In the era of globalization, effective supply chain management systems have become indispensable for companies. Using effective software, supply chain workflows can be improved, logistics flows can be well-managed, optimal inventory operations can be enabled, and many more.
Now a critical question arises. How do you choose the right software to manage your SCM?
Many software solutions fall short when covering the entire supply chain management workflow, integrating seamlessly with existing ERP systems, or offering customizable features to meet an organization’s specific objectives. To address these challenges, GeakMinds has introduced SupplySense AI, an AI-powered supply chain solution designed to be a comprehensive, one-stop platform for all your supply chain needs.
Features of SupplySense AI
Different options are available on the market, ranging from basic mobile apps for tasks like stock counts to fully functional, custom-developed enterprise platforms that are completely connected with other business software. We’ll go over Supplysense AI’s primary capabilities to assist you in determining what capability you would require to satisfy your particular business needs.
Risk Mitigation
SupplySense AI can help mitigate risks in major areas of the supply chain such as Purchase order, Capita expenditure, forecasting trends Supplier & Inventory management, etc. The product-wise analysis enables the system to track demand variations and individual product performance.
Inventory-wise management ensures that businesses maintain inventory on hand to meet demand while minimizing holding costs.
Through ongoing analysis of external factors and market situations, trend-wise insights are obtained that allow organizations to proactively adjust their strategy in reaction to new risks.
Supplier-wise evaluations help companies identify high-risk providers and create backup plans, which increases the resilience of the supply chain as a whole.
Demand Forecasting
While wholesalers and retailers benefit much from demand forecasting, manufacturers also use it because their product lines vary and production quantities must be carefully scheduled under expected demand.
SupplySense AI leverages XYZ Analysis, a sophisticated inventory categorization technique that enhances stock management by evaluating the predictability of item demand. By classifying inventory into different categories based on demand stability, SupplySense AI tailors its approach to applying different time series models to each category. This enables more precise demand forecasting and inventory control, optimizing stock levels and improving operational efficiency. With XYZ Analysis, businesses can better align their inventory strategies with demand patterns, ensuring that resources are allocated effectively and reducing the risk of stockouts or overstocking.
Image 1: Depicting actual consumption and predicted demand
User-friendly Overstock and Understock Analysis
Intelligent Inventory System revolves around robust intelligence in maintaining Capital Expenditures(CAPEX). Companies can learn of orders that must be placed on time and on stock that need not be ordered as there is enough stock in their inventory.
Image 2: Depicting Predicted CAPEX
Stock Maintenance
The precise quantity of each item you have on hand, together with its location and status are all tracked by SupplySense AI. Real-time updates to inventory levels are automatically made as new purchases or returns arrive.
You can see what’s in your inventory, find necessary items faster, and prevent stock-outs and stock-ins with real-time data sharing.
Real-time Material Insights in Inventory
For any company trying to stay under the risk of stockouts or overstocking, the “Material Insights” feature is an essential resource. This feature helps managers and supply chain teams to have a constant check on their inventory.
Image 3: Depicting Material Insights
Supplier and Product Management
With the number of items maintained in an inventory, it will be highly beneficial for firms to analyze either supplier-wise or product-wise. Businesses can evaluate each supplier’s dependability and effectiveness by monitoring inventories supplier-wise.
Image 4: Depicting Supplier-wise
Product demand and sales trends can be better understood by keeping an eye on inventories by product. Limiting the holding of less popular products and identifying high-performing products enables firms to deploy resources more effectively and guarantee that items are constantly in stock.
Image 5: Depicting product-wise
Critical Metrics for Dashboard Insights
Tracking key performance indicators (KPIs) such as Inventory Turnover Rate, Forecast Accuracy, Back Order Rate, and Median Lead Time is vital for optimizing inventory management and supply chain efficiency. These metrics offer insights into how well inventory is managed, the accuracy of demand forecasts, the frequency of stockouts, and the typical order fulfillment time. By analyzing these KPIs, businesses can make data-driven decisions to improve inventory control, enhance forecasting accuracy, and ensure timely order delivery, ultimately driving greater operational efficiency and customer satisfaction.
Image 6: Depicting KPI’s
Generative AI-Powered Insights
SupplySense AI GPT enables users to ask questions directly about the data and receive immediate insights, enhancing their ability to understand trends and make informed decisions on the fly.
Image 7: Depicting SupplySense AI GPT
Key Benefits of SupplySense AI for Businesses
Enhanced Recommendation
SupplySense AI helps businesses have a wider view of their inventories. Companies can obtain recommendations on how much stock is to be ordered by checking past consumption patterns. The predicted forecasts will help firms save time and worry less about the parts of stock analysis.
Comprehensive Management
SupplySense AI offers a comprehensive solution to organize and track all business activities in one location, from task tracking and project management to team collaboration and performance statistics. By ensuring that nothing is overlooked, this integrated strategy improves the productivity and efficiency of your inventory.
Customization
SupplySense AI helps users analyze inventory trends, stock performance over a period, and stock turnover rates, which are essential for strategic decision-making.
The needs of enterprises change as they expand. With modules and features that can be customized to fit your particular requirements, SupplySense AI is made to evolve with your organization. The platform may be customized to meet the specific requirements and growth trajectory of any size business, whether a small startup or a larger enterprise.
Conclusion
A powerful tool for inventory management is GeakMinds SupplySense AI solution which can help businesses streamline their inventory procedures. It might greatly benefit from its potential advantages, which include real-time tracking, an intuitive design, and analytical capabilities.
Book a demo with us today and envision the best inventory management for your business.