Where does Demand Management sit?
Every company in the UK & Ireland knows that figuring out the right stock levels can be quite a task. For a company to succeed in today’s environment you need to have the right product, in the right location, at the right time and all that without carrying too much inventory buffer. MXI’s Demand Management software for companies delivers the right tools for companies to make better stocking decisions now and for the future.
There is no doubt that demand management is important as carrying extra inventory and especially for extended long periods of time, can quickly eat away at margins. MXI Demand Management software helps companies synchronize their stock levels with the forecasted demand. By using Demand Management software companies are now armed with the key forecasting tools to help business anticipate future customer demand. The outcome is that demand management software lets you prioritise and keep a close eye on your key products. And sometimes demand management is not only about the products that are in demand but also the visibility to see which SKUs are at risk. Demand management comes down to the fact that you need to know what to carry and when to carry it, improving fill rates and customer service levels.
MXI understands that for UK and Irish companies that not all stock is created equal. Consequently, our Demand Management software have various stock methodologies. As any demand management solution needs to understand that service parts can sell intermittently, some items may tend to sell in lumps, and regular movers should be treated differently to get just the right amount of inventory at the right place, at the right time.
So what is the advantage of Demand Management software on the business? Here are some of the results that our clients have found.
1: Customer Responsiveness – increased fill rates (clients report 10-25% increase)
2: Inventory Reduction – automated management of safety stock and reorder points leads to overall reductions of 15-35%
3: Planner Productivity – ability to plan more parts, in more warehouses, with greater accuracy and less effort
If you are looking to improve your demand management and forecasting, download our free white paper on the Fundamental Issues in Business Forecasting