First study of its kind to identify and compare inventory management and optimization practices, performance and trends across utilities, oil and gas, mining industries
ATLANTA and DENVER, June 10, 2013 /PRNewswire/ – ScottMadden, Inc. (www.scottmadden.com), a general management consulting firm; and Oniqua (www.oniqua.com), a leading provider of analytics-based optimization solutions for asset-intensive organizations, today announced they have partnered to conduct a global, cross-industry inventory management and optimization benchmark study on behalf of the Utility Materials Management Benchmarking Consortium (UMMBC).
The UMMBC, a consortium comprising many of the largest utilities in North America, develops information needed to critically examine and improve ongoing warehouse and inventory management operations. The consortium, coordinated by ScottMadden, includes an annual survey on a topic that has the most value for consortium members. This year’s topic of choice includes the state of inventory management and optimization within utilities and across other asset-intensive industries, including oil and gas and mining.
“Given the steady demands for capital investments to upgrade and maintain infrastructure, as well as to address increasingly stringent regulatory requirements, answering the question of ‘how much inventory is needed’ has become one of the most difficult questions to address for supply chain leaders today,” stated Andy Flores, partner and supply chain practice leader at ScottMadden.
This study will examine how leading asset-intensive organizations are handling specific challenges associated with inventory management and optimization, including:
- Inventory visibility levels and segmentation approaches
- Stocking level criteria assignment practices
- How safety stock levels are determined
- Inventory optimization measures currently in use
- Types of tools used for inventory optimization
- Current integration practices between materials management systems and asset management systems
“In over 20 years of providing analytics-based inventory optimization across asset-intensive industries, we’ve found that utilities, oil and gas, mining and other asset-intensive companies share very common challenges when it comes to managing and optimizing their inventory,” stated Andy Hill, co-founder and CEO, Oniqua. “We believe this study should provide some unique and interesting insights from a cross-industry perspective, and that readers within adjacent industries will be able to learn from one another.”
A supply chain manager, and UMMBC member, of a Fortune 500 energy company and one of the largest combination utilities in North America said, “The UMMBC’s survey reports have been very helpful in providing our company with relevant, unique benchmarking information.”
Individuals within the utilities, mining, and oil and gas industries responsible for inventory management and optimization are invited to take part in the online survey here:
Results will be provided free of charge to each valid participant who completes the survey by July 12, 2013.
ScottMadden and Oniqua will co-present summary results from the study during a session at the Utility Purchasing Management Group’s (UPMG) annual conference taking place September 15-17, 2013 in Austin, Texas. The presentation will also compare results of this year’s study with results from a similar study conducted in 2009.
About ScottMadden, Inc.
ScottMadden is a management consulting firm delivering customized, practical solutions for clients in energy, clean tech & sustainability, and corporate & shared services. Our collaborative, small-team approach, coupled with deep content knowledge, experience, and insight, delivers an exceptional consulting experience and superior results. To learn more, please visit www.scottmadden.com | Twitter | Facebook | LinkedIn
With operations in the Americas, Africa and Asia-Pacific regions, Oniqua is the world’s leading provider of analytics software solutions that help asset-intensive organizations optimize their inbound supply chain and maintenance activities. Oniqua Analytics Solution applies advanced analytics to customer data to identify inefficiencies and ensure their inventory, procurement and maintenance operations run as efficiently as possible. Oniqua is proud to serve the world’s leading asset-intensive companies, including Tennessee Valley Authority, Nebraska Public Power District, Hawaiian Electric Company, ConocoPhillips, BP, Vale, Codelco, Rio Tinto, Anglo Coal, BHP Billiton, Newmont Mining, Alcoa, Xstrata, Drummond Company, Freeport McMoRan and many others. www.oniqua.com