BMS GROUP: STREAMLINING INVENTORY MANAGEMENT & ENHANCING BRAND STANDARDS
BACKGROUND
BMS Group is a dynamic global broker that provides specialist insurance, reinsurance and capital markets advisory services. They are a global brand with offices located across the US, Canada, Latin America, Australia, Europe and Asia with both a strong local focus and understanding of market needs. The BMS Team strives to be ‘the best in class’ and with an innovative approach and entrepreneurial thinking their clients truly benefit from better solutions to policy development and placement.
CHALLENGE
BMS Group faced several challenges in managing its inventory of branded items, which includes over 120 SKUs comprising both hard goods and apparel. One of the key challenges is ensuring efficient inventory management, as it is crucial to have accurate stock levels and avoid stockouts or overstock situations. Additionally, the program needed to address the complexities associated with providing picking, packing, and fulfillment services to meet the demands of orders placed through a branded online corporate store. Another challenge lies in delivering products to various locations across the country; requiring coordination and logistics management. The program also needed to overcome the hurdle of maintaining brand standards and acquiring additional products outside of the program for various marketing events.
OBJECTIVES
- Streamline inventory management processes and maintain optimal stock levels for all branded items.
- Provide seamless order processing, picking, packing, and fulfillment services for BMS employees through the online corporate store.
- Establish a centralized location for all branded products.
- Assist in maintaining brand standards by ensuring consistent quality and adherence to brand guidelines across all products.
- Support various marketing events by acquiring additional products that complement the program and meet event-specific requirements.
SOLUTION
To address the challenges and achieve the objectives, Innovative Office Solutions implemented several solutions. Firstly, Innovative added an advanced inventory management system that incorporates real-time tracking of stock levels, automated demand forecasting, and automated replenishment processes. This will help maintain optimal stock levels, prevent stockouts, and streamline inventory operations. Secondly, the program will enhance the online corporate store by improving the user interface, simplifying the ordering process, and integrating it with the inventory management system for seamless order processing. Thirdly, the program will establish a robust logistics network to efficiently deliver products to various locations across the country. Additionally, the program will actively seek out trusted suppliers to acquire additional products for marketing events, ensuring they align with brand standards and meet event-specific requirements.
RESULTS
By implementing these solutions, BMS expects to achieve significant results. The enhanced inventory management has lead to improved accuracy in stock levels, reducing the occurrence of stockouts or overstock situations. This has resulted in better inventory control and increased employee satisfaction. The streamlined online corporate store enhanced the user experience for BMS employees, making it easier for them to browse, order, and receive their desired products. The centralized location for branded items has improved accessibility and convenience for employees, contributing to increased utilization of the program. Furthermore, the efficient logistics network ensures timely and reliable product delivery to various locations around the country, enabling employees to receive their orders promptly. Lastly, the program’s ability to acquire additional products for marketing events will enhance brand presence and support successful event campaigns.
TESTIMONIAL
Innovative certainly lives up to its name! The team worked with us to set up an online store where our team members can efficiently order promotional products that are housed, packed, and delivered by Innovative. Additionally, the team helps us develop creative new ways to share our brand though these items and has been an extension of our own marketing team. This has been a wonderful partnership for our company, delivering both increased efficiency and brand awareness. We love working with the Innovative team!