Long tail assortment knowledge session in Singapore gives new insights
In early November, Slimstock hosted another knowledge session in Singapore at the office in Bukit Pasoh. Meant as a platform for networking of like-minded professionals and sharing of strategies around the science of inventory management, the event was insightful and intimate, attended by practitioners, decision makers and business owners. Chaired and moderated by Slimstock and ERP-partner Dewtouch, the Roundtable touched on the themes of longtail management, product life-cycle management and assortment strategy.
The event started with an introduction of Slimstock and ERP-partner Dewtouch. Aik Boon Chua, Managing Director of Dewtouch, highlighted the collaboration between Slimstock and Dewtouch with one of the shared customers. At this customer Dewtouch’ Fleetnetics is used as a basis to manage transactions and processes, where Slimstock’s Slim4 is used as add-on to outperform in the area of inventory optimization.
The participants in the session had different backgrounds; most are active in automotive but some also in the building & construction industry. They all agreed that managing the long tail in inventory management is a challenge they face on a daily basis and they were keen on some of the theories, insights and tools Slimstock was able to offer.
Slimstock showed in an easy way that the longtail is not only created by items moving from mature to the end-of-life phase, but in fact 25% of first purchases on new items move immediately to end-of-life. Once practitioners know this, they can take actions to reduce the risk they face in the first purchase of new items, by arranging different agreements with suppliers.
For more information on how to manage the long tail assortment click this link to download the whitepaper!