Exalogic Logo Exalogic Logo
  • Choose your region

    • Middle East
    • Asia Pacific
    • Europe

    Exalogic Consulting Dubai

    • Level 14,PO Box 634321 Fortune Executive
      Towers Jumeirah Lakes Towers
    • +971 391 3570
    • info@exalogic.co

    Exalogic Consulting London

    • Kemp House, 160 City Road,
      EC1V 2NX, London, UK
    • +44 20 3907 7737
    • info@exalogic.co

    Exalogic Consulting Bangalore

    • Vakil Square, 56/3, Bannerghatta Main Rd,
      near to Jayadeva Hospital, KEB Colony,
      New Gurappana Palya, 1st Stage,
      BTM Layout 1, Bengaluru, Karnataka 560029
    • + 91 804 101 0727
    • info@exalogic.co
  • drag_handle

What are you looking for?

Optimize Inventory Management with SAP IBP to Enhance Customer Experience Optimize Inventory Management with SAP IBP to Enhance Customer Experience

Balancing inventory management to optimize customer satisfaction


Technology has allowed businesses to derive deeper insights allowing them to get a closer view of their revenues. The insights into revenue fluctuations correlate to customer experience (CX) which is common knowledge in most industries. However, some studies extend this relation to inventory management meaning companies can fix their revenue by cleaning up their inventory.

How are inventory management and customer satisfaction related?


Much like poor service or lack of understanding of customer needs or insufficient technological support, improper inventory management can lead to customer dissatisfaction. Inventory is a critical cog in the wheel of the supply chain for retail and e-commerce businesses. They rely heavily on inventory management to ensure products are delivered on time without having to spend any excess amount and/or resources on storing them. Customers often tend to switch the retailer or e-commerce platform when they transfer excess storage costs or when the delivery is delayed.

Similarly, businesses in other industries have their own products to build/manufacture/construct whose timely availability is affected by inventory management. Despite the difference in the nature of business, inventory affects how effectively they can deliver their product with the optimal number of resources. This allows businesses to keep the price point at a satisfactory level for customers in comparison with that of competition.

How to optimize inventory management?

It is clear that a well-maintained inventory allows for benefits that can be transferred to customers in order to improve the value of their experience. Let’s look at a few simple ways to optimize inventory management.

  • Gain visibility of the inventory: It is important that business owners have visibility into their inventory to know the type and quantity of stock at hand. This allows them to streamline procurement to manage deficiencies in supply or limit excesses that take up space and effort on part of resources.

  • Create interconnectedness: The larger an organization, the more complex and extensive its operations tend to be. An interconnected organization allows inventory stakeholders to keep track of the dynamic needs of the organization. This creates the chance to identify a gap before it even appears. Not often, but at times, large organizations require large spaces at short notice. Real-time communication makes it easier to alternate space allocation and resolve last-minute requirements in inventory.

  • Build better statistical models: Standard statistical calculations to predict supply and demand do not encompass emerging factors inside and outside an organization. A dynamic market often makes it difficult to build a dependable model to forecast inventory. Business owners can benefit from predictive algorithms that have proven to pick the smallest of changes to study their effect on the entire model.

To enable change at the pace and scale that current market standards demand, it would be easier for organizations to implement intelligent tools with analytical and forecasting capabilities. They would not only help identify deficiencies but also assist in finding new opportunities to balance inventory management thus optimizing customer experience as the final outcome.

SAP Integrated Business Planning (IBP) for Inventory Management

Known to help companies effectively manage supply chain risks, SAP IBP’s cloud-based capabilities make it the perfect accelerator to improve inventory management and in turn customer experience, thereby boosting business profitability.

SAP IBP’s Excel-based user interface makes it easier for users to switch and adapt to the format in which insights are offered. It also offers capabilities that include exception management wherein focused planners are created for materials that are risk-prone while storing and moving thus buffering inventory risk. The IBP platform also utilizes advanced algorithms to predict and create robust statistical models that can run various scenarios considering different inputs and their effect on the lead time, forecast accuracy, and identify process deviations.

