Inventory Planning Software in Manufacturing is Key to Improve Inventory

Effectively managing inventory has always been one of the main hindrances within production facilities. If inventory is too high, inventory holding costs are increased. If inventory is too low, operations are unable to meet with specific delivery times, ultimately harming relationships with customers. In order to combat these inventory challenges, it is essential to implement an inventory planning software that enables proper inventory management. Implementing an inventory planning software will not only decrease cost within the operation, but it also aids the operation through utilization of accurate demand forecasting, demand planning, and increased production efficiency.

Inventory Planning Software Components

Some of the components within inventory planning software include the following:

• Demand Forecasting - Accurate demand forecasting is key within inventory planning. Without accurate demand forecasting, production is unsure of the correct number of units to produce within a given time, ultimately creating inefficiencies within production. When demand is being accurately represented, this ensures customer orders to be fulfilled with ease without hindrances including high inventory costs or always being too low on inventory .
• Integrated Planning - When teams and departments are functioning individually, it is difficult to work toward a goal collaboratively. This is why it is important to communicate with various departments through utilization of data being entered into a system that alerts other departments as well. This is how upstream forecast are built and any planned changes in the network are utilized.
• Real-Time Visibility - Visibility is vital within a manufacturing operation. Real-time visibility enables the operation to have clear insight among areas such as inventory balances and customer order fulfillment. Real-time visibility simply ensures that you are up to date at all times of your current production status.

One of the most popular forms of inventory planning software is PlanetTogether’s advanced planning and scheduling software.

Advanced Planning and Scheduling Software

Advanced planning and scheduling software offers as an extension to your modern day ERP and MRP systems. This software can account for your inventory planning and offers various capabilities that will oversee your production in its entirety.

A few of the main components of advanced planning and scheduling software include the following:

• Inventory Planning
• Finite Capacity Scheduling
• What if Scenarios
• Gantt Drag and Drop

Take your production up a notch through implementation of advanced planning and scheduling software (APS). 

Related New Features Video

Key takeaways from this video:

• How inventory planning software removes visibility blind spots
• How PlanetTogether APS links demand, inventory, and capacity in one plan
• How real-time inventory visibility prevents stockouts and overstock
• How integrated planning saves planners time and reduces firefighting
• How APS turns ERP/MRP data into a realistic, inventory-aware schedule

See the “Before & After” of Modern Inventory Planning

If your inventory plan still lives in spreadsheets and email threads, you’re flying blind. Too much inventory ties up cash and warehouse space; too little inventory leads to missed delivery dates and frustrated customers. Inventory planning software with APS closes that gap by combining demand forecasting, integrated planning, and real-time visibility into one source of truth.

Download our one-page “Before & After: Free Up Your Day with APS” infographic to see how a modern inventory planning and scheduling system can:

• Replace manual tracking and constant fire drills with proactive planning
• Give instant visibility into inventory balances, demand, and capacity for every planner
• Reduce stockouts, overstock, and expediting by aligning inventory with a realistic schedule
• Free up planner time for analysis, scenario planning, and continuous improvement

Use it in planning meetings to show your team what life looks like before and after implementing integrated inventory planning software and APS.