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Smart Inventory Optimization

Status: Unverified

Smart Inventory Optimization (SIO) delivers inventory policy decision support, the means to share and collaborate and track the impact of your inventory planning policy. You can forecast projected metrics such as service level and fill rate, holding costs and ordering costs and stock out costs. Smart Inventory Optimization prescribes the optimal service levels for you. Users can optionally assign service level constraints to ensure the optimization engine respects business rules or define service level targets by item or group. SIO provides the required inventory planning parameters for a variety of NetSuite replenishment policies such as Reorder Point/Order Quantity, Min/Max, Safety Stock Planning and Demand Management

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Description

Inventory Planning & Optimization

Smart Inventory Optimization (SIO) delivers inventory policy decision support and the means to share and collaborate and track the impact of your inventory planning policy. You can forecast projected metrics such as service level, fill rate, holding costs, ordering costs, stock out costs. Users can identify overstocks, under stocks, re forecast optimal stocking policies and share proposed policies with other stakeholders, collect feedback and establish a consensus inventory plan.  And unlike traditional inventory planning systems that rely on rule of thumb approaches or require the user to arbitrarily set sub optimal service level targets. Smart Inventory Optimization prescribes the optimal service levels for you.  Users can optionally assign service level constraints to ensure the optimization engine respects business rules. SIO provides the required inventory planning parameters for a variety of NetSuite replenishment policies such as Reorder Point/Order Quantity and Min/Max and Safety Stock Planning and Demand Management and more

Key Benefits

With Smart Inventory Optimization you will be able to reduce inventory levels and increase service levels and improve planner productivity. The easy to use interface will enable you to:

  • Identify where you are overstocked and understocked.
  • Modify  planning parameters based on your business rules and service targets, and inventory budget
  • Leverage optimization logic in SIO to prescribe planning parameters and service levels for you.
  • Compare proposed policies to the benchmark
  • Collaborate and develop a consensus inventory plan
  • Automatically generate revised planning parameters as demand and other inputs change

True Web Platform

  • 100% web app
  • Thin Client
  • Multi Tenant
FEATURES

Min/Max/Safety Stock & Service Level Optimization

  • Calculate optimal safety stock, Min/ Max levels to meet user defined service level targets.
  • Considering holding costs, ordering costs, shortage costs, SIO will recommend the service level targets and corresponding inventory planning parameters that yield the total lowest cost.

Collaborative Inventory Optimization

  • All changes made to policies can be saved, shared and compared to alternative policies across a variety of metrics including holding costs, ordering costs and shortage costs, service levels, inventory value and more.
  • Authorized users can specify the consensus plan for automatic upload into NetSuite.

Multi Echelon Planning

  • Optimize inventory across multiple stocking locations accounting for transfer lead times, supplier lead times and associated costs.
  • Assess the impact on costs and service of changing stocking locations.

Lead Time Calculations

  • Calculates actual lead times based on actual supplier performance by item.
  • Compare inventory planning policies utilizing planned vs. actual lead times.

Exception Management

  • Continuously re-forecast optimal inventory planning parameters based on up-to-date demand signals, lead time and costs.
  • Exception reports will flag items where the service levels and/or planning parameters are predicted to changed by more than user defined thresholds