For over 30 years Venture Lighting have built a great reputation as the market leaders in metal halide lighting technology. Driven by the increasing demand for energy-efficient lighting, Venture has, since the early 1980s been a pioneer of light source technology.
Venture Lighting Europe
- ACHIEVEMENTSMinimised inventory levels without and painful consequences
Venture Lighting gain greater visibility of product life cycles
From illuminating the streets of Westminster with the latest LED technology to distributing an industry-leading range of Metal Halide lamps, Venture Lighting have been pioneering the lighting industry for over 30 years. In order to maintain their strong market position, Paul Newbold and his team turned to Slimstock to help the business keep up with the evolving demands of their customers.
As a company which strives to provide customers with the very best technology as well as an unequalled level of customer service, inventory management was high on the agenda for the team at Venture Lighting. Given the rapid development of LED technology coupled with increasingly fierce competition in the marketplace, Venture Lighting required a solution that could improve visibility over their inventory position as well as help manage their growing assortment.
Evolving assortment and shorter life cycles
In addition to their extensive range of LED and Metal Halide lamps, Venture Lighting also provide bespoke lighting solutions via their value-added warehouse. Through augmenting standard fixtures with sensors, emergency batteries or even intelligent drives that enable lighting systems to be completely connected, Venture Lighting can provide their customers with a product that satisfies their exacting requirements. “Although this has increased both the variety and complexity of our assortment, the BOM functionality within Slim4 has helped us to ensure that we hold the right levels of stock of both finished and pre-assembled components.”
Paul and his team are also under increasing pressure to manage the growing complexity that comes as a consequence of ever-shortening product lifecycles: “Given that products now have much shorter lifecycles, it is vital that we manage obsolescence. Furthermore, when you consider that up to 40% of our assortment has been newly introduced since implementing Slim4, it is vital that new items are phased ineffectively.” With Slim4, the planning team can simply supersede demand from a predecessor or similar item enabling them to base decisions on real numbers while the additional visibility ensures they are able to manage items throughout the product lifecycle.
Painless inventory reduction
Prior to implementing Slim4, Paul and his team had already achieved a sizable reduction in inventory levels. However, given the seasonal nature of lighting products and the fact that demand can soar by up to 30% during the peak season, Paul and his team were left in a difficult position when it came to trying to meet this uplift in demand: “For many items, the stock reduction was inappropriate and thus when the peak season arrived we soon faced a high number of stock outs.” However, after successfully implementing Slim4 in just a matter of months, the team at Venture Lighting now have far greater visibility over their inventory position: “With the powerful forecasting capabilities of Slim4, coupled with the solutions’ management by exception approach, we have been able to continue reducing our inventory levels without any painful consequences.”
Paul goes on to conclude: “Ultimately, Slim4 has helped us to remain competitive by providing the insight required to ensure we offer the right products to our customers.
From buyers to inventory managers
Another advantage of Slim4 is that the 5 planners can now focus more of their time on articles which require extra attention such as fresh groceries and items where the demand is highly dependent upon the weather. "Our planning team now has access to more accurate data and thus is better prepared to work with our category managers. Furthermore, our planners also have more time to focus on agreements with suppliers and logistic service providers." Brekelmans concludes; "We no longer call them buyers, but inventory managers instead".
"With the powerful forecasting capabilities of Slim4, coupled with the solutions’ management by exception approach, we have been able to continue reducing our inventory levels without any painful consequences.”