A well-known market intelligence company, Infiniti Research, has partnered with several global companies across industries to help meet their strategic objectives and implement seamless route-to-market strategies through turnkey solutions. Their latest success story outlines the key business challenges faced by a chemical manufacturing company and explains how the client leveraged inventory management solution to combat these roadblocks. Request a complimentart proposal to learn more about Infiniti’s inventory management solution.
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With most parts of Canada on lockdown due to the COVID-19 outbreak, many industries are looking at a chain reaction of unprecedented changes. And, the Canadian chemical industry is hardly an exception. The economic impact of the COVID-19 outbreak on Canada is far-reaching. As such, Canadian chemical companies are in the need to take actions to ensure they remain afloat in this challenging time. Besides, chemical manufacturing companies in Canada must thoroughly monitor the current situation and respond accordingly by implementing business continuity plans.
Ensuring business continuity a challenge due to COVID-19? Contact us to learn how Infiniti is helping companies around the globe assess the business impact of the coronavirus outbreak and plan for business revival post-COVID-19.
Business Challenges Faced:
The client is a chemical manufacturing firm based out of Canada. They faced challenges in creating transparency on the multitier supply chain, estimating available inventory along the value chain, assessing realistic final customer demand, and securing logistics capacity owing to the COVID-19 crisis. Also, the Canadian chemical industry client faced difficulties in developing a demand-forecast strategy, obtaining realistic insights into base chemical products demand, and ensuring dynamic monitoring of forecasts in order to react quickly to inaccuracies caused by the COVID-19 outbreak. Consequently, the company encountered a huge decline in profit margins. The client, therefore, wanted to take immediate end-to-end supply chain actions to combat the impact of COVID-19. They sought to collaborate with Infiniti Research to leverage their expertise in offering inventory management solution.
The Solution Offered:
In the initial phase, the experts worked closely with the client’s operations and production teams to review bills of materials (BoM) and catalogue components. This phase also involved identifying components sourced from high-risk areas, determining the origin of supply, and evaluating supply chain complexities.
The next phase involved estimating the inventory along the value chain. This also involved identifying finished goods held in warehouses and raw materials with quality issues. Besides, this phase involved identifying the Canadian chemical industry client’s key suppliers and understanding their ability to meet supply requirements.
The third phase of the inventory management solution involved leveraging advanced statistical forecasting to obtain a realistic insight into base demand and developing a demand-forecast strategy. This phase also involved gaining visibility into the Canadian chemical industry client’s Tier 2 suppliers as they would impact the order fulfilment process of Tier 1 suppliers.
Infiniti’s inventory management solution helped the chemical market client to:
With Infiniti’s inventory management solution, the client was able to identify the company’s key direct suppliers and understand their ability to meet supply requirements and potential risks. Also, the client was able to enhance workforce planning and focus on Tier 1 suppliers. Besides, the Canadian chemical industry client was able to work with Tier 1 suppliers on alternative plans and proactively alter supply chain plans to keep manufacturing running at maximum efficiency. As recommended by the experts at Infiniti Research, the client embraced new digital approaches to illuminate the supplier network and gain visibility to critical component supply.
The client was also able to understand and activate alternate sources of supply. Also, the Canadian chemical industry client was able to update inventory policy and planning parameters. Besides, they were able to refine their inventory strategy to mitigate the risks of supply shortages while balancing cash flows and perishability.
Wondering how your business can benefit from our inventory management solution? Request more information from our experts.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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