Piano manufacturer Steinway & Sons is using PrecisionPoint business intelligence software to gain unprecedented insight into sales and inventory from its Microsoft Dynamics Navision (NAV) ERP solution.
PrecisionPoint enables sales to be analyzed in multiple dimensions: by product type, size, finish, dealer and customer type – domestic or institution. Indeed, Steinway & Sons is even analyzing which products are most popular for performance venues, and which for practice rooms. Combining data from disparate sources, including a dealer targets database, enables the company to track dealer performance, also by product and market.
The use of PrecisionPoint has enabled Steinway & Sons to radically reduce the value of its US inventory, using trends in sales history to optimize inventory while still satisfying orders from dealers in a timely fashion.
"Inventory analysis is incredibly straightforward using PrecisionPoint. Steinway & Sons was able to reduce inventory value significantly and has been able to track to target inventory levels year on year. Over the last three years, we have been able to reduce our finished goods inventory by over 10%, " says Gary Conte, Director of Product Distribution at Steinway & Sons.