By Amy Antenora
Editor, aftermarketNews.com
Inventory management is one of industry’s biggest challenges today. Yet, when it is done well, it can lead the way to more efficient business operations, improved returns and increased profits. If you know the key to inventory efficiency, R. L. Polk & Co. wants to honor you.
Created three years ago, the Polk Inventory Efficiency Award is presented annually at the Global Automotive Aftermarket Symposium.
The award was designed to recognize and reward outstanding automotive aftermarket companies for process improvements relative to inventory efficiency.
However, in addition to giving recognition to aftermarket companies that are successful with inventory management, the award also serves as a momentum-builder, helping to get others in the industry excited about the process, says Mike Gingell, Polk’s vice president of strategic markets.
“We were inspired to create the award not for our purposes but as a mechanism to help the industry focus on a serious issue, inventory management,” said Gingell. “We wanted to be able to recognize companies that are proactively addressing this problem. The award, along with the presentation at GAAS, gives companies a venue to tell their success story and celebrate the opportunity to be recognized. It also helps to educate, motivate and encourage others in the industry to do the same (take on an initiative that focuses on inventory efficiency).”
It’s a win-win situation, as Gingell sees it. “If companies within the industry become stronger and more viable long-term as a result of implementing innovative inventory management practices, we have a stronger market in which to sell our services,” said Gingell. “A healthy industry is really good for everyone.”
The second annual award was presented this year to Roanoke, VA-based Parts Depot in the Retailer/Distributor Category. Affinia Group Inc. won the award in the Manufacturer category. The inaugural winners of the award included O’Reilly Auto Parts in the Retailer/Distributor Category and Federal-Mogul in the Manufacturer Category.
In addition, this year Polk announced it would donate $1,000 to the GAAS Scholarship Committee in the name of 2006 Polk Inventory Efficiency Award winners in both the Manufacturer and the Retailer/Distributor categories.
The third-annual Awards will be presented at the 2007 Global Automotive Aftermarket Symposium (GAAS) at the Hyatt Regency O’Hare in Chicago, IL, on May 8-9, 2007.
How to Apply
Any automotive aftermarket company, be it manufacturer, retailer or distributor, is eligible for the award. Any type of initiative that has had a significant impact on the inventory management and efficiency of the organization and/or the aftermarket industry as a whole, is eligible for consideration.
Projects or initiatives to be considered must have been implemented within the past 30 months. Projects must have measurable business impact (i.e. ROI, turn increases, working capital reductions, etc.) and must be innovative in terms of use of technology, tools, systems or processes.
Submissions are judged anonymously by a selection committee comprised of members of industry associations, industry academic institutions and a Polk representative.
The deadline for submissions is March 2, 2007.
Send your nomination or award entry to:
R. L. Polk & Co.
ATTN: Polk Inventory Efficiency Award
26955 Northwestern Hwy.
Southfield, MI 48033-8455
Email: [email protected]
