19 June 2022
Due to the dynamic nature of the supply chain systems, it is important to determine the right level of safety stock to order in order to reduce cost while still providing a high level of service. The task of getting the right inventory and demand levels may be very difficult at times, but with use of predictive analytics and demand driven approach to inventory has become easier.
These technologies enable organizations to better predict demand, avoid overstocking or stock-out situations and hence enable organizations to work more efficiently and at lesser costs.
Kosalee Galkaduwa has emerged as a leader in this area and has successfully implemented inventory management changes with the help of the best predictive analytics and demand forecasting. Having worked for many years in the development and implementation of complex methodologies, she has overseen several projects that have significantly improved safety stock positions in many industries.
Through her work she has not only assisted organisations to cut on their costs of stocking inventories but also enabled them to meet customers’ demand accurately and efficiently.
In her career, she has made a lasting impact by designing and implementing predictive analytics models that optimize safety stock levels. Through her leadership, she has successfully reduced excess inventory by 30%, while maintaining a remarkable 95% on-time delivery rate. This was accomplished through the adoption of demand-driven inventory strategies, which allowed her to align inventory levels more accurately with actual demand.
Her ability to implement cutting-edge analytics has not only streamlined processes but has also significantly reduced inventory costs by approximately 10%. Additionally, her efforts have enhanced inventory turnover by 5%, ensuring that resources are utilized efficiently and effectively.
Her work extends beyond the implementation of predictive models. She has played a key role in leading cross-functional teams to integrate demand forecasting tools into inventory management systems, improving decision-making processes and enhancing collaboration between procurement, production, and marketing teams.
Her customized inventory solutions have been particularly beneficial in niche industries, such as apparel manufacturing, where operational efficiency is essential for staying competitive. This has positioned her as an invaluable asset within her organization, driving both operational and strategic improvements across the supply chain.
The outcomes of her work are measured in terms of service levels, inventory accuracy and waste management which have seen improved scores. It has led to the cutting down of manual errors by 80% by automating the key tasks on inventory management that she undertakes. In addition, she has also managed to bring down material wastage by the twentieth per cent through sound inventory management and practicing sustainability measures thus making a positive impact on cost saving and environmental conservation.
Looking ahead, she sees the continued evolution of AI and machine learning as key drivers for the future of inventory management. Predictive analytics, along with real-time visibility tools like IoT and blockchain, are likely to play an even more prominent role in optimizing supply chains.
As organizations increasingly focus on sustainability, incorporating these technologies into inventory management practices will not only drive efficiency but also help companies meet their sustainability goals.
In conclusion, Kosalee Galkaduwa’s leadership and expertise in safety stock optimization have set a new standard for inventory management, transforming the way businesses approach inventory forecasting, cost reduction, and efficiency.
Her work demonstrates how leveraging advanced analytics and demand-driven strategies can lead to substantial savings, operational improvements, and long-term sustainability in supply chain management.