2021 continues to be a testing time, with stock availability top of the agenda for most companies. There are many different reasons for delays too; material shortages, driver shortages, and of course, the pandemic.
Packaging is no different. And there are still some potentially testing times ahead, but rest assured, the team at Springpack are fully focused on keeping our stock levels high.
What we are doing to ensure good stock availability?
We have been working incredibly hard with our partner, Slimstock, to ensure we are able to fulfil our order book. Slimstock’s supply chain platform, Slim4, interrogates our stock levels, lead times, and run-rates. It then predicts the perfect moment to order stock. There’s plenty of techy stuff running behind the scenes, but effectively, it allows us to manage our stock better than ever before.
Mario, a Supply Chain Consultant at Slimstock, commented on the project. “This project was about more than implementing the right tool. We also worked closely with Springpack to enhance the teams’ knowledge and simplify supply chain processes. As a result, the planning team are now better positioned to guarantee fantastic availability on the products that matter most to the customer.”
What are the results?
Based on our stocked line product portfolio, we have exceeded our stock availability target every month this year. In fact, we have averaged 97% stock availability. We are incredibly proud of this feat, but we are working to improve this. We are liaising with manufactures and suppliers to monitor their performance too, and this will help us to guarantee stock moving forward.
At our height we also had 1,926 pallets in outside storage, but by using Slimstock effectively, today we have just 683. This equality to roughly a 65% reduction, and allows us to maintain stock availability, but reduce our overall stock holding. And this is against a backdrop of seeing a 30% growth in turnover, which makes the figures that much more impressive.
Mark, our Procurement Manager, commented. “The introduction of Slimstock has enabled us to take stock management to the next level. It’s a fantastic piece of software that will ensure we’re on top of stock all of the time. Since July, and using Slimstock, we have actually reduced the stock value down from £2.43 million to £1.94 (c.20%) which in current trading conditions is exceptional.”
Looking specifically at our top selling lines, or A-Grade Products, the results are very similar. Again, we are averaging 97% stock availability, but you can clearly see the improvement throughout the year.
Unsurprisingly, our best selling lines are the most important to our customers, so tracking this performance is key. Craig, our Inventory Controller added: “The stock availability results we are seeing really shows the positive impact Slimstock is having on the business, especially during extremely difficult trading conditions. The next step for me is a figure of 100% stock availability, so watch this space!”
Richard, Managing Direct at Slimstock UK, concluded. “As a business that shares our passion for customer service, we are excited to support Springpack’s continued growth. With a solid foundation now in place, I have no doubt we can work together to deliver further performance improvements.”
If you’d like further information on the products and services we offer at Springpack, get in touch with the Packaging Pros today! Give us a call on 01905 457 000, or you can email us at [email protected].