Inventory Forecasting Solution for an Industrial Equipment Manufacturer
Leading players in the industrial equipment manufacturing sector are facing predicaments such as lack of insight into the supply chain, resource management issues, and engineering challenges. Moreover, with rising market competition and increasing technological advancements in the industry, industrial equipment manufacturing companies are pressurized to invest in technology and fulfill customers’ demands by accurately managing inventory requirements. Consequently, industrial equipment manufacturers are partnering with firms like Infiniti Research to leverage their expertise in offering inventory forecasting solution.
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The client is a European industrial equipment manufacturer and supplier. The client’s unstructured approach to inventory management hugely impacted the company’s overall sales rate. This even increased churn rate by 27%. Subsequently, the company witnessed a huge dip in their profit margin and started losing market share to their competitors. The client, therefore, realized the need to leverage inventory forecasting solution and approached the experts at Infiniti Research. With Infiniti’s inventory forecasting solution, they wanted to reduce inventory errors, better plan supply chain requirements, and efficiently allocate resources.
Other challenges faced by the industrial equipment manufacturer were:
Industrial equipment manufacturer challenge #1
Inadequate inventory planning– The industrial equipment manufacturer was facing challenges in planning the inventory operations and efficiently supplying industrial machinery according to the market demand. The lack of insights into the supply chain was one of the reasons behind this. Therefore, the industrial equipment manufacturer wanted to leverage Infiniti’s inventory forecasting solution to better plan their inventory operations.
Industrial equipment manufacturer challenge #2
Resource management – The constant change in the demand for industrial machinery made it challenging for the industrial equipment manufacturer to efficiently manage their workforce. This even impacted the company’s bottom line. The client, therefore, wanted to forecast the demand for products in advance and better manage the workforce.
Industrial equipment manufacturer challenge #3
Customer experience management – By leveraging Infiniti’s inventory forecasting solution, the industrial equipment manufacturer wanted to reduce risk in supply chain operations and keep inventories optimized. By doing so, the industrial equipment manufacturer wanted to reduce the churn rate in the company and attract new customers.
The experts at Infiniti Research followed a three-phased approach to inventory forecasting. In the initial phase, the experts analyzed in detail in the equipment manufacturing industry in Europe and identified regulations and changes that impact the business operations. The next phase involved analyzing the sales rate of the top industrial manufacturers in Europe. This phase of the inventory forecasting engagement helped the client to understand the peak periods for industrial machinery. In the last phase, the experts identified constraints that impede the production process of the company.
With the insights obtained from Infiniti’s inventory forecasting solution, the client was able to streamline their supply chain structure to meet the evolving market demand. Also, by analyzing factors impeding the production process, the industrial equipment manufacturer was able to make informed business decisions and understand the spikes and dips in machinery demand. Furthermore, the industrial equipment supplier was able to increase revenue opportunities and reduce inefficiency.
Within a short period of eight months, the industrial equipment manufacturer was able to better plan the supply chain, efficiently allocate resources, and manage customers’ needs and requirements. In addition, the industrial equipment manufacturer was able to enhance the sales rate and reduce operational cost by 27%.
Top Challenges Facing Industrial Equipment Manufacturers
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