Inventory Management Survey Results
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1 Inventory Management Survey Results Presented by: Bruce Tompkins & Sandra Tompkins April
2 Report Structure Who Took This Survey? Top Inventory Management Concerns Inventory Management Technologies Inventory Visibility and Shipping Across Locations Excess Inventory SKU Classications Inventory Management Metrics 2
3 Who took this survey? Type of Company Region 6% 39% Distributor Manufacturer 21% 39% APAC Europe 5 Retailer US 40% Industry Apparel, Fabric and Accessories Automotive, Truck and Vehicles Beauty, Health and Wellness 2% 14% 6% 17% Department Store and Discount Electronics and Electricals Hardware and Home Improvement 1% 1% 8% 6% Home Products/Furniture/Appliances Industrial/Commercial Manufacturing Service Providers 20% 7% Specialty 7% 10% Hobby, Toys, Arts, Crafts and Sporting Goods Food and Beverage 1% Pharmaceutical and Drug 3
4 Who took this survey? Survey Respondents were asked what percentage of your total sales are through the e-commerce channel? Low: 0% Avg: 22% Median: High: 100% What is your total number of active SKU's in inventory, across all locations? <1k SKUs: 3 1k-25k SKUs: 38% 25k-50k SKUs: 11% 50k-500k SKUs: 11% >500k SKUs: 4
5 What is your top concern regarding inventory management at your organization? 6% 32% 8% Peak Seasonal Demand Fulfillment Costs 10% Over Stocks Inventory Costs 20% 20% Out of Stocks Delivery Speed Order Fulfillment 40% of companies with a high degree of ecomm had delivery speed as the most important concern The cost concerns were rated relatively low with fulfillments costs only being a top concern for 6% of companies and inventory costs 10%. Top concern category for retailers was delivery speed (33%) and mfg top category was order fulfillment (40%) Inventory costs were much more of a concern for US companies (27%) vs Europe (6%) and APAC (6%) 5
6 Select below all inventory management technologies you use 81% Warehouse Management System (WMS) 71% Inventory Management System (IMS) 5 RFID technology 24% 28% 36% 39% Advanced POS technology with alerts Distributed Order Management System (DOM) Cloud-based systems Internet of Things (IOT) technology 0% 20% 40% 60% 80% 100% Companies with a high degree of ecommerce (>50% ecomm) used the most inventory management technologies. Particularly RFID technology (80%), IMS (88%), and WMS (96%) RFID technology is much more common in Asia (60%) and Europe (71%) vs the US (1) 6
7 Do your systems provide a single, real time view of inventory availability across all your locations (DC and stores)? 2% 3% 7% Stores may view real time availability at all stores Other 53% 18% 12% DCs may view real time availability at all DCs Batch reports or manual efforts Only locations sharing the same computer server Each location may only view real time at its location Real time view across all DCs and stores 53% of respondents have a real-time view across all DC and stores. While 18% only have real time view at each location Only 7% of respondents indicated that inventory availability is accessible only through batch reports or manual summarization APAC respondents are lagging behind both Europe and US in terms of the use of one real time view across all DCs and stores only 40% of respondents vs Europe 6 and US 54% 7
8 When a SKU is ordered by a customer, but is not available for shipment from the default shipping location, what action is taken? 7% Defer to Customer Service 11% Order from the supplier for direct shipment 54% 16% 13% Source from an alternate location, ship to the default shipping location and then re-ship Place on backorder and ship from the default location on arrival Ship from an alternate location Top choice is ship from alternative location (54% of respondents) Companies with a high degree of ecomm were two times more likely to ship from an alt location than companies with no ecomm Mfg companies were more likely to place an order on back order than retailers 8
