Dyci Manns Sfregola, CSCP

Don’t get hung up on “real time” inventory tracking systems. Many companies don’t have a need for real time inventory and order visibility because the pace of the business/ordering doesn’t call for it. For SMBs or companies with low complexity, it is more critical to have a reliable forecasting process that can be supported with an Excel based inventory management model

Understand how you retain material and create your study plan based on that. There are several ways to prep from in-person to one with the study materials. Figure out what works best for you, and be aware that it might be a mix of different methods. Give yourself a deadline once you’ve figured out the study plan and stick to it!

Start with your strategic objectives. What are you trying to accomplish? This truly lays the foundation for everything else. I wouldn’t focus on the question “how much are you willing to invest in the software?” But rather, spend more time determining what the expected value would be of the software. The value the software solution will bring should complement the investment. Leading with budget might cause the selection team to miss out on critical functionality and features.

One of the biggest factors in the maturity assessment and development journey is user adoption, which is driven by reskilling and upskilling both end users and affected stakeholders. It is critical to evaluate baseline digital literacy for the organization and develop a comprehensive approach for improvement

Understanding how inventory affects cash flow and the costing and accounting methods your company uses is truly value add. Spending time with the finance and accounting team to at least learn the basics of the company’s financial and accounting processes and financial goals will help inform inventory planning. The best inventory managers have trusted colleagues in both finance and sales and marketing!

Most companies will benchmark against similar organizations, shooting for a “best in class” scenario. While this is great to understand how your supply chain is performing compared to peers and competitors, I find it valuable to also benchmark against world class organizations that don’t necessarily have the same characteristics. It provides an opportunity for innovation and for the team to say “Hmm, we hadn’t considered that.” This is especially true if peers and competitors have traditionally wasteful and inefficient supply chains. In this case, it’s better to look to other industries as a North Star.