A discussion about Inventory optimization: Use of IMAFS software

Abstract:

IMAFS helps knowledge gathering areas, such as, solution oriented and stock availability management, best practices in inventory management, support from experts, evolution of ROI before implementation and simplify integration, proven and rigorous implementation methodology using cloud/SAAS mode, continuous improvement with R&D, and user-friendly, integration manual parameters also. A poor delivery performance can affect consumption history.A consumption itself does not highlight demand planning weak points.The IMAFS Software claims to improve company’s performance by increasing parts availability, also reducing inventory up to 50%. In general, an inventory optimization project should reduce overall inventory values, at the same time customer service and inventory consumption rate increases. This software claims to have inventory optimization tools, such as, the dashboard of IMAFS helps to use much needed key performance indicators. IMAFS helps to reduce maintenance, repair, and operation (MRO) inventory from 10 to 50% and increases parts availability as well.

Keywords: Inventory, Optimization, IMAFS, MRO etc.

Introduction:

Inventory optimization denotes the process of reduction in the investment of inventory related costs and improving the service level at the same time. Inventory optimization plan basically relies on optimal inventory replenishment plan that is created mainly with an accurate forecast of each SKU. Practically every company can implement inventory optimization through prediction of future demand accurately. This is, however, not easy with thousands of SKUs, seasonal patterns, planned promotions and a group of other constraints. Now a days softwares like IMAFS solution can automate inventory optimization for the supply chain managers.
Electronic-inventory
Electronic inventory

The Inventory Turns:

It is important to understand the inventory turns. Therefore, we need to take an inventory optimization project. In general, an inventory optimization project should reduce overall inventory values, at the same time customer service and inventory consumption rate increases. Inventory turns are nothing but a measure of total consumption at a given period of time, divided by inventory average over that period. Inventory optimization solutions are used to effectively optimize inventories, reducing unnecessary inventory values, and inventory reduces accordingly.

The MRO Inventory Optimization Challenge:

The IMAFS is completely integrated with Ti, SAP, IBM MAXIMO and Microsoft Dynamics AX. IMAFS helps to reduce maintenance, repair, and operation (MRO) inventory from 10 to 50% and increases parts availability as well. Increase parts availability and decrease stock outs up to 80%. IMAFS Software is available in Cloud mode.

Lack of Integration in MRO Supply Chain:

The key function of MRO supply chain is Asset Management, inventory, and warehousing, sourcing, and procurement. Due to lack of integration at the level of planning results in inadequate inventory management, higher procurement cost and unavailability of assets.

Managing Inventories:

MRO Inventories have a lot of SKUs. Some are non-moving, others are fast moving SKU’s. Parts criticality and demand unpredictability aspects complicate inventory planning aspects. In this situation to create stocking policy highly skilled resources are required. Most ERP modules in this regard are equipped with dynamic inventory planning. Which makes inventory planning a difficult thing. So that issues occur, such as too high inventory level for some parts while too low inventory level for other parts, higher inventory levels, i.e. more than 1.5% of asset replacement value (ARV), lower service levels achieved. Also, more non-moving and obsolete inventories.

Inventory inaccuracies:

Warehouse inefficiencies and inventory inaccuracies multiply inventory related issues, which make inventory optimization further difficult. Since MRO materials are large in numbers and each material differs in size, shape, and attributes require extremely complex warehouse and highly skilled resources who understand commodities and warehousing requirements of such commodities. Things may occur in this situation, such as Non-availability of the stock at right quantity and at the right location. So that equipment may be placed under breakdown for a longer duration; inventory shrinkage happens due to damage and pilferage. Also, many of the Maintenance personnel eventually lose faith in the system.  

Need warehouse productivity:

According to size, shape and physical storage requirements need to keep a material group at a single location. Time to time location audit and preventive measures are required to reduce discrepancies. It is required to ensure that preservation, storage, and development needs are filled up. And monitoring and improvement required for goods receipt at requisition times.

Consumption History:

A consumption history does not highlight some important issues like no consumption can occur when there is no inventory at all. A poor delivery performance can affect consumption history.-  A consumption itself does not highlight demand planning weak points.The IMAFS Software claims to improve company’s performance by increasing parts availability, also reducing inventory up to 50%. They claim to reduce equipment down times, establish priorities, decrease stock outs up to 80%, ensure workers’ health and safety and service level etc.

IMAFS has State of Art Tools:

This software claims to have inventory optimization tools, such as, the dashboard of IMAFS helps to use much needed key performance indicators. It can generate great reports on inventory and drill down functionality to answer analysis needs.IMAFS can interface with all types of transactional needs such as SAP, CMMS, WMS etc.

Business Knowledge Integration:

BIMAFS helps knowledge gathering areas, such as, solution oriented and stock availability management, best practices in inventory management, support from experts, evolution of ROI before implementation and simplify integration, proven and rigorous implementation methodology using cloud/SAAS mode, continuous improvement with R&D, and user-friendly, integration manual parameters also.  

Inventory Optimization Solution Software:

Sometimes software help to attain inventory optimization. IMAFS is one of them. Features are Items classification, service, lead time, demand management and forecasting, min-max solution, surplus stock, dashboard, exception report, zoom reports etc.

Company Information:

The legal name is IMASF Inc. Web: http://www.imafs.com, Email: info@imafs.com.Location Address: 937,rue Boissy ,SAINT-LAMBERT, Quebec,J4R1K1,TEL: (450) 671-1831,FAX: (888) 927-5923. Contact Information: Robert Lamarre, Title:President,Telephone:(450) 671-1831,Facsimile:(450) 671-2962 ,Email:admin@imafs.com

Conclusion:

To manage MRO supply chains with efficiency need continuous improvement. Sometimes IT and software can help to do better Inventory and warehousing through MRO supply chain planning and execution process.

Reference:

1.https://en.wikipedia.org/wiki/Maintenance,_repair,_and_operations

2. Web: http://www.imafs.com



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