In recent times, Inventory Optimization is one of the most critical components of Supply Chain Management
Many Industries like Steel, Petrochemical, Cement, Oil & Gas, etc., are struggling to control inventory levels while managing customer demands across multiple channels. Having an inventory management system that provides excellent inventory accuracy is necessary to remain competitive. Businesses that don't keep a careful eye on their inventory and stock will find a lot of problems. They will have customers placing orders that can't be filled. They may misplace stock if they aren't tracking it properly. These risks can be eliminated when using a quality inventory management tool to ensure inventory accuracy.
Inventory Optimization tool is a powerful, PiLog Cloud-based integrated platform that allows businesses real-time visibility of accurate inventory information. It empowers small and medium enterprises to optimize their operations to handle inventory tracking, order management, and stock control.
Material Criticality = f (ABC - Spend YoY, FMSN - Pattern on consumption YoY, XYZ - Inventory Hoarding,
HML - High Medium Low, VED - Criticality and Impact etc.)
Qualitative data management against standards and provisional reporting.
Assessment on quality dimensions - Completeness, Accuracy, Traceability, Consistency, Timeliness, Availability, and Validity.
Supply Chain (S2P) Maturity = f (cost of procurement; contract compliance; effective supplier management;
standards compliance to safety, security, quality; operational efficiencies, etc.)
The weights and factoring of parameters depends upon the organization, its industry segment, and the S2P category
Program Manager since 2007 in PiLog.