Thrive’s Warehouse Stock Replenishment functionality is a comprehensive solution to keep your warehouses optimally stocked with product to meet upcoming demand.
Here are some of the things Thrive’s Warehouse Replenishment takes into account in its replenishment logic and workflow:
- Leverages Thrive’s patent pending state of the art forecast with industry leading forecast accuracy to generate forecasts for each SKU at each warehouse
- Can roll up demand from satellite warehouses or stores (see Multi Echelon)
- Lead times for each SKU (can be different for each warehouse and/or branch). Can also be calculated (see Lead Time Forecasting)
- Supplier performance and reliability
- Order pack size
- Transfer pack size
- Desired service level for each SKU to calculate optimal safety stock levels
- Demand variability for each SKU
- Vendor minimums
- Overstock settings (individually calculated by SKU)
- Order cycle (how frequently you buy from the vendor)
- Velocity code or ABC class (can also be calculate by the Thrive system)
- Price tiers based on volume
Smart Stock Replenishment with Thrive Warehouse Replenishment System
For each SKU at each warehouse, Thrive’s stock replenishment takes over 40 inputs into consideration including the ones above to calculate optimal safety stock holdings. Thrive then evaluates the current supply including current onhand, existing on orders, any customer back orders, to recommend any needed product with optimal timing.
Thrive then rolls up all recommended orders to the appropriate supplier to create a recommended purchase order. At that point, the user can perform further enhancements to the order to optimally push the order up to the vendor minimum, evaluate the economic consequence of vendor deals, buy forward in front of a price increase or buy an extra balanced time supply of product for all items for that vendor due to a vendor planned downtime (eg Chinese New Year).
Once the order looks good, the user can push the order through to the ERP system to be turned into an actual Purchase Order.