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Global Survey of Asset-Intensive Industries Seeks to Identify Inventory Management Issues
Oniqua and ScottMadden Build on 2013 Survey to Analyze Practices and Progress in Utilities, Oil & Gas, Mining, and Manufacturing Industries
ATLANTA/DENVER – March 27, 2017 – Oniqua Intelligent MRO, a leading provider of maintenance spares and materials inventory optimization solutions for asset-intensive organizations, and ScottMadden, Inc., a general management consulting firm, 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 supply chain and maintenance 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 current experience and past benchmarking surveys that asset-intensive companies continue to struggle with optimizing their inventories, which includes having the right critical maintenance spares and 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 negative, even disastrous, effects on operations.”
The 2017 Inventory Optimization Survey will build on the lessons gleaned from the last cross-industry benchmarking survey published by Oniqua and ScottMadden in 2013. From that analysis, the two companies 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 or visit http://bit.ly/2nQOnjd.