The Problem.
New Creations Mobile Restorations (NCMR) is a company that provides mobile restoration services for vehicles, furniture, and other items. They have a large inventory of parts, tools, and materials that they use for their projects. However, their inventory management system was outdated, inaccurate, and inconsistent. They had issues with inventory costing, inventory count, and SKU management. This resulted in wasted resources, lost revenue, and customer dissatisfaction.
The Solution.
We assisted NCMR with evaluating their inventory management system (ERPlain), which had outdated, inaccurate, and inconsistent information. We conducted a thorough analysis of their current system, identified the gaps and issues, and compared it with other inventory management solutions on the market.
After this process was complete, we presented our findings and recommendations to the NCMR management team and helped them select the best option for their business needs. We recommended they stay with their current inventory system, but extract the current information and do a clean re-implementation to ensure the inventory is accurate.
Then, we put together a re-implementation plan to correct some of the inconsistencies in inventory costing. We reviewed their inventory valuation methods, cost allocation rules, and cost adjustment procedures. We then identified and corrected the errors and discrepancies in their inventory costing data, ensuring that their inventory values were aligned with their accounting standards and financial reports.
We also helped NCMR coordinate an inventory count, which was essential for verifying their inventory quantities and locations. We provided them with the tools, guidelines, and best practices for conducting a physical inventory count. We then helped to validate and reconcile the inventory count data with the inventory management system, updating the inventory records accordingly.
In addition to these solutions, we helped NCMR retire some old SKUs that were no longer in use or in demand. We analyzed their inventory turnover, sales history, and customer feedback to identify the SKUs that were obsolete, slow moving, or unprofitable. We removed these SKUs from the inventory management system, freeing up space and resources for more productive and profitable inventory items.
Finally, we helped NCMR go live with their corrected inventory costing and count. We ensured that their inventory management system was fully functional, integrated, and secure. We provided them with training, documentation, and support throughout the process.
The Results.
Through our assistance, NCMR was able to achieve the following benefits:
- Improved inventory accuracy and visibility
- Reduced inventory carrying costs and shrinkage
- Increased customer satisfaction and retention
- Enhanced operational efficiency and profitability
