Inventory Planning by Product Variants
The Inventory Planning by Product Variants report is a powerful tool that enables you to effectively manage your inventory levels and make informed replenishment decisions. This guide will walk you through the steps of accessing this report and utilizing its features.
Step 1: Accessing the Inventory Planning Report
To access the Inventory Planning by Product Variants report, there are two methods you can use:
Method 1: From the Report Library
Start by navigating to the Report Library in Assisty.
Look for the "Product Replenishment" category and click on it.
Scroll through the list of available reports until you find the "Inventory Planning by Product Variants" report. Click on it to open the report interface.
Method 2: Using the Search Function
In the main menu of Assisty, locate the search box.
Type in the name of the report, "Inventory Planning by Product Variants".
As you type, the search will display a list of relevant reports that match your search query.
Locate the "Inventory Planning by Product Variants" report in the search results and click on it to open the report interface.
Step 2: Configuring the Parameters
Once you have accessed the Inventory Planning report, you can configure the parameters to tailor the analysis to your specific needs. Adjust the following parameters to optimize your inventory planning:
Vendor Lead Time: Set the estimated time it takes for your vendors to deliver products after an order is placed.
Stock Cover Days: Define the desired number of days of inventory coverage you want to maintain.
Historical Period Time: Choose the historical period you want to analyze to gain insights into past sales trends and inventory performance.
Sales Trend Adjustment: Adjust the sales trend to reflect any recent changes in customer demand patterns.
Forecast Time: Determine the time frame for which you want to generate the inventory replenishment suggestions.
Step 3: Reviewing the Report Metrics
Once you've configured the parameters, the report will generate a list of product variants with the following metrics:
Current Stock on-Hand: This metric represents the current quantity of a specific product variant available in your inventory.
Days of Inventory Remaining: This metric indicates the estimated number of days your current stock on-hand will last based on sales trends and the current Inventory Quantity
Days of Inventory Remaining = Current Inventory Quantity / Average Daily Units Sold
Units Sold: This metric shows the total number of units sold for each product variant within the specified historical period.
Inventory Replenishment Suggestion: Based on the configured parameters and sales data, the report provides inventory replenishment suggestions to maintain optimal stock levels.
Inventory Replenishment Suggestion = MAX((Stock Cover Days + Vendor Lead Time), Forecast Time) * (Average Daily Units Sold) * Sales Trend - Current Stock on Hand
By utilizing the Inventory Planning by Product Variants report and understanding its metrics and parameters, you can optimize your inventory levels, reduce stockouts, and ensure efficient replenishment.
Updated on: 11/07/2023