Developed a Dashboard that Provides a Holistic View of Inventory for a Retail Giant
The client is a leading retail giant in GCC with multiple stores and warehouses across geographies with a large product portfolio spread across departments like FMG, Electronics, Clothing, Household products etc.
To overcome the problem of loss of
sales due to stockouts and excess inventory levels, the client wanted an
organized reporting framework to track their inventory, replacing their sub-optimal
inventory management system
The client approached TurnB to design and develop an advanced BI dashboard with an exhaustive view on the current stock status of stores, warehouses, product categories and SKUs. They also wanted to streamline inventory management using scientific techniques and improved methods to assess their stock levels.
TurnB comprehended the client’s inventory management methodologies involved in procurement, internal transfers, warehousing etc. and incorporated an approach to develop a custom framework to optimize the inventory management.
- Gained clarity on data capturing mechanisms deployed at each stage of stock movement
- Purchase, transfer and other stock related data available in various data sources were extracted using SQL queries
- Performed exploratory data analysis on stock related datasets & various data discrepancies due to improper data capturing, exceptional scenarios etc. were handled
- Identified SKU inventory planning factors like current stock, active days, supplier lead days, burnout days, re-order level, stock in transit etc. and revamped the calculations based on identified factors and logics backed by inventory standard techniques like FIFO
- Designed and developed an analytical data layer in the client environment and enabled automated scheduled updates for the analytical datasets to refresh with the real-time data
- Top-performing SKUs from each product categories were identified based on their demand & revenue contribution and such SKUs falling in red zones like stock-outs, on the verge of stock out etc. were flagged
- Designed metrics to monitor and assess the current inventory level in-house or in-transit and KPIs were designed to shed light on various inventory challenges such as stock-outs, deadstock, excess stock, slow-moving etc.
- Separate dashboard views for users at different levels; from top management to store category buyers were designed and developed
- Various provisions were provided in the dashboard to deep dive on the SKU segments based on sales performance, seasonality, procurement types like central, local, overseas etc.
Following were the outcomes from
moving to an advanced version of reporting:
- The dashboard enabled the business users and
strategic planners to analyze various metrics across different dimensions and
make informed decisions considering the inventory levels
- The timely actions on top SKUs which are out
of stock/ on the verge of stock out resulted in minimizing the opportunity loss
- Non-moving and excess stocked SKUs in each
location were exposed and inventory levels were reduced by clearing excess
- Revamped inventory calculations enabled
efficient stock replenishments through informed reordering and internal stock
- Logical calculations deployed in the reports
were used in other operational areas like LPO preparations, supplier
negotiation, reordering etc.
The shift to the advanced BI reporting framework enabled the client better monitoring of their inventory and optimize it through improved tracking of stockouts, deadstock, slow-moving, excess stock etc. aid to control significant loss of sales and reduce inventory cost.