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Inventory Digital Twin
Developed by Goldratt Research Labs
Identifies How Best To Reduce Avoidable Shortages and Surpluses at Any Stock Location In Your Supply Chain
Our Inventory Digital Twin (IDT) empowers inventory and store managers to identify by how much and how best to reduce avoidable shortages and surpluses. All this is done using our low-cost, risk-free simulation platform that accurately simulate demand and supply within your environment.
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Inventory Digital Twin
Developed by Goldratt Research Labs
Identifies How Best To Reduce Avoidable Shortages and Surpluses at Any Stock Location In Your Supply Chain
Our Inventory Digital Twin (IDT) empowers inventory and store managers to identify by how much and how best to reduce avoidable shortages and surpluses. All this is done using our low-cost, risk-free simulation platform that accurately simulate demand and supply within your environment.
please Watch this video first
CLIENTS WHO HAVE USED OUR DIGITAL TWINS
Why Leading Organizations Choose Our Digital Twins
The Inventory Digital Twin (IDT) can instantly create an accurate digital twin of your Retail Store or Distribution Center from product demand and supply data, available within your existing IT systems.
With the IDT, you can identify what inventory management rules will create the lowest shortages and surpluses and the highest inventory turns and profitability.
We have designed Our Inventory Digital Twin (IDT) To Help managers Avoid Common Mistakes For The Following Type Of Decisions...
1 - Should we keep inventory and if so, where?
There are two mistakes you can make when making this decision. You decide to keep inventory/ stock when you shouldn’t, OR You decide to NOT keep inventory/ stock when you should.
To avoid these mistakes, this can help with this decision: compare the Supply Lead Time (SLT) to the Customer Tolerance Time (CTT). If the time to supply an item exceeds what your customer can tolerate, keeping stock at that location becomes essential.
Our Inventory Digital Twin (IDT) can help you validate this under real-world conditions, where supply lead times and demand can vary significantly. Further, the IDT can directly compare service levels and profitability between “Make-to-Stock” and “Make-to-Order” strategies. This will ensure you prevent the two mistakes above.
2 - How much inventory should we keep to start with?
Determining the initial inventory amount can lead to two potential mistakes: keeping too much stock, resulting in unnecessary costs, or not having enough stock, leading to lost sales opportunities.
There are a number of rules that can be used to determine how much stock to keep. There is Min-Max, EOQ (Economic Order Quantity), TOC (Theory of Constraints), and DDMRP (Demand-Driven MRP). Each of these comes with its own set of conditions and considerations, making it complicated to know which rule to use.
With our IDT, you can directly compare these rules for YOUR company’s specific customer demand and supply lead time profiles and for every product location to ensure you select the “best” rule for each product location.
2 - How Much Inventory Should We Keep To Start With?
Determining the initial inventory amount can lead to two potential mistakes: keeping too much stock, resulting in unnecessary costs, or not having enough stock, leading to lost sales opportunities.
There are a number of rules that can be used to determine how much stock to keep. There is Min-Max, EOQ (Economic Order Quantity), TOC (Theory of Constraints), and DDMRP (Demand-Driven MRP). Each of these comes with its own set of conditions and considerations, making it complicated to know which rule to use.
With our IDT, you can directly compare these rules for YOUR company’s specific customer demand and supply lead time profiles and for every product location to ensure you select the “best” rule for each product location.
Discover The Best inventory Management Approach For Your Company
Book A Free Consultation Call With Us, And We Will Walk You Through How Your Organization Can Benefit From Our Inventory Digital Twin.
3 - When should we place a replenishment order, and how much should we order?
When it comes to replenishment orders, mistakes often occur in either timing the order—placing it too early or too late, or in determining the quantity—ordering too little or too much.
Each inventory management rule has a unique approach to determining when an order should be placed and how much to order. Factors like Minimum Order Quantity, Capacity Constraints, and Shipment policies further complicate the decision. The challenge lies in figuring out which rule is best suited for your specific scenario.
With our IDT, you can directly compare different order frequencies and order quantity rules with YOUR company’s specific conditions to ensure you use the “best” rule for each product location.
4 - When we are placing the replenishment order to our supplier, what priority should we give to the order?
Prioritizing replenishment orders can sometimes lead to mistakes. You might prioritize an order that isn't urgent, or overlook the urgency of another.
“First-in-First-Out” or Order Due Date or local Buffer status or even the downstream buffer status. It is very difficult to determine which rule is best under real-world conditions and when to make exceptions.
