How Dashboards are Transforming Supply Chain Planning
Inventory management and supply chain planning is a moving target for most distributors and manufacturers. Even with modern technology and best practices, stockouts, forecasting and maintaining high customer service levels is challenging.
Ready to take supply chain planning to the next level of efficiency and accuracy?
Download Dashboard-Driven Supply Chain Planning, an infographic, to learn how you can meet your goals in a fraction of the time.
Turn Data into Actionable Insight
Recurring items are classified as the High (H) and Medium (M) movers. There is typically more opportunity to reduce inventory on the high and medium movers as this is where most of the dollars are spent. A more frequent review of these items assists in lowering inventory on these items. Given the importance of these more popular items, the additional time spent reviewing them more frequently is justified. By reviewing these items regularly, you’ll maintain high customer service while maximizing profitability on these items.
StockIQ is the next generation of inventory management and supply chain planning and, as noted on our infographic, you’ll see how dashboards and alerts work to make your day faster and easier. This game-changing technology delivers focused information to decision makers, enabling them to identify problems faster, optimize purchasing and inventory, and improve resource utilization.
Here’s how it works:
- Data dashboards: Managing an efficient supply chain includes capturing and monitoring key data. Manual processes, spreadsheets and meetings aren’t efficient or accurate. You can’t rely on last weeks data to make key purchasing decisions or satisfy customer needs. Bring the data you have buried in ERP systems to the forefront with intelligent dashboards.
- Notifications and alerts: Once you are working with real-time data, you can establish alerts to notify your team before inventory is gets too low. Connecting inventory, purchasing and sales data will give you more to go on when monitoring stock activity. Reliable, current data will enable your team identify trends and gain new insights on customer activities, seasonality and sales performance. The more you know, the better you can align forecasts with actuals.
- Track KPIs: If you can measure it, you can monitor it. Set up your unique KPIs then use business intelligence to follow the metrics. Set inventory service level goals, for example, then monitor items with increasing or decreasing demands. You can also keep an eye on excess inventory threshold, days of available supply or percentage of margins by product group.
Put Supply Chain Data to Work
Take advantage of game-changing technology that will provide added control and insight throughout your supply chain. It’s time to take ERP to the next level with intelligent, integrated supply chain planning dashboards. Download our infographic then contact StockIQ for more information about dashboard-driven supply chain planning.