{"id":5857,"date":"2017-05-18T07:03:13","date_gmt":"2017-05-18T14:03:13","guid":{"rendered":"https:\/\/blog-prod.qad.com\/blog\/?p=5857"},"modified":"2018-09-27T15:12:47","modified_gmt":"2018-09-27T22:12:47","slug":"inventory-lesson-hp","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2017\/05\/inventory-lesson-hp","title":{"rendered":"An Inventory Lesson From HP"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;5859&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">In 1997, several product lines at Hewlett-Packard had not been turning a profit since 1993. They reviewed their operations and discovered that excess inventory was a driver of rising PC costs. Inventory-driven costs were scattered across many different functions and regions and recorded in several accounting conventions. While the specifics of HP\u2019s plight might not directly apply to pharmaceutical <a href=\"https:\/\/www.qad.com\/solutions\/manufacturing-erp\">manufacturing<\/a>, the general principles do. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<h2>The Threat of Inventory Costs on Manufacturers<\/h2>\n<p><span style=\"font-weight: 400;\">Whether you\u2019re a consumer electronics manufacturer or a contract manufacturing organization (CMO) serving the pharmaceutical industry, inventory costs can pose a significant threat. Risk aversion about meeting client deliveries can be a key cause of excess inventory. It\u2019s a trap anyone could fall into. Many CMOs experience inventory turns of just one or less, when industry best practice is three or more. Stock outs are unacceptable in today\u2019s environment so if you can\u2019t meet your customer\u2019s demand, they\u2019ll probably go to a competitor. Fearing this outcome, decision makers fall for the illusion of safety provided by high inventory levels. In reality, high inventory levels weigh you down and eat up cash flow. Cash flow you could use to develop new offerings and services that could set you apart in a hypercompetitive market. While you\u2019re devoting resources to preventing stock-outs, your competitors might be cultivating the next cutting edge technology that will leave you in the dust.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<h2>Visibility is Critical for Inventory Management<\/h2>\n<p><span style=\"font-weight: 400;\">Another cause of excess inventory is a lack of visibility. Some contract packaging companies don\u2019t have full visibility into their inventories until it hits the receiving docks. Sometimes they lack full line of sight into production goods moving through manufacturing. It\u2019s a problem that affects companies large and small. Newer, smaller CMOs often use in-house solutions to gain visibility, but with employee turnover and rapid growth, things can easily get lost. Large enterprises have parallel issues on a greater scale. HP had a complex, multitiered manufacturing network made up of diverse entities. Visibility becomes especially convoluted with companies going through mergers or acquisitions and even more so when companies go global and must reconcile financials in different currencies and accounting standards. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<h2>How HP Solved their Inventory Issues<\/h2>\n<p><span style=\"font-weight: 400;\">For HP, solving their inventory problem meant reducing supply chain nodes, consolidating facilities and embracing a Just-In-Time (JIT) system. They also encouraged their partners to improve demand forecasting. After making corrective changes, inventory-driven costs dropped from 18.7 percent of total revenue in 1997 to 12.2 percent in 1998. They dropped further to 3.8 percent of total revenue in 1999 and that year, HP displaced IBM as the world\u2019s third largest PC manufacturer.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">So if there is a lesson to be learned from HP, it\u2019s that competitive advantage can come from a variety of sources and inventory management is make or break, no matter what industry you\u2019re in. <\/span><a href=\"https:\/\/go.qad.com\/NA-US-FY17-NUR-LSCMO_02-Video.html?utm_source=blog&amp;utm_medium=post&amp;utm_campaign=na-us-ls-cmo&amp;utm_content=bp-video\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Watch our video to learn more about the paths to operational excellence for CMOs<\/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;5859&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]In 1997, several product lines at Hewlett-Packard had not been turning a profit since 1993. They reviewed their operations and discovered that excess inventory was a driver of rising PC costs. Inventory-driven costs were scattered across many different functions and regions and recorded in several accounting conventions. While the specifics of HP\u2019s plight [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":5859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,199],"tags":[294,112,309,23,24,295,96],"class_list":["post-5857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-manufacturing-trends","tag-contract-manufacturing","tag-erp","tag-inventory","tag-life-sciences","tag-manufacturing","tag-pharma","tag-pharmaceutical"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inventory Management: A Lesson From Hewlett-Packard (HP)<\/title>\n<meta name=\"description\" content=\"Whether you\u2019re a consumer electronics manufacturer or a CMO serving the pharmaceutical industry, inventory costs can pose a significant threat.\" \/>\n<meta name=\"robots\" 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