What is Inventory Optimization Software
With the growth of the online retail, the market for inventory optimization software continues to change as companies like Intuendi add more prescriptive analytics for specific inventory attributes and work on improving software usability with the addition of visualization, dashboards and notifications for owners to quickly spot and fix inventory their problems.
All vendors of inventory optimization software like Intuendi should be able to offer a high return on investment on their inventory optimization software by providing sophisticated, intelligent solutions to streamline inventory across the entire supply chain while maintaining the correct amounts of stock to drive sales and maintain high service levels.
How is inventory optimization software different? More so than almost any other supply chain application, inventory optimization software solutions can and should have a huge impact on a company’s finances. The goal of any inventory optimization software is by minimizing inventory; it should free up working capital for the business and, by ensuring that the company has the right stock on hand, it focuses on the availability of products, parts or materials to provide steady sales.
Historically, inventory optimization software provided the highest time to value for companies with complex or global supply chains with large stock holdings and numerous stocking locations. However, Intuendi is now taking the technology and the business advantage to every company regardless of the size.
We have found by working within the industry that companies applying and working inventory optimization software tools can generally reduce their inventory holdings by up to 30 percent of total stock inventory. While most supply chain professionals might not recognize it as such, inventory optimization software like that from Intuendi is really a form of prescriptive analytics. That’s because inventory optimization software recommends where and how much stock should be held and where to meet your target fill rate.
How does Intuendi inventory optimization software work? We have built our inventory optimization software to rely on sophisticated algorithms and complex modeling to make stocking recommendations.
If you want to see what inventory optimization software can do for yourself, try our free trial today.