entire network –
either the finished goods inventory in distribution-centric environments or
including Work-in-Process (WIP) inventory for manufacturing-centric
environments – and right-size the inventory buffers.
Over 43% of respondents set their inventory policies based on general rules
of thumb. Forty-nine percent (49%) of respondents leverage spreadsheets
for doing inventory optimization and 27% leverage ERP systems. Twenty-
three (23%) leverage some form of home grown system. Only 16% leverage
a best of breed SCM solution.
Inventory optimization is an area where there are demonstrated tangible
financial benefits that can be obtained over a very short term (see
Aberdeen’s June 2008 benchmark, Technology Strategies for Closed Loop
Inventory Management). This is an area that should be looked at closely for
investment. Here is an example success story for inventory optimization:
Inventory Replenishment
Best-in-Class companies are 50% more likely to have implemented a strong
process for inventory replenishment. Why has the overall market not
concentrated on this area? Our research finds that 49% of survey
respondents utilize their ERP system to manage replenishment and 27% of
respondents utilize spreadsheets / legacy homegrown solutions for
inventory replenishment. The issue is not the technology but the lack of
realization that replenishment is in fact a critical step within closed-loop
inventory management.
Delivering the target service levels to the customer in this environment
poses heavy requirements on the process: highly precise time-phased
propagation of the statistical demand signal across the supply chain,
elimination of any “bullwhip” effect amplification, and detailed capacity and
© 2009 Aberdeen Group. Telephone: 617 854 5200
www.aberdeen.com Fax: 617 723 7897
Inventory Management: 3 Key Strategies to Freeing Working Capital
Page 18
Chapter Three:
Required Actions
Whether a company is trying to move its performance in inventory Fast Facts
management from Laggard to Industry Average, or Industry Average to Ö Thirty-five percent (35%) of
Best-in-Class, the following actions will help spur the necessary performance Laggards have indicated
improvements: strong process capabilities in
the ability to analyze demand
Laggard Steps to Success patterns and create accurate
SKU-level forecasts, versus
· Segment finished goods inventory based on financial 63% of Best-in-Class
performance. Twenty-nine percent (29%) of Laggards have companies.
indicated strong process capabilities in optimizing inventory based
Ö Only 10% percent of Best-in-
versus 47% of Best-in-Class companies.
Class companies indicate
The key attributes typically used for inventory segmentation are that their financial
volumes, picking volumes, complexity of customization, and lead- organization is driving
times and profit margins. Given the current economic challenges, inventory management. Only
companies need to segment the finished goods inventory based on 21% have revenue targets set
profit margins. up by finance and then
allocated down into
· Move away from “rule of thumb” inventory target settings. inventory targets.
Thirty-five (35%) of Laggards have indicated strong process
capabilities in analyzing demand patterns and creating accurate SKU-
level forecasts, versus 63% of Best-in-Class companies. One of the
reasons why Best-in-Class companies have been able to achieve this
is that they are 1.5-times as likely as Laggards to employ statistical ”We have two channels for our
forecasting approaches. products – retail and the
instructional dealers who in
· Integrate inventory target settings into S&OP meetings. turn supply the teachers and
Forty-two (42%) of Laggards have indicated strong process students. We have also seen a
capabilities in setting safety stock targets for inventory during the reduction in demand due to the
S&OP process, versus 63% of Best-in-Class companies. recession due to budget cuts
and our inventory levels have
S&OP processes are currently extremely demand focused versus shot up (though the impact is
focusing on balancing supply demand and finance. One of the critical likely to be lower than other
aspects of finance is working capital, which is in turn dependent on consumer products). We have
inventory. Hence it is necessary for companies to manage inventory added a bolt-on best of breed
in a holistic fashion as part of the S&OP process workflow. solution on top of our ERP
system to try to improve the
forecast accuracy and reduce
Industry Average Steps to Success the inventory levels.”
· Extend inventory management beyond finished goods ~ Director of Supply Chain,
inventory management. Thirty percent (30%) of Industry Large Consumer Electronics
Average companies have indicated strong process capabilities in the Manufacturer, Educational
ability to perform inventory optimization, versus 47% of Best-in- products BU
Class companies.
The working capital and cash-to-cash cycle metrics depend on the
end-to-end inventory within the supply chain, including raw
materials, work in progress, and the finished goods inventory. Even
though the optimization of the finished goods inventory is critical in
© 2009 Aberdeen Group. Telephone: 617 854 5200
www.aberdeen.com Fax: 617 723 7897
Inventory Management: 3 Key Strategies to Freeing Working Capital
Page 20
Even though the discussion in this report has centered on strategies and
tactics to adopt for a recessionary economy, the situation can turn around
rapidly and we will eventually see an economic recovery. Let us take a five
tier supply chain as an example for our analysis.
Raw Materials Manufacturer ® CPG Manufacturer
® Retailer ® Consumer
In this example, the consumer behavior has been pessimistic for the last
six months, resulting in urgency from the retailers and CPG manufacturers
to drain out the inventory in their network and try to meet the new
reality of lowered forecasts. This has resulted in a bull whip effect of even
more reduced demand on the part of the raw materials manufacturer.
The raw materials manufacturers are doing one of the following things:
a) Reducing capacity
b) Selling to alternate markets or customers
c) Going out of business
What happens now if the consumer behavior suddenly becomes more
optimistic? There is going to be a rapid increase in demand from the
retailers and manufacturers but without the corresponding flexibility from
the raw materials manufacturers to ramp up.
Appendix A:
Research Methodology
Between April and May 2009, Aberdeen examined the use, the experiences, Study Focus
and the intentions of more than 170 enterprises involved in using inventory
Responding supply chain
management solutions in a diverse set of enterprises with a specific focus on executives completed an online
improving working capital. Aberdeen supplemented this online survey effort survey that included questions
with interviews with select survey respondents, gathering additional designed to determine the
information on inventory management strategies, experiences, and results. following:
Responding enterprises included the following:
Ö Current level of focus
· Job title: The research sample included respondents with the towards inventory
following job titles: C-Level executive (CEO, CFO, CTO, CIO) management and working
(6%); VP / General Manager (14%); Director (33%); Manager (31%); capital management
other titles (16%).
Ö Key pressures being faced by
· Functional Responsibility: The research sample included respondents companies with respect to
with the following functional areas of responsibility: Logistics / inventory management
supply chain (62%); operations / procurement (21%); Finance (4%);
IT / BPM (6%); other areas (7%). Ö Current and planned use of
inventory management to
· Industry: The research sample included respondents from the four improve customer service
major industry segments – Process, Consumer, Discrete and High- levels, reduce costs and
tech / electronics. Key demographics are: improve corporate return
o Discrete (19%): Automotive (10%), Industrial Product on invested capital
Manufacturing (5%), Industrial Equipment Manufacturing (4%) Ö Best-in-Class behavior
o Consumer (32%): Consumer Durable Goods (5%), Consumer patterns and suggestions for
Packaged Goods (4%), Consumer Electronics (4%), Distribution Average and Laggards to
(7%), Food / Beverage (6%), Retail (3%), Wholesale (3%) reach advanced status
o Process (18%): Chemicals (5%), Metals and metal products / The study aimed to identify
Mining / oil / gas (5%), Paper / lumber / timber (2%), emerging best practices for
Pharmaceutical manufacturing (6%) inventory management usage in
supply chain, and to provide a
o High-tech / electronics (17%): Computer equipment and framework by which readers
peripherals (3%), Health / medical / dental devices or services could assess their own
(7%); High-technology (3%); Telecommunication equipment / management capabilities.
services (4%)
· Geography: The majority of respondents (69%) were from North
America. Remaining respondents were from the Asia-Pacific region
(9%), Europe (19%), and rest of world (South / Central America,
Caribbean, Middle East, Africa) (3%).
· Company size: Thirty-nine percent (39%) of respondents were from
large enterprises (annual revenues above US $1 billion); 42% were
from midsize enterprises (annual revenues between $50 million and
$1 billion); and 19% of respondents were from small businesses
(annual revenues of $50 million or less).
· Headcount: Sixteen percent (16%) of respondents were from small
enterprises (headcount between 1 and 99 employees); 32% were
from midsize enterprises (headcount between 100 and 999
Appendix B:
Related Aberdeen Research
Related Aberdeen research that forms a companion or reference to this
report includes:
· Working Capital Optimization: Improving Performance with Innovations
and New Technologies in Inventory Management and Supply Chain
Finance; June 2007
· Supply Chain Executive's Strategic Agenda 2008: Managing Global Supply
Chain Transformation; January 2008
·Technology Strategies for Closed Loop Inventory Management; April
2008
· Sales and Operations Planning: Aligning Business Goals with Supply Chain
Tactics; June 2008
· Demand Management in Process Industries: Strategies for Being Demand
Driven in a Globalized Economy; September 2008
· Beyond Visibility: Driving Supply Chain Responsiveness; September 2008
· Working Capital Optimization: Finance and Supply Chain Strategies for
Today’s Business Environment; October 2008
· The Secret SaaS: On-Demand Supply Chain Management; December
2008
Information on these and any other Aberdeen publications can be found at
www.aberdeen.com.
As a HarteHanks Company, Aberdeen plays a key role of putting content in context for the global direct and targeted
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This document is the result of primary research performed by Aberdeen Group. Aberdeen Group's methodologies
provide for objective factbased research and represent the best analysis available at the time of publication. Unless
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Featured Underwriters
This research report was made possible, in part, with the financial support
of our underwriters. These individuals and organizations share Aberdeen’s
vision of bringing fact based research to corporations worldwide at little or
no cost. Underwriters have no editorial or research rights and the facts and
analysis of this report remain an exclusive production and product of
Aberdeen Group.
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