9 How is excess inventory addressed? 20% 12% Returned for credit Sold at reduced price Destroyed 1 Donated 37% Held indefinitely 7% 9% Re-positioned, for possible full price sale Companies with a high degree of ecommerce favor returning the merchandise for credit and sold at reduced price Companies that don't do ecommerce tend to hold the product indefinitely or reposition for possible full price sale Retailers favored selling items at reduced price while Mfg companies were more likely to reposition for full price sale. Companies with a higher amount of skus tended to sell the product at reduced price. 9
10 How are your SKU classification boundaries defined? 13% 6% 17% 7% 21% 1 21% As a percentage of the total number of SKUs As a percentage of the total Revenue or Gross Margin ($/period) As a percentage of the total Volume (Units/period) As a percentage of the total orders/ period As a threshold value Other parameter SKU classifications not used Surprisingly 17% of respondents do not use SKU classifications driven mostly by distributors with 43% not using SKU classifications In APAC only 14% of respondents used the total % of the total orders/period more often than Europe 2% and US 4% Mfg top response was as a % of total volume (27%) while retailers top category was % of total number of skus (22%) 10
11 What percentage of SKUs fall into the following SKU classifications? As a percentage of the total Volume (Units/period) As a percentage of the total Revenue or Gross Margin ($/period) 4 40% 3 30% 2 20% 1 10% 0% 40% Top Priority SKUs - A SKUs 20% Moderate Priority SKUs - B SKUs 16% Lower Priority SKUs - C SKUs Lowest Priority SKUs - D SKUs 12% Other 3 30% 2 20% 1 10% 0% 30% Top Priority SKUs - A SKUs 27% Moderate Priority SKUs - B SKUs 20% Lower Priority SKUs - C SKUs Lowest Priority SKUs - D SKUs 0% Other 11
12 Indicate below if your company uses each Inventory Management metric? The chart below shows the percentage of surveyed companies that use each performance measure. The most commonly used KPIs are inventory accuracy (78%), days on hand (74%), and inventory turns (74%). Use of Inventory Management KPIs Inventory Turns 74% Days on Hand 74% Inventory carrying costs as a % of total SC costs 57% Inventory shrink as a % of total inventory dollars 49% Stock-out % 64% Perfect order % 59% Inventory accuracy % 78% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 12
13 Inventory Turnover Ratio Performance Inventory Turnover by Type of Company Inventory Turns by Region Retailer Manufacturer Distributor Pharmaceutical and Drug Food and Beverage Hobby, Toys, Arts, Crafts and Sporting Industrial/Commercial Manufacturing Home Products/Furniture/Appliances Electronics and Electricals Department Store and Discount Beauty, Health and Wellness Automotive, Truck and Vehicles Apparel, Fabric and Accessories Inventory Turns by Industry US Europe APAC The Inventory Turnover Ratio is a measure of the number of times inventory is sold during a time frame, such as a year. A low turnover rate may point to overstocking, obsolescence, or issues with the marketing of the product. A high turnover rate may indicate inadequate inventory levels, which may lead to a loss in sales because of out of stocks. 13
14 Days on Hand Ratio Performance Days on Hand by Type of Company Days on Hand by Region Retailer Manufacturer Distributor Pharmaceutical and Drug Food and Beverage Hobby, Toys, Arts, Crafts and Sporting Goods Industrial/Commercial Manufacturing Home Products/Furniture/Appliances Electronics and Electricals Department Store and Discount Beauty, Health and Wellness Automotive, Truck and Vehicles Apparel, Fabric and Accessories Days on Hand by Industry US Europe APAC The Days on Hand Ratio is a measure of the number of days in a year it takes to sell inventory or convert it into cash. A key aspect of reducing inventory is accurate forecasting. Capturing and reporting on forecast accuracy will provide meaningful feedback that can be used to improve the forecast going forward. Inventory accuracy metrics should be tracked over time and targets should be set for inventory accuracy. 14
