Powerful New Offering Optimizes Inventory with Advanced AI and Machine Learning to Lower Costs while Improving Service
Logility, Inc., a leader in prescriptive supply chain planning solutions, today announced the extension of its inventory planning and optimization capabilities with InventoryAI+.
Building on existing AI capabilities, InventoryAI+ improves insights with enhanced AI and a fresh user experience designed for today’s supply chain professional that empowers planners to resolve issues in real-time and achieve higher levels of supply chain performance.
Today companies suffer from overstocks, stock outs, and poor service levels as they struggle to effectively manage inventory across an exploding number of products with outdated legacy systems. Going beyond simple safety stock calculations, and fixed lead times, InventoryAI+ analyzes inventory performance against plan and provides immediate insights into more profitable inventory positions. The cloud-based solution provides planners with real-time alerts that bring immediate visibility of exceptions and proposed resolution of issues. Better yet, with intelligent scoring, InventoryAI+ applies economic prioritization that focuses attention to the most important opportunities – ultimately reducing bloated inventories while increasing service levels and avoiding deficits.
Additional new inventory planning capabilities automatically identify the best inventory policy for each SKU at every stocking location based on the most current information on demand, demand variability, supply variability, lead-time between facilities, inventory held at alternate stocking locations and the types of inventories stocked at each facility. The Automated Inventory Policies feature leverages AI to identify items with sporadic or “lumpy” demand, such as wide size ranges, spare parts or industrial equipment, and then applies a stochastic replenishment planning approach. Results have shown service level improvements ranging from 9-27% while lowering inventory levels and logistics costs.
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“With all the dynamic challenges of managing today’s supply chains, having a firm grasp of inventory is critically important. InventoryAI+ provides the real-time insights needed to serve customers at the highest possible level while carefully managing cash positions. When combined with the power of DemandAI+ clients will realize a significant transformation in supply chain performance with InventoryAI+,” said Allan Dow, president of Logility.
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Consumers are demanding faster fulfillment across more channels, putting the pressure on inventory management, especially with the growing complexity of global supply chains. InventoryAI+ applies machine learning and advanced analytics to optimize inventory at multiple echelons – reaching far beyond finished goods to optimize inventory across distribution, production, and sourcing locations. While traditional inventory solutions only consider finished products, InventoryAI+ factors work-in-progress, raw materials, components, and subassemblies. This multi-echelon inventory optimization (MEIO) identifies alternate inventory strategies and offers supply chain leaders far more scenarios so they can quickly respond to disruptions and market opportunities.