With our IDT, you can directly compare different prioritization rules for YOUR company’s specific conditions to ensure you select the “best” rule for each product location.
4 - When We Are Placing The Replenishment Order To Our Supplier, What Priority Should We Give To The Order?
Prioritizing replenishment orders can sometimes lead to mistakes. You might prioritize an order that isn't urgent, or overlook the urgency of another.
“First-in-First-Out” or Order Due Date or local Buffer status or even the downstream buffer status. It is very difficult to determine which rule is best under real-world conditions and when to make exceptions.
With our IDT, you can directly compare different prioritization rules for YOUR company’s specific conditions to ensure you select the “best” rule for each product location.
5 - When should we change the target stock level, and if we should, by how much?
With so much variability in demand and supply, it can be hard to differentiate between noise and signal. When there's a significant shift in demand or supply, adjusting the target stock levels is critical to avoid unnecessary excess or surplus inventory. But knowing when and by how much you should change the target stock level is a complex problem.
When deciding the new target stock level, you might change it when it's not necessary, OR you don't adjust the target stock levels when they need to be changed.
Our IDT allows you to simulate and test various rules for deciding when and how much to change target stock levels to find the most optimum rule for each product location.
Optimize Your Projects And Overcome Challenges With Confidence
Schedule your free call with us, and learn how our PPDT can help you tackle resource constraints, mitigate unplanned events, and improve your project performance.
6 - When should we stop keeping stock of this item?
Two possible mistakes can be made when deciding when to stop keeping stock of a product: maintaining inventory for too long, thereby tying up cash and wasting precious shelf space, OR discontinuing it prematurely while it's still garnering profitable sales.
Consumer Goods Companies are constantly under pressure to launch new products. Managing the release of new products or new models can be very challenging to get right. And products don't always perform equally well in various stores or regions. How do we know when to replace an existing product with a new product?
With our IDT, you can test various rules for deciding when to replace products to ensure the products you have in stock that occupy space and cash has the highest sales velocity and GMROI (Gross-Margin-ROI).
6 - When Should We Stop Keeping Stock of a Product?
Two possible mistakes can be made when deciding when to stop keeping stock of a product: maintaining inventory for too long, thereby tying up cash and wasting precious shelf space, OR discontinuing it prematurely while it's still garnering profitable sales.
Consumer Goods Companies are constantly under pressure to launch new products. Managing the release of new products or new models can be very challenging to get right. And products don't always perform equally well in various stores or regions. How do we know when to replace an existing product with a new product?
With our IDT, you can test various rules for deciding when to replace products to ensure the products you have in stock that occupy space and cash has the highest sales velocity and GMROI (Gross-Margin-ROI).
7 - What Will The Impact Be If Everyone Complied To The Rules?
In reality, people don't always comply with project and execution rules. They may start projects too soon or not adhere to the right priorities.
When projects don't deliver on time or within budget, it's difficult to know whether the cause is suboptimal rules or a lack of compliance with those rules.
Our PPDT can simulate full vs. partial compliance with the rules you've implemented, demonstrating the impact on time and budget commitments. This helps you identify potential issues and adjust your approach accordingly.
8 - How Do We Determine The Most Effective Rules To Implement A Specific Principle?
To achieve optimal project flow, it's crucial to limit work-in-progress (WIP).
Limiting WIP can be done at the project, phase, or task level, and due to VUCCA conditions, it's challenging to determine the ideal WIP limit and when to adjust it in response to changes in project mix or resource availability.
Our PPDT simplifies the process of identifying the most effective WIP control mechanism and WIP limit, as well as determining when and how to adjust these for the best project flow.
Demo From The CEO
Dr. Alan Barnard, CEO & Co-Founder of Goldratt Research Labs does a demo of the Project Portfolio Digital Twin.
Are You Ready To Benefit From Digital Twins As Part Of Your Digital Transformation To Enhance Inventory Management Performance?
Our Inventory Digital Twin has helped numerous organizations optimize their inventory management, reducing stockouts, and minimizing overstock costs. Learn more about how we can help you and your organization by clicking the button below to book a free call with us.
Inventory Digital Twin, a product developed by Goldratt Research Labs
All Rights Reserved © 2024
Have a question or want to learn how the Inventory Digital Twin can help your company?
Send Us An Email
marketing@goldrattresearchlabs.com
Have a question or want to learn how the Inventory Digital Twin can help your company?
Send Us An Email
marketing@goldrattresearchlabs.com
Inventory Digital Twin, a product developed by Goldratt Research Labs
All Rights Reserved © 2024