Global Survey of Asset-Intensive Industries Seeks to Identify Inventory Management Issues
ScottMadden, Inc., one of North America’s leading energy consulting firms, and Oniqua Intelligent MRO, a leading provider of maintenance spares and materials inventory optimization solutions for asset-intensive organizations, today announced the launch of a global, cross-industry benchmarking survey focused on illuminating the landscape and challenges of inventory management and optimization. The survey will target professionals in several industries, including electric and gas utilities; mining, metals processing, and fabrication; oil, gas, and petrochemicals; and suppliers/support services to these industries.
“We understand from past benchmarking surveys that asset-intensive industries are continuing to struggle to optimize their inventory, which we define as having the right materials, in the right numbers, at the right location, at the right time, and at the right cost,” said Steve Herrmann, Executive Vice President, Sales and Marketing, Oniqua. “This is a tall order for any business but especially challenging in the high-stakes industries of our clients. For asset-intensive companies, there simply isn’t room to get this wrong. Poor service levels to maintenance organizations can have a negative, even disastrous, effect on operations.”
The 2017 Inventory Optimization Survey will build on the lessons gleaned from the last benchmarking survey distribution in 2013. From that analysis, Oniqua and ScottMadden discovered that most respondents named inventory optimization as an important or critical issue for senior management.
However, when asked about their primary performance metrics for measuring the optimization of their inventory, respondents’ answers ranged greatly (from average stock-out duration to inventory turns ratio to line fill rate). This finding demonstrates that while most asset-intensive industry professionals agree that effective inventory optimization is a major goal, not everyone agrees on the best way to achieve it.
“We are going into this survey armed with a good understanding of asset-intensive inventory management, grounded in the results of our last global survey. This knowledge is informing how we structure our questions, how we target our industries and capture responses, and ultimately how we analyze our data,” said Andy Flores, partner and supply chain practice leader at ScottMadden. “We’re eager to offer fresh insights because we hope better information and analysis will ultimately help to move the needle when it comes to improving on the status quo.”
The new survey will examine several topics related to inventory management and optimization, including:
- Overarching views on the inventory landscape
- Key challenges and opportunities in inventory optimization
- Best practices in inventory management
- Inventory visibility levels and segmentation
- Processes for managing stocking levels
- Safety stock level determination
- Tools used to optimize inventory levels
- Practices that integrate materials and asset management
“Industry leaders need new, relevant, and informative data to improve their strategic approach. Benchmarking data from industry peers is something our customers seek on a regular basis. When it comes to mastering the science of inventory optimization, learning from others faced with similar challenges will translate to better results,” said Herrmann.
Individuals managing inventories in the utilities, mining, oil and gas, and manufacturing industries—as well as those who supply and serve those industries—are invited and encouraged to participate in the survey. All respondents will receive a set of survey results free of charge. Click here to participate.
About ScottMadden’s Energy Practice
We know energy from the ground up. Since 1983, we have been energy consultants. We have served more than 300 clients, including 20 of the top 20 energy utilities. We have performed more than 2,400 projects across every energy utility business unit and every function. We have helped our clients develop strategies, improve operations, reorganize companies, and implement initiatives. Our broad and deep energy utility expertise is not theoretical—it is experience based.
About ScottMadden, Inc.
ScottMadden is the management consulting firm that does what it takes to get it done right. Our practice areas include Energy, Clean Tech & Sustainability, Corporate & Shared Services, and Grid Transformation. We deliver a broad array of consulting services ranging from strategic planning through implementation across many industries, business units, and functions. To learn more, visit www.scottmadden.com | Twitter | Facebook | LinkedIn