15 Inventory Carrying Cost Performance Inventory Carrying Costs by Type of Company 8% 13% 32% 0% 10% 20% 30% 40% Retailer Manufacturer Distributor Pharmaceutical and Drug Food and Beverage Hobby, Toys, Arts, Crafts and Sporting Goods Industrial/Commercial Manufacturing Home Products/Furniture/Appliances Electronics and Electricals Department Store and Discount Beauty, Health and Wellness Automotive, Truck and Vehicles Apparel, Fabric and Accessories 0% Inventory Carrying Cost by Region 6% Inventory Carrying Cost by Industry 14% 21% 0% 10% 1 20% 2 3% 8% 7% US Europe APAC 10% 16% 17% 21% 0% 10% 1 20% 2 Inventory Carrying Cost is measured as a percentage of total supply chain costs. It typically includes warehousing costs such as rent, utilities and salaries, financial costs such as opportunity cost, and inventory costs related to perishability, shrinkage (theft) and insurance. 15
16 Inventory Shrinkage Performance Inventory Shrinkage by Type of Company Inventory Shrinkage by Region 2% 4% 10% 0% 10% 1 Retailer Manufacturer Distributor Pharmaceutical and Drug Food and Beverage Hobby, Toys, Arts, Crafts and Sporting Goods Industrial/Commercial Manufacturing Home Products/Furniture/Appliances Electronics and Electricals Department Store and Discount Beauty, Health and Wellness Automotive, Truck and Vehicles Apparel, Fabric and Accessories Inventory Shrinkage by Industry 0% 3.3% 3.3% 3.4% 0% 1% 2% 3% 4% 2% 2% 3% 2% 2% US Europe APAC 4% 7% 0% 1% 2% 3% 4% 6% 7% 8% Inventory Shrinkage = Ending Inventory Value Physically Counted Inventory Value. Shrinkage can also be expressed as a percentage, shrinkage % = shrinkage $ / sales x 100. The amount of shrinkage over the course of a year is an indication of the level of control over inventory levels and accuracy. 16
17 Inventory Stock Out Performance Stock Out % by Type of Company Stock Out % by Region 8% 3% 0% 1% 2% 3% 4% 6% 7% 8% Retailer Manufacturer 4% 0% 1% 2% 3% 4% 6% US Europe APAC Inventory Stock Out is equal to order lines not shipped complete (not filled or partially filled) as a percent of total order lines placed. Pharmaceutical and Drug Food and Beverage Hobby, Toys, Arts, Crafts and Sporting Goods Industrial/Commercial Manufacturing Home Products/Furniture/Appliances Electronics and Electricals Department Store and Discount Beauty, Health and Wellness Automotive, Truck and Vehicles Apparel, Fabric and Accessories Stock Out % by Industry 0% 1% 2% 4% 6% 6% 6% 8% 8% 0% 1% 2% 3% 4% 6% 7% 8% 9% 17
18 Perfect Order Completion Performance Perfect Order % by Type of Company Perfect Order % by Region 92% 93% 0% 20% 40% 60% 80% 100% 93% 92% 93% 0% 20% 40% 60% 80% 100% Perfect Order Completion is the orders shipped error free and on-time as a percent of total orders placed. Retailer Manufacturer US Europe APAC Perfect Order % by Industry Pharmaceutical and Drug Food and Beverage Hobby, Toys, Arts, Crafts and Sporting Goods Industrial/Commercial Manufacturing Home Products/Furniture/Appliances Electronics and Electricals Department Store and Discount Beauty, Health and Wellness Automotive, Truck and Vehicles Apparel, Fabric and Accessories 97% 9 99% 92% 92% 91% 97% 93% 90% 88% 0% 20% 40% 60% 80% 100% 18
19 Inventory Accuracy Performance Inventory Accuracy % by Type of Company Inventory Accuracy % by Region 98% 9 91% 94% 96% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Retailer Manufacturer US Europe APAC Inventory Accuracy % by Industry Inventory Accuracy is a measure of the reliability of the inventory on the floor against the inventory records. It is a critical measure of how well inventory is tracked and managed in an operation. Pharmaceutical and Drug Food and Beverage Hobby, Toys, Arts, Crafts and Sporting Goods Industrial/Commercial Manufacturing Home Products/Furniture/Appliances Electronics and Electricals Department Store and Discount Beauty, Health and Wellness Automotive, Truck and Vehicles Apparel, Fabric and Accessories 91% 93% 96% 9 96% % 97% 98% 86% 88% 90% 92% 94% 96% 98% 100% 19
20 How is inventory accuracy maintained? (check all that apply) 100% 90% 87% 80% 7 70% 60% 50% 43% 40% 30% 20% 10% 0% Cycle count program Physical inventory RFID technology Cycle count programs are used by 7 of respondents. Cycle count programs are particualrly popular in the US with 88% of respondents using them vs Europe 7 and Asia 68% A physical inventory is used by 87% of respondents Only 43% of respondents use RFID technology for inventory accuracy. The results very by region with 56% in Asia, 49% in Europe and only 4% in the US. 20
21 21 THANK YOU
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