Stock Optimization
Leveraging Technology For Next Level Efficiency
Overview
Through continued development of data use and functionality, we have created a new feature within the CRIBWISE suite called Stock Optimization. As the name suggests, this Artificial Intelligence function further optimizes stock levels of consumable items, ensuring production and dramatically reducing time needed from purchasing and other stock-responsible personnel. The targets achieved with CRIBWISE Stock Optimization ensure an equal or better level of optimization than even the most experienced users doing it manually.
How It Works
Stock Optimization uses advance algorithms to track and analyze data, and is based on input values and four key criteria:
Training Period – the initial step needed to teach the system Service Level – expressed as a percentage of stock availability at any time, IE 98% Safety Stock – additional items on hand to bridge the gap of delivery inconsistencies Order Frequency – as in ‘how often’ and what is the timing in between orders
Getting Started Is Easy
Current CRIBWISE installations have stock optimization built in, it just needs to be turned on and there are only a few basic criteria to meet:
Items to be measured must be consumable Must use the CRIBWISE purchase function A minimum 30-day measurement period with at least 15 picks That’s it. With a minimal training period and number of items the systems can begin to produce results.