In aftermarket services, having the right spare parts at the right time to meet customer’s expectations is essential. Businesses need to hold in stock to fulfill contractual obligations and capture opportunities once they arise. But if we are not careful enough, ballooning inventory can put significant strain on cash flow, resources and drag the overall financial health.
The Virtuous Competition
When slow-moving inventory hinders business development, why not transform nature to create value for those hidden gems? To ensure the aviation sales team was appropriately supported and incentivized to pursue higher-value opportunities, Leadership Team also introduced additional “sales bonuses” for slow-moving inventory items and established tracking metrics to monitor sales progress for discussion at monthly regional sales meetings. It helps to stimulate the sales activities into a “game” for positive motivation and engagement.
Sales contests bring a spark of competition among the members of the sales team. Sales professionals invest more time planning strategies and brush their skills to make maximum sales to win the contest. As a part of the value creation initiative, TOPCAST hosted the Q1 2021 Slow Moving Inventory Contest Award Ceremony on May 11, 2021, to award the outstanding performers who help free up the valuable space in our warehouses that can extend more offerings to the customers. After the ceremony, Bryant Lam – Champion of Sales Revenue Performance, shared his winning tips with us.
Staying with TOPCAST for around a year, Bryant is an experienced sales with over fourteen years in the aviation industry. “Slow-moving inventory are company assets. When the parts are held in our warehouse for long periods of time, the higher our costs. I sold the parts at lower margins, but it helped our supply chain and generated reasonable profits for the company.” Bryant Lam, Customer Support Officer, said.
Communication and collaboration are crucial to sales success. We can’t make a sale unless demonstrating value to a prospect. “A close partnership with outside sales was established. We practiced active listening to our customers and be genuinely curious about their needs. We seized every RFQ and chances regardless,” he added.
From Recognition to Motivation
During the award ceremony, George Poh, Vice President, Global Sales and Customer Support said “We hope to bring transparency through the contest. We pride our sales professionals in making extra effort to hit the business target and stimulate demand for slow-moving products, which helps the overall supply chain operations. A new reward scheme with more tangible and motivating recognition will soon to be revealed to the outperformed team members.
Slow-moving inventory is a fact of life for industrial-services organizations. We believe the combination of disciplined inventory management with an innovative and creative sales approach can transform the inventory burden into a powerful source of additional revenue at a healthy profit margin.
Revenue Performance Awardee (Inside Sales)
- Bryant Lam, Customer Support Officer
- Shianne Lai, Senior Customer Support Officer
- Xochilt Llamas, Customer Support Officer
- Tiffany Cheung, Senior Customer Support Officer
- Sarah Medrano, Customer Support Officer
Revenue Performance Awardee (Outside Sales)
- Jacky Chan, Sales Manager