Excess inventory takes up valuable space, is expensive to maintain, and may become obsolete or spoiled. Insufficient inventory leads to lost sales and unhappy customers. Most companies have both challenges: too much of the wrong stuff and not enough of the right goods. Knowing where to begin making inventory improvements is not easy; sustaining such improvements may seem impossible.
Arkieva’s sophisticated analysis tools and safety stock reports enable planners to identify inventory issues and to make informed decisions concerning this delicate inventory balancing act. Our Inventory Planner utilizes demand data to plan safety stock levels by SKU by incorporating demand variability, desired service levels, and lead time information, across an entire network.
The Arkieva Inventory Planner supports sustained inventory reductions by providing a comprehensive view of how stocks are serving customer demand. Many Arkieva users report inventory reductions of up to 15%, and simultaneously experience an enhanced ability to satisfy orders with their reduced stock.
Key Inventory Planning Software Capabilities:
- Identifies stocking points with inventory balances not justified by demand, demand variability, or historical supply needs
- Calculates optimal safety stock balances at SKU and location level
- Allows creation of numerous, flexible inventory metrics (e.g., days’ supply, inventory velocity, effective service levels, inventory turns)
- Identifies accumulations of obsolete or off-spec inventories that should be aggressively reduced
- Provides graphical as well as tabular representation of inventory over time, by aggregation over any product attribute, e.g., by product family, warehouse, inventory type (raw, semi-finished, finished product)
- Enables batch- or lot-level reporting for aging analysis, remaining shelf-life, etc.
- Sends automatic alerts when conditions cross user-defined thresholds
- Easy, single-screen visibility of any SKU (or any grouping) by location is a core function
The Inventory Planner is closely linked with the Demand Planner and the Supply Planner. Reports and warnings identify areas of alignment and areas of potential trouble. Questions such as whether or not the existing inventory supports open orders and to what extent the inventory plan is aligned with the demand plan are easy to answer.
See it in action for yourself and find out firsthand how you can get the most from your assets. Schedule a demo from the link below or ask us about Arkieva’s Project Self-Funding.