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Using the Optimize Function in Smart Inventory Optimization

 

Model inventory policies and increase performance for all selected items at the lowest cost.

Smart Inventory Optimization includes the ability to create “optimized” inventory policies. The Optimize function models inventory performance for all selected items, determining the service level targets and corresponding min/max/safety settings that will achieve the performance you require at the lowest cost. This video explains how optimization works and how it compares to traditional approaches that pick an arbitrary service level target.
 
Using the Optimize Function in Smart Inventory Planning

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    The impact of improved Demand & Inventory Planning

    Less critical Items that are forecasted to achieve 99%+ services levels represent opportunities to reduce inventory. By targeting lower service levels on less critical items, inventory will “right size” over time to the new equilibrium decreasing holding costs and value of inventory on hand. A major public transit system Inventory reduced inventory by more than $4,000,000 while improving service levels.

    Optimizing Inventory Levels means savings realized on one subset of items can be reallocated in order to carry a broader portfolio of “in stock” items allowing revenues to be captured that would otherwise be lost sales. A leading distributor was able to stock a broader portfolio of parts with savings used from inventory reductions and increased part availability by 18%