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In a traditional company, the sole method to close the opening between the order cycles of customers lead times in logistics is to carry inventory. In the fashion industry, the time spent to finish the process from products from acquisition to delivery and the length of time customers are ready to wait for their products is not fully integrated, and the way to best do this is to have a stored and display inventory of products.
This in itself is an implication of a general forecast with the obvious assumption some sales will be made. As such, the way the majority of fashion companies meet this need is to attempt to predict the desires of customers and the requirements of the market and then attempt to match these needs with the ordered inventory. As my company is a part of the fashion industry this involves keeping up with current trends and styles, and these commonly change often and without predictable reasons. Thus, this area is particularly challenging for my company and the entire industry. Even generally these predictions are challenging to make accurately, hence the common suggestion that all forecasting errors are resultantly inventory problems, whether the result is a shortage or an abundance of material (Donovan 2009; Rushton and Croucher 2006).
While attempting to improve the accuracy of these kinds of predictions will always seem like the best course of action to fix this real issue, some consider this issue in another way. The answer may lie in investing larger amounts of money and energy in improving the methods of forecasting, which is a primary area of focus within my company and the fashion industry. On the other hand, the answer may also lie in rather attempting to reduce the gap in lead to time, as the competitive nature of the market combined with the conditions of the product and services have a significant influence on the consumer’s overall readiness to wait for some time. This is somewhat less of a factor in the fashion industry in some senses as clothes are commonly bought prior to events given on short notice, however clothes have less of an immediate need when compared to other products.
All things considered, and since my company already has prioritised market research of consumer trends, there is room for improvement in the area of trying to close the lead to time gap. A company which can achieve a perfect match between logistics lead times and the order cycle as requested by the customer does not require forecasts and thus does not have a need for inventory. While this does not eliminate the need for emphasis of market research in the fashion industry, it further encourages effort to be placed in other areas when possible. The main challenge in the area of logistics is to try to find the means that the gap between lead times can be lessened or closed completely (Rushton and Croucher 2006; IBC 2007).
In addition to effort, our company is also considering to implement additional software into our company’s processes to better meet our related needs. While general technological improvement is on the agenda of the company as a whole, specific inventory software has been designed which would assist us in the area of inventory control solutions. Programs, such as Laudis software for example, have created track-and-locate systems in addition to the ability for integrated custom systems in all areas of manufacture and distribution. This allows for saving time and expense in addition to filling gaps in the business process. Such software would aid in appealing to customer demands without time constraints, and may even encourage a higher level of customer interaction with the company (Apparel Search, 2009).
References
Apparel Search (2009). Inventory Control Software: Laudis Systems. Apparel Search Company.
Donovan, R. (2009). Inventory Control: Improving the Bottom Line. R. Micheal Donovan and Co.: Management Consultants. Web.
IBC (2007). The Shocking Cost of Holding Stock. Manufacturing & Logistics IT.
Rushton, A. and Croucher, P. (2006). The handbook of logistics and distribution management. Chartered Institute of Logistics and Transport in the UK.
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