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Kronoscope, with its sophisticated AI engine, automatically creates purchase and replenishment plans, factoring in lead times, fill rates, shelf life, current inventory levels, open orders, and dynamic safety stock levels for every SKU at every store, depo, and channel level.
Demand planners have three modes of replenishment planning in Kronoscope:
Fixed Duration Replenishment Plan: A fixed duration replenishment plan offers maximum flexibility to users to define the replenishment period and offset. Demand planners can set the replenishment duration and offset to generate order recommendations. Nevertheless, users have to review this before the end of the plan period of the replenishment cycle and develop transfer recommendations for the next order cycle.
Fixed Schedule Replenishment Plan: A fixed schedule replenishment plan follows a set schedule for replenishment. Kronoscope generates transfer recommendations for specific SKU-branch combinations on a particular date. The replenishment schedule is fed into Kronoscope on the backend and can be defined at the SKU/location/Category level.
Dynamic Replenishment Plan: No user input is required in a dynamic replenishment plan as replenishment norms, including duration, cover, and frequency, are suggested directly by Kronoscope’s AI engine based on the SKU shelf life, current inventory runway, and safety stock required. Allowing the system the complete flexibility to recommend how stock should move between higher to lower nodes in the network to avoid/minimize loss of sales and prevent overstocking.
Kronoscope’s supplier scoring mechanism can help procurement teams to choose the best vendor for a particular SKU in a specific region based on their lead time, fill rate, and prices. Thus, giving the extra insights while negotiating with the vendors.
Safety stock is defined as the excess inventory that acts as a buffer between forecasted and actual demand levels for products. This inventory is maintained so that a company has sufficient quantity on hand to meet customers' demand. Dynamic safety stock is when the safety stock is calculated considering the impact of factors such as demand variability, Service level Factor, Plan Coverage Days and Supplier Fill Rate
Demand Variability: High dynamic safety levels for high selling products with high demand variability should be maintained. Kronoscope’s advanced AI engine trains itself to predict demand accurately and reduce demand variability and suggest adequate safety levels. Dynamic Safety Levels allows companies to optimize working capital by spending only on high-risk products, giving businesses more control over their supply chain.
Service Levels: Optimizing service levels is a very efficient way of avoiding overstocking inventory and service levels. Kronoscope allows demand planners to maintain adequate service levels by classifying the entire SKU group into ABC classifications as per Pareto Analysis. Class A products bring in the majority of the revenue and 95% of service levels are maintained for them. In Class B the service level suggested by the system is 80%-90% and for class C service level is 75%-80%. This approach ensures that long tail product’s inventory is not bloated by ensuring high service levels
Kronoscope’s inventory control tower feature, gives users a holistic view of inventory levels throughout their supply chain. Thus, providing early warnings of out-of-stock and inventory pileup scenarios. The control tower module also identifies inventory rebalancing opportunities among warehouses and stores to reduce inventory holding costs and wastage.
Kronoscope provides potential stockout alerts based on predicted demand and current inventory runway across SKUs. It also shows the duration in which a stockout could happen and the potential out of stock loss that would be incurred. The users can act upon this by creating a purchase plan for these specific SKUs. This helps businesses in making sure that these SKUs are optimally stocked to make the most of every revenue opportunity.
Kronoscope provides proactive alerts on SKUs that are overstocked and need to be liquidated based on the predicted demand for that period and the current inventory levels. This will help users to clear out this excess inventory through enticing sales and maximize revenue.
Kronoscope, with its sophisticated AI engine, helps maintain dynamic safety stock levels that are assigned based on demand variability, service levels, plan coverage days, and supplier fill rates.
Furthermore, the automated inventory planning ensures they maintain high availability levels. The dynamic safety stock recommendations, inventory control towers, and real-time supplier selection act as a safety net that will secure the business from unforeseen impediments.
Kronoscope takes into account the prolonged lead time and lower fill rates for inventory planning. So, it would dynamically adjust the safety stock levels and recommend a higher level of safety stock in order to make up for the shortage in supply. The purchase order quantities are also increased accordingly. Further, once the finished goods are procured the safety stock levels and other inventory norms are re-adjusted to align with the updated inventory levels.
This domino effect across the supply chain is seamlessly captured and adjusted by Kronoscope using the Theory of Constraints.
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