Effortlessly automate processes, provide curated forecasts, and optimize SKU with Syren’s intelligent queuing and unified data platform for inventory management.
Supply chain management is always evolving, and progressive solutions are what keep the needle moving. Syren has been working closely with a major pharmaceutical company to enhance its operational efficiency and granular departmental or SKU and profitability. Pharmaceutical SLOB inventory presents significant challenges, including tying up working capital, consuming valuable storage space, and disrupting demand forecasting.
Managing a pharmaceutical supply chain is not easy. Slow-moving and obsolete inventory can tie up funds, take up valuable space, and make predicting demand tricky. Here are the key issues we helped the pharmaceutical company address:
Slow-moving inventory ties up working capital, impacting profitability and investment capacity
Slow-moving items occupy valuable warehouse space, leading to inefficiencies and potential order fulfillment delays.
Predicting demand for slow-moving items is complex, often resulting in overstocking or understocking situations.
Obsolete products can lose value due to market shifts, necessitating continuous monitoring and proactive decisions.
Extended warehouse stays increase carrying costs and tie up working capital, affecting liquidity
Balancing revenue generation and margins for SLOB products requires precise strategies
Navigating supplier constraints that may not align with slow-moving items complicates SLOB inventory management.
Harnessing innovation and analytical precision, Syren unveiled a comprehensive solution to reshape SLOB management for our pharmaceutical partner
Syren analyzed diverse data sources to generate key metrics related to SLOB, aiding in demand forecasting and material planning.
Custom algorithms and statistical models enabled accurate customer demand forecasting, identifying slow moving items.
Classification aided in inventory management, facilitating the adoption of specific mitigation strategies like liquidation, discontinuation, or campaigns.
Real-time insights analyzed demand patterns, supported decision-making, optimized inventory levels, and mitigated financial risks.
Our approach drilled down to the minutiae of SLOB management, fostering proactive mitigation and process enhancement:
SKU-level pre-SLOB analyses highlighted trends, empowering agile actions like demand shaping and repackaging. Reason codes assigned to SLOB instances enable process improvements such as MOQ adjustments and capability enhancements.
A comprehensive framework validated SLOB performance metrics within financial records. Standardized reason codes facilitated strategic insights and implementation.
Encompasses all Slow Moving and Obsolete materials across material types and nodes in the Supply Chain.
Focuses on 12 months, with emphasis on the initial 6 months for reduction and process enhancement.
SKU-level actions, reason codes, and higher-level process improvements.
Aggregated SLOB trends, focusing on significant SKUs (Stock Keeping Unit).
Quarterly financial updates, increasing operational reviews and actions in line with maturity and monthly cycles.
Enhanced functionalities, reduced workload, and improved visibility into SLOB drivers for Global Planning.
Aligning Financial and Global Planning processes, creating a unified global SLOB number
The third high-level feature of the SLOB project involves the automation of destruction avoidance, collaborative workflows, and a self-learning tool
Our approach drilled down to the minutiae of SLOB management, fostering proactive mitigation and process enhancement:
Holistically, the synergy between Syren and our pharmaceutical collaborator ushered in a transformative solution. Our advanced analytics, automation, and collaborative tools revamped inventory management and mitigated SLOB-associated risks.
