ImpressArt Helps Entrepreneurs Create Beautiful Jewelry – aided by Smart IP&O
Jeff Wolter, CEO of ImpressArt, explains why forecasting is so important, how he came to select Smart Inventory Planning and Optimization as Impress Art’s forecasting and demand planning system, and how better forecasts are helping their business.
Electric Utility Goes Live in 90 Days with Smart IP&O and saves $9,000,000
Smart Software today disclosed its selection by a large US Electric Power Utility along with initial operating results. Smart implemented its software in just 90 days and has been credited for reducing inventory by $9 million within its first six months of operation.
Field Service Parts Optimization at Seneca Companies
Seneca Companies, an industry leader in automotive petroleum services, adopted Smart Software to model customer demand, inventory performance, and to drive Service Parts Optimization.
Engineering to Order at Kratos Space – Making Parts Availability a Strategic Advantage
The Kratos Space group within National Security technology innovator Kratos Defense & Security Solutions, Inc., produces COTS s software and component products for space communications – Making Parts Availability a Strategic Advantage
Optimizing Parts Management at BC Transit
BC Transit values its newfound ability to forecast the financial impact of stocking decisions. They are able to balance capacity against criticality and the cost of inventory.
Draped in Success – Inventory Planning at Rose Brand
Rose Brand selected demand and inventory planning software from Smart Software as the foundation for a methodical planning process. Rose Brand is North America’s largest provider of theatrical fabrics, fabrications and production supplies for the entertainment, event and display industries.
Recent Posts
What is Inventory Planning? A Brief Dictionary of Inventory-Related TermsPeople involved in the supply chain are likely to have questions about various inventory terms and methods used in their jobs. This note may help by explaining these terms and showing how they relate. […]
Confused about AI and Machine Learning?Are you confused about what is AI and what is machine learning? Are you unsure why knowing more will help you with your job in inventory planning? Don’t despair. You’ll be ok, and we’ll show you how some of whatever-it-is can be useful. […]
Centering Act: Spare Parts Timing, Pricing, and ReliabilityIn this article, we'll walk you through the process of crafting a spare parts inventory plan that prioritizes availability metrics such as service levels and fill rates while ensuring cost efficiency. We'll focus on an approach to inventory planning called Service Level-Driven Inventory Optimization. Next, we'll discuss how to determine what parts you should include in your inventory and those that might not be necessary. Lastly, we'll explore ways to enhance your service-level-driven inventory plan consistently. […]
How to Forecast Inventory RequirementsForecasting inventory requirements is a specialized variant of forecasting that focuses on the high end of the range of possible future demand. Traditional methods often rely on bell-shaped demand curves, but this isn't always accurate. In this article, we delve into the complexities of this practice, especially when dealing with intermittent demand. […]
Six Demand Planning Best Practices You Should Think Twice AboutEvery field, including forecasting, accumulates folk wisdom that eventually starts masquerading as “best practices.” These best practices are often wise, at least in part, but they often lack context and may not be appropriate for certain customers, industries, or business situations. There is often a catch, a “Yes, but”. This note is about six usually true forecasting precepts that nevertheless do have their caveats. […]
Inventory Optimization for Manufacturers, Distributors, and MRO
- Centering Act: Spare Parts Timing, Pricing, and ReliabilityIn this article, we'll walk you through the process of crafting a spare parts inventory plan that prioritizes availability metrics such as service levels and fill rates while ensuring cost efficiency. We'll focus on an approach to inventory planning called Service Level-Driven Inventory Optimization. Next, we'll discuss how to determine what parts you should include in your inventory and those that might not be necessary. Lastly, we'll explore ways to enhance your service-level-driven inventory plan consistently. […]
5 Steps to Improve the Financial Impact of Spare Parts PlanningIn today’s competitive business landscape, companies are constantly seeking ways to improve their operational efficiency and drive increased revenue. Optimizing service parts management is an often-overlooked aspect that can have a significant financial impact. Companies can improve overall efficiency and generate significant financial returns by effectively managing spare parts inventory. This article will explore the economic implications of optimized service parts management and how investing in Inventory Optimization and Demand Planning Software can provide a competitive advantage. […]
Bottom Line Strategies for Spare Parts PlanningManaging spare parts presents numerous challenges, such as unexpected breakdowns, changing schedules, and inconsistent demand patterns. Traditional forecasting methods and manual approaches are ineffective in dealing with these complexities. To overcome these challenges, this blog outlines key strategies that prioritize service levels, utilize probabilistic methods to calculate reorder points, regularly adjust stocking policies, and implement a dedicated planning process to avoid excessive inventory. Explore these strategies to optimize spare parts inventory and improve operational efficiency. […]
Prepare your spare parts planning for unexpected shocksIn today's unpredictable business climate, we do have to worry about supply chain disruptions, long lead times, rising interest rates, and volatile demand. With all these challenges, it's never been more vital for organizations to accurately forecast parts usage, stocking levels, and to optimize replenishment policies such as reorder points, safety stocks, and order quantities. In this blog, we'll explore how companies can leverage innovative solutions like inventory optimization and parts forecasting software that utilize machine learning algorithms, probabilistic forecasting, and analytics to stay ahead of the curve and protect their supply chains from unexpected shocks. […]
Smart IP&O, a Digital Supply Chain Platform
Cloud Native Platform
A single, secure, and scalable native cloud platform with multiple end user Apps that helps you predict accurately, protect against uncertainty, and plan efficiently.
Intermittent Demand Planning
Engineered for intermittent demand, Smart’s field proven methods succeed on even the hardest to forecast, anything but normal, unplannable items.
Automate Supply Chain Decisions
You’ll build automated, exception based plans that adapt and respond to frequently changing business conditions while doing away with time intensive manual planning.
Collaborative Planning
Share collaborative “what if” demand forecasts, inventory policies and develop an authorized consensus plan aligned to achieve business objectives.
Probabilistic Forecasting
Predict a range of outcomes and the probability for each possibility to accurately prescribe risk adjusted stocking policies that optimally balance service levels and cost.
Smart ERP Integrations
Seamlessly integrate with your system of record with an automated bi-directional data exchange that ensures alignment between planning policies and execution.
Smart Inventory Optimization
Optimal Inventory Levels
Reduce excess stock
Improve service levels
Minimize buyer transactions
Maximize return on assets
Organizational Consensus
Balance service levels
Identify stockout risk
Identify overstocks
No finger-pointing
Operational Connectivity
Align process with strategic objectives
Empower team to “make it so”
Optimize as conditions change
Pass results to ERP
Who is Inventory Optimization for?
Smart Inventory Optimization is for executives and business savvy planners who seek to:
- Yield maximum returns from inventory assets.
- Address the problem of highly variable or intermittent demand.
- Broker the service vs. cost tradeoffs between different departments.
- Develop a repeatable and efficient inventory planning process.
- Empower the team to ensure operational plan is aligned with strategic plan.
What questions can Inventory Optimization answer?
- What is the best service level achievable with the inventory budget?
- What service levels will yield the maximum return?
- If lead times increased, what would it cost to maintain service?
- If I reduce inventory, what will the impact on service be?
- If order quantity increases, what will the impact on service and costs be?
- What is the order quantity that balances holding and ordering costs?
Inventory forecasting for the inventory executive
Smart Inventory Optimization empowers you to:
- Predict service performance and inventory costs.
- Assess business impact of “what-if” inventory policies.
- Align inventory policy with corporate strategy.
- Establish an operational framework that guides the planning team.
- Reduce inventory and improve service.