Features & Benefits
The AltSource team met with the food and beverage manufacturer to look over work processes and identify which areas needed the most improvement. Focusing their efforts on inventory management, AltSource designed and built a more modern and digital way for the organization to manage production, inventory, recalls, and orders.
Digitizing the system with an end-to-end solution, AltSource was able to give the company real-time insights into their stock levels. Automated tools for running lot audits expedited the process and provided multiple ways to complete audits. Now the company could make data-driven decisions based on more accurate reporting.
AltSource also integrated the inventory management system with the company’s accounting software. Doing so brought the business logistics side and financial processes together, which eliminated several bottlenecks and increased productivity companywide.
Business Impact
Reduced Written-off Inventory Losses
- Wasted product is one of the biggest obstacles in the food & beverage industry, and the digital inventory management system helped the company reduce their losses by 99% within one year.
Decreased Audit Completion Times
- By switching to a digital web app method of auditing, the company was able to reduce the audit completion time from 1 week down to 5 minutes.
Improved Data and Auditing Accuracy
- The ability to enter information quickly and access that data for accurate reporting gave the company full visibility and control over their inventory.
Increased Profit Margins
- With the new digital solutions and web app, the company was able to reduce costs on losses and time spent on manual tasks, all of which increased their profit margins by 2% within 1 year.
Reduced Recall Reaction Times
- Now that the inventory was uploaded into a central database, they were able to reduce their product recall reaction times from weeks or months down to a matter of hours or days.
