Do you need inventory planning?
Inventory management systems offer a wide range of benefits, streamlined processes, improved productivity, centralized data and better departmental collaboration.
However, many Inventory Management Systems lack the functionality to carry out more sophisticated tasks such as demand forecasting, automating replenishment and more. Stock planners will quickly know if they need more advanced inventory planning tools to support their Inventory Management System.
Here are some of the tell-tale signs:
- Unable to forecast seasonality
If you are struggling to produce accurate forecasts for seasonal products, then Inventory Planner could be very helpful. Running out of stock during peak sales periods can be devastating to businesses, or conversely, being left with too much stock at the end of a sales period.
Inventory Planner allows you to make adjustments to your forecasts to allow for demand variables such as seasonality, trends and promotions.
- Your stock levels are growing
If you have piles of stock that are just sitting, that is a problem. The stock should be divided into three types: healthy, excess and obsolete. If you are ordering stock that isn’t selling, your excess stock will grow and you’ll experience low inventory turnover. Capital that is tied up in stock is almost always bad for your business.
- Variable customer service levels
If your customer service levels are varied, then it’s time to investigate why. Often the inability to fulfil orders is due to stockouts which could be linked to poor forecasting, lack of safety stock levels or your replenishment process is lacking.
- Overly time-consuming
If your business is growing, and buying products from your suppliers becomes so time-consuming and a manual process, then Inventory Planner can be used. Where Inventory Planner monitors your products in the Inventory Management System, so Purchase Orders can be generated automatically if there is no longer stock (or running out of stock) due to the number of sales.
- Varying supplier lead times
If you are battling to account for your supplier’s lead times and reorder parameters when ordering, or if you find it difficult to keep track of the min/max order quantities and frequencies – then you need to consider Inventory Planner.
Know your inventory planning limits
If you are experiencing any of the above challenges, you need to consider an add-on to your Inventory Management System. Inventory Planner is a cloud-based inventory management system that can plug into your existing system and automate the process of creating reports, planning and increasing inventory control.
WAOConnect is able to assess your current needs and offer recommendations based on your requirements. By updating your inventory tech stack, you remove the need for manual planning and allow automation to help speed up forecasting, and identify patterns. Contact our team today to assist you.