Purchasing
Sales Operations
Product Article Master
Logistics
Finance
- Accounts Payable
- Invoice verification & posting invoices
- Making payments to vendors & queries
- Goods receipt and invoice receipt clearance
- Analyze vendor open line items
- Overhead cost invoices
- MIRO Posting
- Accounts Recievables
- Scheduling a dunning run
- Settling customer payments & queries
- Self-billing of customer’s invoice
- Bank reconciliation
- Customer Invoice Clearance
- Sales Order Booking
- Daily Credit Run
- Releasing Green Orders
Market Research
Demand Analysis
The Purchasing Department of Würth Business Services is equipped with a team of highly experienced procurement and purchasing professionals. We are instrumental in fulfilling the business-specific requirements by handling different processes related to Purchasing and serving customers across the globe. Among many non-core procurement and Purchasing-related processes handled by us, Demand Analysis is one of the major processes.
In this process, we estimate the customer demand for articles. By tracking the purchasing patterns of customers, analyzing the purchase history, collaborating with customers, and implementing many other techniques, our Purchasing Support Team prepares a report that contains a thorough analysis and planning of demand. This service helps customers in balancing the inventory levels with the demand. We implement our expertise in helping the businesses keep the supplies secure and inventory levels as low as possible. Below is the work flow of this process.
Work Flow
WORK FLOW OF THE PROCESS
01. Track
Track the purchasing patterns of customers
02. Analyze
Analyze the purchase history
03. Collaborate
Collaborate with customers to know their demands
04. Prepare
Prepare a report
Benefits
Value-added
BENEFITS OF OUR CUSTOMERS
☞ Plan the production schedules as per demand
☞ Manage stocks efficiently and avoid overstocking
☞ Boost the supply chain operations
Transition
TIME TAKEN FOR TRANSITION
Step 1
Analysis of requirements – 1 Week
Step 2
Documentation – 3 Weeks
Step 3
Create framework – 2 Weeks
Step 4
Step-by-step implementation – 2 Weeks
Step 5
Transfer – 2 Weeks
For more assistance in understanding the transition process, kindly get in touch with us at contact-wbs@wuerth-industrie.com
Case study:
Optimizing Demand Analysis Process for Effective Inventory Management
Introduction:
In the realm of modern business, accurate demand analysis is a crucial aspect of effective inventory management. Our customer, Würth Adams Nut & Bolt Company, recognized the importance of analyzing the demand for making inventory management decisions, planning the production schedules, and avoiding overstocking. This case study delves into the Demand Analysis process undertaken by our Purchasing Support Team. By employing various techniques, including analyzing purchasing patterns, historical data, and customer collaboration, we aim to provide customers with comprehensive Demand Analysis reports to facilitate decisions.
Problem:
Before implementing the Demand Analysis process, our customer faced challenges in accurately estimating customer demand for various articles, which often led to inefficient inventory management. Without a systematic approach to predict the demand, the company encountered unavailability of stocks, overstock situations, and increased carrying costs. Furthermore, it affected the supply chain. This inefficiency impacted customer satisfaction and overall profitability.
Solution:
Recognizing the need for an improved Demand Analysis process, the company embarked on a journey to revamp their approach to demand estimation and inventory management. We adopted a data-driven approach by meticulously tracking purchasing patterns and analyzing the historical data to identify trends and seasonal variations. This data-driven approach provided insights into customer preferences, demand fluctuations, and articles' lifecycle.
Furthermore, we initiated collaborative efforts with customers to enhance the accuracy. We actively sought feedback, engaged in discussions regarding upcoming promotions or events, and collected insights on any potential shifts in demand patterns. This proactive customer engagement enriched the Demand Analysis process and led to more accurate predictions.
Leveraging the expertise, the Purchasing Support Team prepared comprehensive Demand Analysis reports. These reports included insights into expected demand levels, potential fluctuations, and recommendations for optimal inventory levels.
Results:
Our analysis helped Würth Adams Nut & Bolt Company strike a balance between maintaining sufficient supplies and minimizing excess inventory. Key results included:
1. Accurate Demand Estimation: By incorporating purchasing patterns, historical data, and customer inputs, the company achieved an increase in accuracy in predicting customer demand. This translated to reduced stockouts and overstock situations and led to a better resource allocation.
2. Efficient Inventory Management: The Demand Analysis reports provided the customer with actionable insights for maintaining optimal inventory levels. This contributed to a reduction in carrying costs and minimized instances of excess inventory.
3. Time Saving: By providing reports, our team saved a considerable amount of time that the customer can be used to focus on core operations. In a month, we saved nearly 73 hours for the customer.
Conclusion:
This case study highlights the pivotal role of the process, Demand Analysis, in streamlining inventory management and enhancing customer satisfaction for Würth Adams Nut & Bolt Company. By leveraging data-driven approaches, customer collaboration, and expert analysis, we successfully improved demand prediction accuracy and inventory optimization. While the process involved manual work, the results underscore the significance of a well-executed Demand Analysis process in achieving balanced inventory levels and sustainable business growth.