Leverage SAP IBP to absorb any demand variability and adjust supply uncertainty by identifying and addressing the root cause in time. Stabilize your supply chain.

Be the first to comment on this.
Most Viewed Posts
Image
Habits of Successful People Leaders
Read More Image
Image
5 Behavioral Questions to Identify High-Potential Candidates
Read More Image
Image
Building a Culture of Innovation
Read More Image
Categories

62

28

9

Share
Exalogic Consulting Logo
Subscribe

Subscribe to get updates and information.
Worry not, for we don't send spam emails!

Company
  • Services
  • About Us
  • Careers
  • Locations
  • Contact
  • Privacy Policy
  • Terms & Conditions
We'd love to hear from you!

To get started, please fill in the form below with information about your business needs. You shall receive a response within two business days.

Submit

Copyright © 2023 Exalogic Consulting. All rights Reserved

  • Follow us on

Community championing
against COVID-19

Become a Community Champion Now for Free

Get Certified now!

This website stores cookies on your computer. These cookies are used to collect information about how you interact with our website and allow us to remember you. We use this information in order to improve and customize your browsing experience and for analytics and metrics about our visitors both on this website and other media. To find out more about the cookies we use, see our Privacy Policy.

If you decline, your information won’t be tracked when you visit this website. A single cookie will be used in your browser to remember your preference not to be tracked.

Cookies Preferences




No, Thanks
Yes, I agree
logo
Our Expertise
Industries
Technologies
Consulting
  • About Us
  • Careers
  • Insights
  • Media
  • Events
  • Resources
    • Infographics
  • Contact
Our Expertise
Blockchain
Machine Learning & AI
SAP Services

Product Engineering - Web & Mobile
Robotic Process Automation
Internet of Things (iOT)

Analytics and Data Visualization
Digital Marketing
System Integration

IT Infrastructure Services
Industries

Energy
Utilities
Manufacturing

Healthcare
Transportation & Logistics
Travel & Hospitality

Real Estate
Facilities Management
e-Commerce

Pharmaceuticals and Life Sciences
Engineering, Construction, and Operations
Public Services
Technologies
SAP
Microsoft
Oracle Primavera

AWS
Google Cloud
Mendix

OpenText
Consulting
Strategic Business Consulting
IT Infrastructure Assessment
GAP Assessment Consulting

Business Process Maturity and Consulting
Digital Transformation Roadmap
Industry 4.0

On Premise to Cloud Migration
SAP ECC to S4 HANA Migration
logo

Our Expertise

  • Blockchain
  • Machine Learning & AI
  • SAP Services
  • Product Engineering - Web & Mobile
  • Robotic Process Automation
  • Internet of Things (iOT)
  • Analytics and Data Visualization
  • Digital Marketing
  • System Integration
  • IT Infrastructure Services

Industries

  • Energy
  • Utilities
  • Manufacturing
  • Healthcare
  • Transportation & Logistics
  • Travel & Hospitality
  • Real Estate
  • Facilities Management
  • e-Commerce
  • Pharmaceuticals and Life Sciences
  • Engineering, Construction, and Operations
  • Public Services

Technologies

  • SAP
  • Microsoft
  • Oracle Primavera
  • AWS
  • Google Cloud
  • Mendix
  • OpenText

Consulting

  • Strategic Business Consulting
  • IT Infrastructure Assessment
  • GAP Assessment Consulting
  • Business Process Maturity and Consulting
  • Digital Transformation Roadmap
  • Industry 4.0
  • On Premise to Cloud Migration
  • SAP ECC to S4 HANA Migration

  • About Us
  • Careers
  • Insights
  • Media
  • Events
  • Resources
  • Contact
Exalogic Consulting Success

You will shortly receive the login details in your inbox

Exalogic load page
Image

Registration

By signing up, you agree to GLT's Terms of conditions and privacy policy