Inventory Replenishment and Forecasting – This item management tool allows our Users to be able to predict stocking levels required to maintain appropriate service levels based on such factors as sales history, vendor lead time, safety stock, item popularity, and customer buying patterns. You can also add additional parameters as your company needs. The key to optimum inventory management is to strive to maintain high service levels (no out-of-stocks) while keeping inventory costs low. The concept of just-in-time inventory management accomplishes that by keeping only what stock you need each week to meet your customer’s changing demand.
Inventory Replenishment and Forecasting Features
Ability to create custom stocking plan based on a variety of factors such as stocking levels (i.e. weeks of supply) based on individual product ranking
Reorder points for each item automatically change based on using sales history to run recalculations
Different calculation models can be used and assigned to different items based on how item is purchased (example: lower priced items use “EOQ” module, higher priced items use “UPTO” model.
A Purchase Advisor report can be run to show the effect of an order point recalculation before the order point field is updated.
Sales history used to calculate order points can pull out inappropriate information such as unusual sale spikes, temporary customers, & short-term projects.
Different scenarios can be tried with different service level values in order to determine most desired stocking levels.
Sales history date ranges can be changed to accommodate unique customer needs.