Eliminate Excess Inventory & Maximize Service Levels
Any organization that has to manage a complex, distributed inventory portfolio faces a difficult challenge balancing the need to meet service levels while keeping costs as low as possible. Whether managing components, service parts, MRO items, unpredictable finished goods, raw materials or all of the above, there are four common underlying root causes to inventory pain: intermittent demand, rule of thumb planning, ad-hoc processes, and SKU proliferation. Smart Software’s inventory planning & optimization platform, Smart IP&O, addresses these root causes by providing a single, easy to use, and scalable environment for planning demand and inventory policy. It extends beyond traditional demand planning and forecasting by leveraging probability modeling and analytics to drive inventory strategy. Our software predicts continuously, leveraging our field-proven forecasting and optimization engines to forecast demand and lead times, predict excess and out-of-stocks, monitor inventory performance, and optimize planning parameters. Smart IP&O makes inventory optimization easy to implement and maintain. Learn more about these root causes and our approach by clicking below.
AUTOMATED STATISTICAL ANALYSIS DRIVES INVENTORY MANAGEMENT
Inventory managers struggle with the conflicting priorities of customer satisfaction and cost control. The featured article shows how to harness customer demand data to craft optimal inventory policies:
Measure current inventory policy performance: service levels, fill rates, inventory turns, and ordering costs.
Identify improvement goals: Assessing tradeoffs between inventory investment and the risk of running out.
Find the optimal balance point: Setting reorder points and order quantities that will achieve the results you require and much more in this article.
What Do You Need to Know About Forecasting and Planning Service Parts?
This paper describes Smart Software’s patented methodology for forecasting demand, safety stocks, and reorder points on items such as service parts and components with intermittent demand, and provides several examples of customer success.