Inventory Planning Software in Manufacturing

10/22/18 10:35 AM

Effectively managing inventory has always been one of the main hindrances within production facilities. If inventory is too high, inventory holding cost are increased. If inventory is too low, operations are unable to meet with specific delivery times, ultimately harming relationships with customers. Inventory Planning Software in Manufacturing 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 amount of units to produce within a given time, ultimately creating inefficiencies within production. When demand is being accurately represented, this ensures for customer orders to be fulfilled with ease without hindrances including high inventory cost or being too low on inventory at all times.Inventory Planning Software in Manufacturing
  • 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). To try out our demo, click here!

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Topics: Implementation, APS, APS, inventory reduction, APS benefits, inventory planning


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