The underlying concept of inventory optimization is clear: to manage inventory levels to meet predetermined service levels while minimizing the amount of working capital that's unproductively tied up in inventory.
Various software solutions and techniques have been developed to aid supply chain managers to optimize inventory. Most supply chain and ERP solutions include analytical tools for automatically calculating optimal inventory levels and determining the best replenishment practices. These solutions include features such as the ability to identify safety stock levels, automatically calculate reorder points, and highlight potential stock-outs. Many solutions can track inventory in real-time, minimizing delays and reducing the risk of stock-outs of fast-moving goods.
We can implement and integrate the solutions as well as provide the training required to ensure the solution is being used at its full potential to help drive sales and achieve desired inventory optimization.