Beauty Depot is a Guatemalan family business that specializes in the distribution and production of professional products for personal care. The first store was opened in a shopping mall in December 1999 in Guatemala City. The company grew over the years, facing difficulties that with effort and dedication, were able to overcome, as a result, today they have 29 sales stores in major shopping centers in the country, employing more than 150 Guatemalans.
For many years the founders worked in a company that distributed professional beauty products to beauty salons, they realized that it was important to create a new concept, a beauty salon with a wide area of products where customers could always find the product they were looking for. Beauty Depot now is the largest chain of beauty salons in Guatemala with the widest variety of products.
Beauty Depot sells a wide variety of professional beauty products for hair care, skin, hands, and feet. Offering personalized advice to their customers according to their needs.
Current challenge/goal: The business has grown in many stores and different brands, causing a lack of visibility of real profitability and income by category, product, and store. They are working on prioritize the products and services that are most profitable for the company to allocate their resources appropriately and realize the need for a better inventory management system based on several factors and challenges they encounter in their day-to-day operations.
As a Bpeace volunteer Skillanthropist, you will use your expertise in business procurement and finance to:
- Conduct an initial meeting with the family business to understand their current inventory management system and processes. Identify key pain points, challenges, and goals related to inventory management.
- Analyze the current inventory levels, turnover rates, and carrying costs. Evaluate the accuracy and reliability of inventory data and tracking methods. Identify any issues related to stockouts, overstocking, or obsolete inventory.
- Assess the existing inventory management processes, including order placement, order fulfillment, and replenishment. Identify bottlenecks, inefficiencies, and areas for improvement.
- Review the integration between inventory management and other systems, such as sales and procurement.
- Develop a set of recommendations tailored to the family business’s needs and goals. Propose strategies for optimizing inventory levels, reducing stockouts, and improving inventory accuracy.
- Suggest inventory management best practices.
- Provide guidance on implementing the recommended and assist in identifying suitable inventory management software or tools, if necessary.