To set the scene for today's guest, I'd like you to calculate how much 10% of your annual revenue is. Now, imagine what you could do to improve your business if that cash was just given to you. In this episode, we’ll discuss inventory optimisation and how it can unlock that potential cash.
I'm John Downes, host of the #CriticalFewActions™ podcast, where I interview experts weekly to share practical and implementable business improvement tips. As a business consultant with over 40 years of experience in Australia, the United States, and the United Kingdom, my focus is helping businesses improve cash flow and boost productivity.
Today, I'm joined by Scott Blakemore, a business consultant specialising in inventory management. As part of the resources for my CEO Masterclass series, Scott shared how inventory optimisation techniques can release cash into your business, reduce waste, and improve customer satisfaction. Learn how warehouse optimisation, lean inventory management, and inventory forecasting can transform your business operations, enabling faster delivery times and more efficient stock management.
We also dive into the Glenday Sieve Analysis, a powerful tool for categorizing inventory and improving supply chain efficiency. With practical strategies, Scott explains how to move from inefficient systems to streamlined operations that maximise revenue and reduce unnecessary stock. Whether you’re looking to improve your DIFOT (Delivered In Full On Time) or simply want to understand the benefits of an optimised inventory management system, this episode is packed with insights
Highlights
05:48 - stratospheric growth from $270 million top line revenue to $660 million top line revenue in four years
09:12 - So out of every 10 customers, how many are you trying to upset and disappoint
15:55 - It is phenomenal the impact that this has. I have been in rooms where there has been disbelief, noticeable gasps and shock.
21:35 - Using this incredibly powerful but stupidly simple tool….
32:36 -We were picking with 18 people and getting 300 orders out a day. When we reconfigured the warehouse to the we were getting 1200 orders out a day with 16 people.
52:32 - now that I've done it so many times that that that figure keeps coming up below 3% of total stock on hand generally gives you 50% of consumption
01:07:19 - I would ask one simple question of the most senior person that you have on staff who is responsible for inventory. And that one question is….
Click here for Scott's Checklist and the Insights and References pdf at:
