Evriholder was founded in 1995 by Ivan Stein, Gary Seehoff and Abraham Sacks. Their product line first began with tie and belt organizers and quickly became a retail success. Inspired, the founders began to pursue relationships with inventors and product developers worldwide to design and offer more innovative product solutions to their consumers.
Growing a business is no small task, it's a difficult thing to navigate, but growth is almost always a welcomed challenge. Evriholder was no exception to these challenges. With over 1,500 different SKU’s across various industries, they needed to streamline and perfect their forecasting methods. Their innovative products needed an innovative solution and that’s when they found Avercast.
Freed $14 Million in Inventory
Evriholder’s old forecasting method became increasingly difficult to implement as the company saw steady growth. Each month Eileen Li, Chief Operating Officer, and her team would look at the previous month’s average actual demand. They would then inflate the forecast to make sure there were no stock outs. For example, if 100 units of a product was forecasted, they would order 200 units. This process was inefficient and led to wasted time and resources. To ensure a reliable forecast, they needed to collaborate across the entire company, taking up the time of many other employees. Eileen described this outdated process as “rolling the dice to predict the forecast.”
“The system gives you the efficiency and the technology to replace the multiple spreadsheets [in] excel.”
Chief Operating Officer
Eileen brought her experience and knowledge to Evriholder and started asking the hard questions. With Avercast’s help she was able to start trimming the fat, bringing the total number of SKU’s from 9,000 to 1,500. This allowed their inventory cost to go from $22 million down to $8 million. That's 14 million dollars of inventory freed up to spend anywhere else in the company! She saw that a lot of SKU’s were not being sold and thousands of products were just sitting in inventory. On this excess inventory, Eileen said, “you need to lower the water to see where the rocks are.” After slashing inventory, Evriholder was able to save even more money and become more efficient with a smaller team and nearly 70 less suppliers.
The implementation phase of Avercast took 2 months. With their new software implemented in 2012, Evriholder saw a great change in their forecast accuracy. Their forecasts went from about 40 to 50% accuracy to around 70% accuracy. In addition, Avercast has helped their inventory turnover ratio increase Aside from these obvious benefits, Eileen has also seen Avercast increase the scope and visibility that her team enjoys with the data and has allowed them to better collaborate and plan together with one forecast in mind.
To those considering Avercast, Eileen said “the system gives you the efficiency and the technology to replace the multiple spreadsheets [in] excel.” Don’t just trust Eileen’s words, sign up for a demo today.
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Senior Supply Chain Analyst Nicolette's top three favorite benefits of Avercast are...
Seeing is believing. Simply put, we’ll offer any prospective customer a no-obligation test-drive of our system. See for yourself first-hand the difference Avercast software will make for your business. We’ll sign a non-disclosure agreement, load a sample set of your data and show you how Avercast can improve forecast accuracy, increase inventory turns, lower overall inventory levels and pay for itself in the process. You wouldn’t buy a car without a test-drive, would you? Why should the purchase of an enterprise level software system be any different?