InventoryQ

Inventory Data Management

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InventoryQ is a global Inventory Management solution which increases control over your inventory, reduces carrying costs, minimizes your obsolete inventory, optimizes stock cycles and guarantees targeted service levels at significantly lower costs.

InventoryQ’s Inventory Management and Control solution gives you the right tools to use inventory as a vital and strategic weapon for increasing profitability and giving your organization a competitive advantage.

InventoryQ‘s inventory optimization tool helps users to determine what inventory is available allowing them to manage and achieve their desired fill rates and reduce costly stock outs. SpendCheQ delivers this functionality through intelligent algorithms that optimize the order points and the quantities for every item in inventory.

InventoryQ’s data cleansing application finds duplicates, processes existing items, searches for items, generates short and long descriptions, maintains and manages inventory items through defined standards, customizing items and vendor’s templates, generating commodity codes, dictionary and description rules.

The SpendCheQ team has extensive experience in the delivery of inventory data cleaning providing de-duplication, inventory rationalization, and data standardization services. InventoryQ provides customized and flexible configurations to meet specific needs and adheres to regulatory compliance requirements.

Your Challenges

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  • Management of large inventories across multiple facilities becomes an impossible task.
  • Populating inventory data quickly and efficiently.
  • Validating inventory data for completeness, consistency, and accuracy.
  • Management of data utilization by users for multiple purposes.
  • Proper balance between too much and too little inventory.
  • Incorrect or inconsistent data leading to false conclusions and misdirected investments.
  • Multiple strategies required for fixing inconsistencies.
  • Data quality suffers due to manual inventory processing and purchasing record maintenance.
  • Inaccurate and incomplete master data leads to lower data quality.
  • Managing huge numbers of items with specific characteristics are complex and require extensive calculations.
  • Lack of a structured methodology and powerful analytical tools.
  • Reducing incorrect reorder points, minimizing out of stock inventory, improving turnover rates and minimizing purchase of obsolete inventory.
    Lack of required forecasting tools and techniques.

Our Solution

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  • InventoryQ provides a hierarchical solution allowing an unlimited number of business units/organizations to be added within a company. It also enables users to be added at both the company and organization levels. Users can have various roles such as administrator, approver, and content specialist.
  • Data dictionary comes complete with standards for noun/modifier, characteristics, defined commodities, workflows, UOMs, abbreviations, and description generation rules.
  • Collects inventory data from various disparate sources and consolidates the data into an accurate, reliable and single version across the business.
    Validates inventory items by matching them against the basic standard formats and validation rules that have been set. Automates profiling, quickly evaluates and corrects erroneous data.
  • Users can define new data standards and map against multiple categorizations.
  • Identifies item duplicates when initially adding the items increasing data quality analysis and enrichment.
  • Cleanses inventory items by assigning noun and modifiers with characteristics and attributes.
  • Creates and updates other essential information using configurable data cleansing rules.
  • Flexible combination of patterned rules and algorithms categorize items based upon the item descriptions using established standards or customized client codes.
  • Populates additional category specific attributes based upon item descriptions or through externally sourced data from the web or from direct relationships with manufacturers.
  • Ensures suppliers and data integrity.

Other Services

  • Images – Source images externally.
  • Physical Inspection – Visually inspect items to document attributes.
  • Supplier Contact Sourcing – Research supplier contact information using our supplier discovery features.
  • Category development – Systematic and efficient approach to define and manage products in multiple categories. Documents historical usage of stock items identifying potential cost savings.
  • Taxonomy/Schema development – Classification schema for categorizing content across the entire enterprise.
  • Vendor/Supplier/Manufacturer Normalization – Precise cleansing and normalizing supplier data by using standard data rules optimizes supplier information, price and performance.

Key Features

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  • Easy to define and manage user administration activities, user creation and roles.
  • Platform independent, easy to use, access from anywhere, easier updates and online maintenance.
  • De-duplicates and cleanses item data, optimizes data storage, and ensures item master creation.
  • Handles inventory data in any format from various disparate sources and domains.
  • Maps any customized headers of inventory data to EAM/ERP standard system headers.
  • Provides robust standard dictionaries and classification schema to meet your requirements.
  • Describes the connection between products and their parts, and reduces the work-effort needed to maintain product structures.
  • Supports easy specification searches, seamless collaboration, and data sharing.
  • Customized indicators can be developed to analyze products, consumption values, and replacement strategies.
  • Vendor Master Cleanse, Enrichment and Ongoing Maintenance Services provide effective tools built on intelligent algorithms, to ensure comprehensive data integrity checks, compliance, and risk mitigation.
  • Dashboard provides inventory levels, status of workflows, and metrics on items cleansed. Standard reports also provide inventory analysis, spending, and purchasing analytics.

Key Benefits

Cost Savings

Enables having the right stock at the right time. Reduces redundant stock levels and eliminates false stocks all of which improve cash flow

Generates a quick ROI

Generates a quick ROI as inventory improvements are implemented. Applies better KPIs and service levels.

Actionable insights

Identifies how your inventory is used. Identifies potential efficiencies and enables global optimization of your entire inventory system

Material Master Data Standardization

Provides standardized and accurate item descriptions, eliminates duplicates, and delivers faster product searching.

Easy to Manage

Delivers an easy to use managed or self-managed inventory solution. Increases inventory controls, provides workflows, reporting dashboard, analytics and costs

Time Saving

Real time updates save the staff from having to rush to the warehouse to check on inventory to find whether product is in stock or not

Interactive Dashboard

Provides useful statistics: batch summaries, item summaries, user summaries, easy access to frequently accessed features, and message history

Process Workflows

Manages all workflows and allows assigning unique users to particular tasks

Support Organizations

Provides hierarchical control of the inventory. Helps global organizations to customize, standardize, and manage their inventory at the enterprise or at the business/local level

Inventory Performance Visibility

Reduces annual spend and balances the inventory investment risk by tracking overall inventory performance, provides accurate information about spare parts, improves availability of required parts and removes obsolete stock .