Retail Growth:Inventory Management

As an Operational Risk Consultant, I recently engaged in an enlightening conversation with a client about the challenges of sales in the current climate. While many may be quick to attribute declining sales to external factors such as economic downturns or changes in work patterns, it’s important to recognize that these are often mere symptoms of a deeper underlying issue. In truth, businesses require expert advice to thoroughly understand the intricacies of their supply chain and the root causes of sales reductions.

During our conversation, my client shared a story about their Flagship store where the No.1 ‘best seller’ was underperforming, ultimately impacting overall store sales. Upon investigation, we discovered a broken supply chain with no physical stock available in the stock room, despite substantial system stock on hand. This experience illustrated the need for a comprehensive end-to-end supply chain review and a solution that could restore business operations to their full potential.

As part of our end-to-end review we were able to help this client grow their sales and fix their broken supply chain. We also linked them up to a Certified Partner which is designed to connect vendors who offer exceptional service with businesses that require valuable outsource partners to solve complex problems.

I am deeply passionate about inventory management, having recognized its critical link to reducing stock shrinkage and improving overall business operations since 2013. Effective inventory management requires a holistic approach that considers the entire supply chain, rather than isolated solutions that only address specific issues. By taking an end-to-end approach, businesses can more effectively address their inventory management needs and ensure a healthier bottom line.

As an experienced leader of 30 years, I am reminded of a meeting with an Executive VP back in 2015 where I boldly proclaimed my intent to make Inventory Management ‘sexy’ to everyone (by the way he did laugh at my intent), so that its benefits could be fully understood. Although I may not have entirely achieved my initial goal, I am proud to say that after five years, I had successfully brought a greater understanding of Inventory Management to all and made it an important topic.

Throughout my career, I have held the belief that in order to be successful, it is crucial to recognise my own strengths, while also acknowledging when expertise is needed from outside sources. This is why I have always surrounded myself with exceptional outsource partners, recognising the value that they bring to the table.

In fact, I am excited to announce that starting from March 2023, we will be launching our ‘Certified Partner’ Program as part of our New World Norm initiative. The aim of this program is to provide added value to our clients by bringing onboard solution providers who are experts in their respective fields.

We are currently registering certified partners on a weekly basis, and we are committed to working closely with our partners to ensure that our brands collaborate effectively to deliver optimal results for our clients. If you believe that you could be a great fit for this program, we would love to hear from you. Let’s work together to help your business achieve its full potential. If you are interested in learning more about our New World Norm program, or think you may qualify as a Certified Partner, please do not hesitate to get in touch with us. Let us explore how we can collaborate to create a brighter future for your business.