nVstocks

“We finally have full transparency of what we have, so we can make fact-based decisions on a weekly basis.”

– Head of Supply Chain, Automotive manufacturer

Do you find it difficult to know how close to optimal your inventory is? Do you have inventory optimization solutions that are difficult to use or which give results you know to be wrong, but you’re not sure why?

nVentic’s Inventory Evaluation helps with these very challenges. It complements your existing planning tools and processes to get you closer to inventory optimization. Using advanced analytics, the Inventory Evaluation gives you transparency into where to target improvements. It quantifies how close to optimal you are and provides simple steps to achieve improvement.

nVentic’s Inventory Evaluation measures how close to optimal your inventories are, classifies them and provides key insights for improvement.

It transforms your empirical data and performs a range of statistical algorithms. It considers every transaction and item you stock to analyse how much inventory you have compared to optimal levels. The Inventory Evaluation also classifies your data in multiple ways to support key inventory management decisions.

It provides the outputs to you in both dashboard and workbook formats, so that you can easily work with them. It comes with a User Guide so that you can understand its powerful analytics and trust them to deliver concrete improvements.

The Inventory Evaluation is available as a subscription-based Software as a Service (SaaS), so that you can refresh it regularly to help drive inventory performance. Because it works with standard reports from your systems, but is not integrated with them, it can be set up and maintained without lengthy or expensive system integrations, unlike other inventory optimization solutions.

Most inventory optimization technology is focused on and integrated with the planning process itself. The Inventory Evaluation by contrast allows you to identify and address the root causes of your inventory imbalances.

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The Inventory Projector helps planning teams make regular adjustments to schedules and orders to keep inventory close to optimal levels. It also provides insight into the effect of forecasts and confirmed orders on your inventory levels.

Using the Inventory Projector on a regular basis saves your planners time, closes the gap between analytics and day to day planning, and allows you to avoid both shortages and excesses. The Inventory Evaluation and Projector together are inventory optimization solutions which really help you with the practical challenges of your planning processes.

The Inventory Projector works with the Inventory Evaluation, which profiles your inventory requirements based on actual demand. On a weekly or monthly basis (depending on your usual planning cycles) the Inventory Projector takes a small number of reports from your systems to factor in both the known and anticipated future. Like the Inventory Evaluation, the Inventory Projector requires no integration with your systems, but takes regular data feeds from them.

The Inventory Projector takes both confirmed orders and forecast requirements. It provides planners with a list of items that are in danger of running short, as well as a list of items that have a high probability of generating excesses. In addition, it generates visualisations of how much inventory you will have in the future. It shows what range of outcomes you are likely to have in the event of under/over-forecast. And it measures how your forecast compares to your actual demand.

The Inventory Projector also provides insight into the quality and impact of your forecasts: How forecastable is your demand? How different is your forecast from actuals? Is your forecast a better predictor of actuals than past demand? How stable is your forecast and how much flexibility do you have to react to changes? Unlike inventory optimization solutions that rely on the quality of your forecast, the Inventory Projector measures and helps you to mitigate the quality of your forecast.