London, UK and Munich, Germany; 14th March: Wiha, one of the world's leading manufacturers of hand tools for professional use in trade and industry, has partnered with nVentic, the inventory optimization specialists, to optimize its inventory management capabilities.
Following the implementation of nVentic’s technology and its advisory support, Wiha reduced its stock levels by more than 10% in just one year, by identifying obsolete and excess stock, while improving service levels to its customers.
nVentic carried out a full analysis of Wiha’s inventory data at the beginning of 2023 using its proprietary technology, nVstocks Inventory Evaluation, and detected a total reduction potential of more than 30%. nVentic applied high service levels to the optimization calculations, empowering Wiha to ensure it maintained optimal stock levels throughout the year.
Stefan Hildbrand, Head of Order Fulfilment at Wiha, commented: “Due to the external influences on the global supply market in 2021, Wiha started to increase the ‘usual’ stock level to avoid shortages. In the following year and a half, we continued to increase stock by more than 25% in value. nVentic’s technology allowed us to significantly reduce levels of unnecessary inventory while maintaining optimal stock levels. This has made a significant impact, and we look forward to continuing our partnership with nVentic.”
Manuel Wehrle, Chief Operating Officer at Wiha, added: “nVentic’s Inventory Evaluation is a great enhancement to our inventory management capabilities, allowing us to ensure availability of product for our customers while reducing excesses.”
Matthew Bardell, Managing Director at nVentic, commented: “As a manufacturer committed to providing its customers with high service levels, Wiha understands that inventory optimization is not the same as crude inventory reduction. Wiha is one of the most advanced companies that we have come across in terms of their understanding of the complexities involved in true inventory optimization and we are very happy to be able to support them with our analytical tools. We look forward to continuing our partnership in 2024.”
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About nVentic
nVentic is the leading inventory optimization specialist, with a passion for applying advanced statistical techniques to business challenges in a pragmatic, results-driven way. nVentic works intensively with manufacturing clients interested in improving inventory performance. nVentic delivers genuine expertise, backed up by proprietary analytical tools and is committed to innovation, creating a legacy of capability to hand on to the next generation.
Founded in 2013, nVentic’s unique approach helps a range of businesses across the manufacturing sector to reduce both shortages and inventory excesses quickly and sustainably.
Learn more at nventic.com
About Wiha
Wiha is one of the world's leading manufacturers of hand tools for professional use in trade and industry. Founded as a small family firm in 1939, Wiha is today a globally active company, still owner-operated by the Hahn family. The comprehensive range of Wiha solutions includes tool concepts, systems and sets, screwdrivers, torque tools, multitools, L-keys, bits, pliers, soft-faced hammers, electrical solutions and much more. In 2022, the company with headquarters in Schonach in the Black Forest received the honourable distinction of being one of the "TOP 100" most innovative companies in the German SME sector for the third time. In 2019, Wiha received the German Brand Award and the Red Dot Brand Award "Best of the Best” for its excellent brand work and development.
Contact:
Roseanna Lane
CommsCo
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