An Interim Executive Takes Us Through Managing Stock Inventory
In this episode of Business Today we talk to interim executive, James Stewart, on his impact on stock inventory control and inventory management.
He has spent a majority of his career in a Fortune 100 company, where he worked his way up from being an engineer to a Business Unit Manager. After separating from the company, James connected with Cerius Interim Executives and set up his own consulting business.
In his latest assignment, James walked into a company that had recently been acquired. He shared some of the things he was able to do to make a quick impact there with the stock inventory:
The company had three warehouses of product all in the local vicinity and the decision had been made prior to my arrival to buy all stock inventory required for 2016 and 2015 to make sure there wasn’t any shortfall in stock inventory which was an issued a year before. As a result the stock inventory decision, processes were very aggregated. They weren’t used to running so many remote locations. They weren’t use to having that amount of stock inventory. It became really evident in the inventory inability to know where a product was and able to do things fundamental, things like cycle counting. So when it became obvious that there was a big problem, they basically had to throw that recipe out and come up with some significant and customized tools to address the inventory issues.
When I came in, I sat down, looked at my skill set on Excel and problem solving ability and walked the team through a problem solving process. This wasn’t a normal thing for the those who were working there. We defined what we were trying to accomplish, we defined parameters, and did some testing. We developed some hypotheses and tested those. We came up with a whole set of stock inventory management tools that allowed us to ultimately improve the quality of the stock inventory understanding and reporting until we got it to 100 percent compliant over the course of the year. So that wawww.businesscoachingfoundation.com/articles/why-define-parameters.phps a significant improvement from where they were.