The following processes will help you in your goal of optimizing your inventory in StockIQ:
With the safety stock and service level goals in place, along with forecasts and the resulting replenishment plan, now it is time to tend the garden you have planted.
GOAL: Monitor and adjust your settings for continuous improvement so you can react to changing conditions over time.
Configuration Guide
- Global Inventory Limits
- Stockout Basis - Available
- Excess Basis - Available
- Days of Supply for Excess - 180
- Dead Stock - 365 days
- Slow Movers - 180 days
- Enable using first sale date if there is no DateCreated for new items
- Global Service Level Settings
- Configure whether StockIQ is estimating SL from actuals and demand history
- Configure the interval over which SL changes are measured
- Service Level Alert Settings
- Enable the alert
- Do not alert about service level on non-stock items
- Decide how much deviation from target you want to be alerted by - 10% below is default.
Process Guide
- Daily
- Review Stockout Alerts and the Stockouts Screen
- Adjust service level targets or SS overrides as necessary
- If you have stockouts, review How can I figure out why I stocked out on an item?
- Review Stockout Alerts and the Stockouts Screen
- Monthly
- Review Excess Alerts and the Current Excess Screen
- Adjust order policy as necessary
- Review Dead Stock Alerts and the Dead Stock Screen
- Adjust order policy as necessary
- Review Order Policy Recommendations for add-to-stock and remove-from-stock items and adjust order policy settings accordingly.
- Review Service Level Performance in Item Site Service Level screen
- Are there some items or product groups that are having service level problems?
- If service level is meeting or exceeding targets, you can possibly reduce service level targets in the class settings.
- Review Excess Alerts and the Current Excess Screen