Often responsible for managing thousands of SKU’s while having to consider fluctuating demand, long and/or variable lead times, new customers, lost customers, new items, declining items… today’s buyers are often only given reports, simplistic functionality in their ERP system, and spreadsheets to do the job. Thrive’s Inventory Replenishment solution is a powerful inventory replenishment system that helps you manage these variables, putting you in control of your inventory costs and service levels.
Thrive uses the daily inventory stock status data for each item (ie on hands, on orders, backorders) from your ERP system
First thing in the morning, inventory replenishment buyers receive many alerts by ABC class such as stockouts without an order placed to the vendor, or items that have a customer backorder but no PO to the vendor, etc. Many ERP systems do not alert buyers of stockout conditions – buyers don’t know until customer service places tries to place an order for the item!
In addition to current conditions, Thrive Inventory Replenishment alerts the buyers to potential stockouts. For example, higher than expected sales in the last few days can create a potential stockout condition that would most likely not be noticed without the Thrive Inventory Replenishment system.
By planning 12 months into the future, Thrive Inventory Replenishment helps you plan for the longest lead times, through entire seasons, and share your replenishment buying plans with your key vendors (to possibly negotiate for shorter lead times).
Thrive’s Inventory Replenishment immediately provides unprecedented levels of Inventory Intelligence, the kind of information that you cannot get from your ERP system, such as:
– “What if” analysis to easily examine the impact of changes in inventory policies on service levels and inventory levels
– Daily calculated overview of inventory performance including current number of items out of stock, dollar amount of overstock, 12 month projections of inventory balances, projected service levels and inventory turns, etc.
– Trend analysis of overstock and stockouts. What items have the highest stockout incidences? Are there certain product categories that are more prone to overstocking, and why? Check out Inventory Performance to see more supply chain analytics that Thrive can provide for you.
Today’s distribution and retail buyers face a multitude of challenges every day in their efforts to optimally stock the inventory for their companies. But they are left to their own devices for calculations on decisions which can have significant financial impact on their companies’ profitability.
Thrive supports these decisions with intelligent workflows and advanced inventory science that comes from working with many distribution buyers and building functionality to address their daily challenges. For example:
– Inventory Replenishment optimally buys vendor deals (eg. Which items and how much should you buy when offered a discount, or in front of a price increase)
– Thrive fills out containers in the most economic fashion, adding items to the current order that would have needed to be bought on the next order. For example, Thrive’s Inventory Replenishment will recommend items you should add to get prepaid freight or hit a vendor minimum.
– Thrive’s Inventory Replenishment groups orders together for your vendors that are located close together geographically to facilitate efficiencies in transportation cost.
– Inventory Replenishment intelligently rolls up dependent warehouses who get their stock from a larger warehouse, placing the PO from the larger warehouse based on its own demand plus the dependent demand.