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What do you do if your inventory demands are constantly changing in the industry?

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Inventory management is a crucial skill for any business that deals with physical goods, but it can be especially challenging when your industry is constantly facing changes in demand, supply, availability, and customer preferences. How do you cope with these fluctuations and keep your inventory optimal, efficient, and profitable? In this article, we will explore some strategies and tips that can help you adapt and thrive in a dynamic environment.

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Lakshmi Narayanan Lakshmanan

Associate Director, Zepto | Ex Flipkart, GM & Samsung | SPJIMR

1 Understand your demand patterns

The first step to managing your inventory in a changing industry is to understand how your demand varies over time, across different products, segments, and channels. You need to analyze your historical sales data, market trends, seasonal factors, and customer feedback to identify the patterns and drivers of your demand. This will help you forecast your future demand more accurately and plan your inventory accordingly. You can use tools such as demand planning software, statistical models, or machine learning algorithms to assist you in this process.

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Vijaydeep Pawar
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In response to constantly changing inventory demands, adaptability is key. Employ data analytics to forecast trends accurately and adjust inventory levels accordingly. Foster agile supplier relationships for quick order fulfillment. Implement flexible inventory management systems to accommodate fluctuating demands. Maintain open communication channels with stakeholders to swiftly address changes. Continuously monitor market dynamics and adjust strategies to remain responsive to evolving demands.

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2 Optimize your inventory levels

The next step is to optimize your inventory levels based on your demand forecasts, your lead times, your service levels, and your costs. You want to avoid having too much or too little inventory, as both can hurt your profitability and customer satisfaction. You can use inventory management techniques such as economic order quantity (EOQ), reorder point (ROP), safety stock, or ABC analysis to determine the optimal amount of inventory to order and keep for each product. You can also use inventory management software or systems to automate and monitor your inventory levels and orders.

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3 Diversify your supply sources

Another way to cope with changing inventory demands is to diversify your supply sources and have multiple options for sourcing your products. This can reduce your dependence on a single supplier, lower your risks of stockouts, delays, or quality issues, and increase your bargaining power and flexibility. You can look for alternative suppliers that offer different prices, lead times, locations, or quality standards, and evaluate them based on your needs and criteria. You can also build strong relationships with your suppliers and communicate your expectations and requirements clearly.

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Lakshmi Narayanan Lakshmanan

Associate Director, Zepto | Ex Flipkart, GM & Samsung | SPJIMR
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One of the best ways to de-risk inventory levels is by building a robust network of suppliers, spread across zones, varying capacities & different TATs. It boils down to the commercials at play. Having a fixed volume will no doubt help suppliers plan better at their end and hence pass on better value to you. But it comes with its cons, "fixed volume" being one of them. They can't account for adhoc spike in volumes. That's where your network of suppliers will come in. Agreed that they would be pricier, given the quicker turnaround times - but it's better than to have no inventory at all. Our planning needs to be done in a way that we assume a certain portion of business from each of these supply sources to land at our final cost of buying.

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4 Implement agile inventory practices

Finally, you can implement agile inventory practices that allow you to respond quickly and effectively to changes in your industry. This includes utilizing lean inventory methods such as JIT, kanban, or continuous replenishment, and adopting a pull-based inventory system that triggers orders based on customer demand. Additionally, you should apply dynamic pricing strategies that adjust prices based on demand, supply, and competition. Leveraging technology and data to track inventory performance is also key for identifying issues and making adjustments in real time. By following these strategies and tips, you can improve your inventory management skills and adapt to the changing demands of your industry. This will ultimately increase resilience, efficiency, and profitability in the long run.

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Thomas Dent, CPIM, CSCP, CPSM, CPSD

Director of Program Management
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For changing inventory demands, a pull-based inventory strategy proves invaluable and agile. This approach, rooted in the principles of just-in-time (JIT) manufacturing, prioritizes production and stock replenishment driven by actual customer demand rather than forecasts. By closely monitoring sales data and customer orders, businesses can minimize excess inventory and reduce waste, leading to a leaner, more cost-effective operation. Implementing a pull strategy requires a robust understanding of your supply chain's capabilities and the development of a flexible production system that can quickly adapt to changes in demand.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Thomas Dent, CPIM, CSCP, CPSM, CPSD

Director of Program Management
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If you wish to avoid changing products to Make to Order and avoid obsolescence or stock outs, then Pull vs traditional Push (Forecast) strategy is something to consider. Its not without its required maintenance for optimal performance. With AI and agile reporting you can stay on top of the dynamic variables like lead time, safety stock and demand history to adjust the Reorder points and weights for Pull reporting and Production pull strategy.

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JC Negri

VP of Growth at Intech Innovation Group
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By implementing agile inventory management practices, leveraging predictive analytics, and fostering collaborative relationships with suppliers, businesses can navigate and adapt to the dynamic challenges of constantly changing inventory demands in the industry.

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What do you do if your inventory demands are constantly changing in the industry?

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5

1 Understand your demand patterns

2 Optimize your inventory levels

3 Diversify your supply sources

4 Implement agile inventory practices

5 Here’s what else to consider

Inventory Management

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What do you do if your inventory demands are constantly changing in the industry?

1

2

3

4

5

1 Understand your demand patterns

2 Optimize your inventory levels

3 Diversify your supply sources

4 Implement agile inventory practices

5 Here’s what else to consider

Inventory Management

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