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Consignment Stock Management

Department/BU : Operations
Territory : UK

SUMMARY
Implementing new software to improve the end to end process of consignment stock, to ensure Aquilant's consignment stock is a value adding business process.

THE CHALLENGE

Removal of legacy process to monitor consigned stock levels and activity, that were not only time consuming and inefficient but also error prone, whilst adding little or no benefits to the business.

Risk of lack of control and visibility of Aquilant consignment stocks.

Requirement to improve the end to end process of consignment stock, to ensure Aquilant's consignment stock is a value adding business process.

Ensuring Aquilant meet it's customers needs, whilst releasing sales teams to maximise their time for the sales process.

THE APPROACH

Project manged to ensure all needs are assessed and catered for, utilising GTIN's (Global Trade Identification Numbers) as the standard for control and identification of products.

Engage with Crimson Tide to develop a project plan, with the brief of removing paper, increase our visibility and controls over our consignment stocks, whilst freeing up administration time form the sales function.

Develop the Mpro 5 systems to control, all aspects of consignment stock.

Phased rollout to the businesses.

THE RESULTS

Accurate consignment stock information.

Increased sales revenues.

Stock checks completed bi monthly opposed to twice yearly.

60% reduction on sales time utilised in administration duties.

Stock checks down to 15 mins, from 3 hours.

Proactive reporting on consignment stock in relation to usage and risks.

Following the success, the Mpro app is being developed to manage Aquialnt's loan kit stock, purpose built service management solution and product training.