{"id":11666,"date":"2024-02-20T10:35:10","date_gmt":"2024-02-20T18:35:10","guid":{"rendered":"https:\/\/www.qad.com\/blog\/?p=11666"},"modified":"2024-02-20T10:39:04","modified_gmt":"2024-02-20T18:39:04","slug":"how-to-address-stock-loss-with-process-intelligence","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2024\/02\/how-to-address-stock-loss-with-process-intelligence","title":{"rendered":"How to Address Stock Loss with Process Intelligence"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;11670&#8243; img_size=&#8221;full&#8221;][vc_column_text]<span style=\"font-weight: 400;\">From my recent conversations with companies one topic is becoming increasingly prevalent \u2014 stock loss. This problem impacts the business operations of a range of industries and company types. From the automotive industry with both OEMs and Tier 1 suppliers, through to packaging companies supplying the CPG industry.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stock loss isn\u2019t selective on item size either. It can include boxes containing smaller parts, and massive reels of paper weighing many tonnes.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Causes of Stock Loss<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Sources of stock loss can include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Incorrect part movement<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Scrap with parts being dropped and damaged<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Shipping inaccuracy from warehouses and suppliers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manual mistakes in the processes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Supplier performance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inaccurate forecasting<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Split shipments can also cause issues. Even if the supplier has delivered all the parts, this may not get reconciled.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Stock Loss Impacts an Enterprise<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Stock loss can have dire consequences on a company&#8217;s manufacturing output and business performance. Potential issues include delayed production runs. If the necessary parts \/ raw materials are not in the right place to complete the planned production schedule, delays are inevitable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One clear knock on impact of this is to customer services and adherence to SLAs. This is especially important if there are penalty clauses in your contracts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Then there is the procurement of replacement materials \/ inventory. Depending on the circumstances, this may require expedited freight \u2014 with the associated premium costs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All of this increases the cost of goods sold and affects operating margin. These are serious consequences, especially as many of the companies I meet acknowledge that some of this is avoidable.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Stock Loss and Process Monitoring<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Accidents happen, and things do get dropped and damaged. But what about the avoidable examples such as inaccurate purchasing, poor shipping procedures and supplier underperformance? These are issues that companies can, and should address.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many avoidable examples are process related. When a company designed its business processes it was assumed that they would be followed. This design would have allowed for the potential of a few, rare, exceptions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But is that still the case today? As time goes by, more variations stealthily creep in, unnoticed. This doesn\u2019t happen overnight, a few more here, a few more there.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One company I met with estimated that from their point of ordering to the point of goods arriving, and being in the right place at the right time, their ideal designed process was adhered to 80% of the time, with around five variations. However, using <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/solutions\/qad-process-intelligence\" rel=\"noopener\"><span style=\"font-weight: 400;\">Process Intelligence<\/span><\/a><span style=\"font-weight: 400;\">, a data driven approach, proved that there were over 140 different process variations. What\u2019s more, only just over 50% took the \u201chappy path\u201d through the system.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result of stock loss, staff are <\/span><i><span style=\"font-weight: 400;\">chasing thing<\/span><\/i><span style=\"font-weight: 400;\">s instead of <\/span><i><span style=\"font-weight: 400;\">making things.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">This is an inefficient use of time and resources. Furthermore, it could result in unfulfilled production orders and less than satisfactory customer experience.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Benefits of Process Intelligence<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Process Intelligence allows you to clearly see how your processes are really working every day \u2014 not how you assume they work. Process variants, anomalies and bottlenecks of all kinds can occur. This is because processes are dynamic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A clear picture of how your processes are working in real time also allows you to uncover opportunities for process improvement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The potential savings and benefits through understanding this and making the necessary changes are significant. But this is not a one-and-done task. You need to continually monitor your processes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Process mining is the first step into understanding the causes of stock loss. Once you are aware of the root causes, you can treat these \u2014 not the symptoms. Stock loss is a symptom of suboptimal processes. The root causes could lie in inaccurate forecasting, supplier underperformance, customs hold ups and other global logistics issues to name a few.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you think you could reduce stock loss (or find other areas to increase value in your supply chains) through a data driven process mining approach, or if your processes are running well, and you want to validate, please <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/about\/contact\" rel=\"noopener\"><span style=\"font-weight: 400;\">contact QAD <\/span><\/a><span style=\"font-weight: 400;\">or connect with me on <\/span><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/trevor-long-a3bb97b\/\" rel=\"noopener\"><span style=\"font-weight: 400;\">LinkedIn<\/span><\/a><span style=\"font-weight: 400;\">.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;11670&#8243; img_size=&#8221;full&#8221;][vc_column_text]From my recent conversations with companies one topic is becoming increasingly prevalent \u2014 stock loss. This problem impacts the business operations of a range of industries and company types. From the automotive industry with both OEMs and Tier 1 suppliers, through to packaging companies supplying the CPG industry.\u00a0\u00a0 Stock loss isn\u2019t selective on [&hellip;]<\/p>\n","protected":false},"author":153,"featured_media":11670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,2045],"tags":[2751,2828,2882,118,2746],"class_list":["post-11666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-supply-chain-trends","tag-process-intelligence","tag-process-mining","tag-stock-loss","tag-supply-chain-management","tag-supply-chain-performance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Address Stock Loss with Process Intelligence | QAD Blog<\/title>\n<meta name=\"description\" content=\"Process Intelligence allows you to 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