OpsVeda’s Industry Leading Inventory Optimization Solution

Inventory management has always been an integral but challenging aspect of product companies. Inventory has an impact on every facet of your business and is the key to all upstream and downstream processes. Maintaining an accurate, healthy and optimized inventory is very important in today’s volatile business economy and a critical part in staying ahead of the competition.

Min/Max levels, reorder points, shelf life, and storage requirements are just a few of the considerations that inventory managers constantly need to juggle. Strategies such as JIT (just in time) and FIFO (first in, first out), often serve to add additional constraints and challenges to the function of warehousing and inventory control.

Challenges

Inventory control specialists and business financial experts are constantly bombarded with inventory related challenges. Some pre-existing difficulties that have been seen across OpsVeda customers include:
Internal and external inventory audits and the goal to be as accurate as possible are additional challenges that inventory managers often worry about. This combined with the fact that inventory can be stored at multiple locations and be owned by suppliers or customers, adds to the challenges of managing inventory.

Solution

The OpsVeda solution for Inventory Optimization runs on the OpsVeda platform, an AI and automation enabled real-time process focused platform that allows wide ranging flexibility to the enterprise to optimize decisions pertaining to some of the most critical inventory management issues it might encounter.

OpsVeda’s Inventory Optimization solution helps warehouse and inventory managers to address manufacturing and distribution exceptions in a highly proactive, efficient and scalable manner. The solution provides visibility across process steps, leading to reduced lead times, increased savings and improved customer satisfaction. A real-time view of backlogs, unconfirmed orders and the ability to draw on filtered and prioritized task lists provide quick relief.

Several key solutions are available and come ready out of the box when OpsVeda’s Inventory Optimization solutions are used. These include:
opsvedas-industry-leading-inventory

What portion of my inventory is about to expire? Are there products with excess inventory and open purchase orders? Are shelf-life variations reflected in price charges to customers? Are customer cancellations and poor forecasts major causes of excess inventory? These are all questions that can effortless be answered when using the OpsVeda solution and its real-time Inventory Optimization storyboards.

A key aspect of the solution is the “Inventory Perspective” storyboard. This drills down into data by material and is armed with several alerts and displays to make managing by exception extremely easy. This also allows for inventory and materials to be tracked and graphed over time with significant data also presented in real-time.

Benefits

Being able to obtain real-time inventory-demand alignment is a reality when using OpsVeda’s Inventory Optimization solution. Many key benefits have been reported:

Increased Revenue

Reduction of out-of-stock events through the real-time monitoring of demand, stock at internal and partner locations, production schedules and planned inward movements of stock impacts revenue positively.

Freeing up working capital

Reduced buffer stock with better visibility into demand, supply, production and inventory is a positive effect on working capital needs.

Improved service levels

Improvement in fill-rate commitments and meeting deadlines by placing stock at the optimal location, in response to demand.

Reduced inventory costs

Reduced spoilage, distress sales, and other carrying costs are achieved.

The OpsVeda Inventory Optimization solution can take a deeper dive into your company’s inventory in real time more efficiently than a typical ERP system can. This presents access to information such as: what inventory exists without demand, what inventory is at specific locations and what value of inventory is inbound/outbound. Accessing this information gives inventory personnel the ability to solve problems without the lengthy task of sifting through noisy ERP reports and helps inventory strategies align most efficiently with sales demands and forecasts.

The solution continuously assesses alignment of inventory positions to demand and supply information from internal and external sources. Managers are proactively alerted to potential excesses and shortages with recommendations to restore the balance between inventory, shelf life, supply and demand.

Having OpsVeda’s solutions can be instrumental in improving the efficiency of a company’s supply chain. The ability to satisfy customer demands more effectively through using this platform can give way to lower operating costs and greater sales capacity for new customers.

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