Demand Forecasting & Inventory Optimization
Field Proven Solutions for Manufacturers, Distributors, and MRO
How the Smart IP&O Platform Can Help
Smart IP&O, a Digital Supply Chain Platform
“Smart IP&O allowed us to transform our manually maintained stocking levels to a service level-based model that drove significant improvements in fill rates while optimizing total inventory on hand. The accurate forecasts of stocking levels provided fact-based data that allowed us to strategically phase the consolidation effort where warehouse space was at a premium.”
“Whatever the request, we need to meet our next day service commitment – Smart enables us to risk adjust our inventory, to be sure we have the products and parts on hand to achieve the service levels our customers require.”
“Smart is the only one out there that has really licked the intermittent demand modeling challenge. We get accurate information and more importantly at the lowest dollar. Without Smart, I think we would have seen a continued growth in our inventory and not necessarily gotten any greater benefit for service.”
Pursuing best practices in demand planning, forecasting and inventory optimization
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.