Inventory Planning Software

Inventory planning software helps you to optimize your planning process so you can make sure the right products are at the right place in the right quantity and at the right time to satisfy customer demand. When it comes to inventory – typically an organization’s biggest investment – flying blind can be detrimental. By using the proper inventory planning software, the risks that come with having the wrong merchandise and/or the wrong amount where and when it is needed can be minimized. Better decisions can be made to ensure the best performing products are allocated the proper inventory to maximize sales and minimize out-of-stocks.

So, what do you need to look for in inventory planning software? A best-in-class solution needs to have the capability to generate inventory plans that consider current inventory, inbound orders, demand history and future demand projections along with service-level targets and product ABC classifications. A flexible inventory planning solution will also be able to take other factors into account based on your unique business requirements. Outlined below are several features you should look for in an inventory planning solution.

The Right Inventory Planning Solution for Better Processes & Outcomes

inventory planning solution

As part of an inventory planning solution, inventory policy management helps an organization set standard guidelines and rules supporting more accurate planning and faster decision making. It’s imperative in an overall planning process to know how much inventory to purchase and where it needs to be placed. Policy settings such as replenishment cycle, review period, safety stock, service level, back-order ratio and dynamic policies can be applied. A flexible approach to inventory modeling allows for appropriate inventory targets to be set at any level of the product or location hierarchy.

Service-level targeting is important in an inventory planning solution because it creates a balance between achieving higher service levels and optimizing inventory investment. Through inventory-level sensitivity analysis you can decide which level is appropriate for your business based on the inventory requirements needed to obtain your targets.

inventory planning solutionInventory-level projections help users to manage inventory by visually illustrating the expected changes in inventory over a future time period. At any point, the projected inventory level represents the balance of incoming supply and outgoing orders based on your inventory targets and forecast requirements. The inventory-level projections should highlight exceptions such as shortfalls, excess stock and potential stock-outs so that proactive action can be taken to minimize the impact on the business.

Another feature of an inventory planning solution, ABC classification, allows you to know which are the most important, revenue-producing products. By understanding which products deliver the highest margins and perform the best, you can allocate inventory dollars to the most important products. Reversely, you can minimize in inventory investment in the less important products.

JustEnough Inventory Planning Software

JustEnough Inventory Planning helps you get a leg up on the competition by streamlining your processes and guiding you to make the best decisions possible when it comes to your inventory investments. By automatically setting inventory policy for order quantity and safety stock taking into consideration all the critical factors that affect inventory like current inventory, demand history, future demand, service-level targets and classifications, JustEnough Inventory Planning software eliminates a lot of the guesswork that typically comes with inventory planning. This best-in-class software solution helps you to maximize margins, decrease costly stock-outs and out-of-stocks and optimizes your inventory investments.

Benefits of JustEnough Inventory Planning

  • Improved planner productivity and accuracy
  • Decreased markdowns and inventory transfers
  • Improved customer service levels
  • Decreased out-of-stocks, overstocks and product obsolescence

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