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Scientific reorder points Calculation (Min-Max)

Smarter Inventory uses state-of-the-art methodologies to recalculate your reorder points every month which will lower your inventory while allowing your enterprise to achieve your service levels. Our dedicated servers will re-calculate your reorder points within a few hours accounting for:

  • Service level objectives
  • Variability of demand or forecasting errors
  • Suppliers’ minimum purchases and pack sizes
  • Shelf life
  • Inventory management parameters by ABC classification
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Demand Forecasting

Smarter Inventory uses an advanced forecasting module to predict future demand and to determine reorder points. This methodology is much more suitable for real-life environments, characterised with usage trends, seasonality and intermittent demand. Furthermore, Smarter inventory’s forecasting systems use a best fit strategy, selecting every month the most appropriate forecasting methodology for each individual item. The forecasting techniques used by Smarter Inventory include:

  • Moving average techniques
  • Exponential smoothing techniques
  • Intermittent demand techniques
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ABC Classification

Smarter Inventory’s ABC classification uses Pareto’s law on multiple dimensions along with considerations to the specific complexities of your environment (new, critical, repairable, obsolete or non-stock items). Smarter Inventory propose a series of intuitive ABC classes that will give your enterprise the ability to make strategic inventory management decision for specific inventory classes such as:

  • Highest service levels on critical parts and high volume items
  • Tighter inventory management on the high valued items
  • Automatic replenishment for the low value items
  • Surplus disposal on non-moving inventory

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Inventory Levels Simulations

Smarter Inventory’s simulation module provides the ability to an inventory manager of making numerous inventory management parameters changes and instantly simulates the impact on the inventory levels. These changes can be completed at many levels (enterprise, ABC Class and item levels) for several inventory management parameters including:

  • Service level targets
  • Inventory holding and ordering costs
  • Manual lead time
  • Forecasting Techniques and manual forecasts
  • Target turns
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Comprehensive Inventory Management Reports

Smarter Inventory offers an all-inclusive inventory management report that will provide all the necessary information at the right level for an inventory manager to identify area of improvement. The inventory management report is also organized by ABC Class and provides information on the current and optimal inventory levels including:

  • Inventory level (current and optimal levels)
  • Inventory consumptions
  • Surplus inventory (current and optimal levels)
  • Inventory turns (current and optimal levels)
  • Service Levels (current and target levels)

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Inventory Management Key Performance Indicators (KPI)

Smarter Inventory offers comprehensive series of inventory management KPIs that will allow your inventory manager to monitor the health of your inventory management processes. All KPIs are calculated by ABC Class including:

  • Inventory Levels vs. Optimal levels
  • Services Levels
  • Surplus Inventory