A feature-rich inventory optimization solution created for the most demanding managers
IMAFS is the most innovative inventory optimization software available, and it is now powered by artificial intelligence for even more precise and accurate forecasting. IMAFS is backed and developed by real experts in the inventory management industry; therefore, they speak the same “industry language” you do; they understand your challenges and your requirements. This is why they’ve developed a very sophisticated software tool that is so simple to use; it’s scary!
The beautiful thing about IMAFS is that it does not modify the live information that your current ERP, EAM/CMMS or WMS manages. It basically grabs the information required for its inventory optimization calculations, processes them, then makes the new data available to you. Once you’ve reviewed the results, you can then import them back into your live system at your convenience.
It works like magic!
Get your ROI evaluation an see why IMAFS's inventory management solution is the right one for you.
After all, who wouldn’t want to create substantial savings and increase profits?
Item Classification is at the core of how IMAFS optimizes your inventory.
The process of grouping specific items into classes is critical. It must be undertaken with great care because everything that will result from IMAFS computing, like reports and forecasts, will be based on that classification effort. Many possible classes can be defined to take into account all the items in your current inventory, as well as those that will be added to it in the future.
IMAFS’s item classification is unique and takes into account a number of important elements such as:
- Item criticality
- Hits ( usage frequency)
- Consumption value
- Life cycle of the item (new, obsolete)
- Item status (non-stock, inactive)
- Particular characteristics such as being repairable or a kit, etc.
Each company is different; therefore IMAFS offers the flexibility required to allow you to always have it your way. You’ll be able to break down your inventory by product/item family and warehouse.
Additional flexibility is provided with the user having the ability to define his own criteria of inactivity, also understood as the timeframe during which an item is in a non-utilization state.
IMAFS can also define classes by alternating between criteria such as consumption value or frequency within the same product family.
Depending on variable circumstances, IMAFS allows the user to change the item’s classification manually.
In short, IMAFS gives you the flexibility to define your inventory management strategies by item class, family, and warehouse. Once the item classification is determined, IMAFS gives you access to a collection of reports which lets you visualize data sorted by item class, family and warehouse.
All that, and more, to assist you in implementing your company-specific inventory management strategies and track them.
The service level you wish to offer to your clients has a direct impact on how much inventory you must keep available at all times, which in turn, has a significant impact on how much money is required to maintain that inventory.
There are many reasons why managers should define appropriately and precisely the service level they want to maintain. Managers can define this service level on a per item, class, and warehouse basis. In essence, the service level is the availability of a product. Not just how much product is needed, but also how much of it should be kept in reserve as to never run out of stock. For many companies, being out of stock of critical items can lead to serious consequences in operations and significant impacts on the companies public image.
IMAFS has a method for calculating item availability rates regardless of if you track or not your inventory stockouts. This method offers a significant decrease in repetitive tasks and enables managers to be on the money at all times.
Also, IMAFS helps you define your service level objectives by class, family and warehouse. It also does it from an item criticality perspective. IMAFS performs this by using the highest level objective between the item class and its pre-defined criticality.
Because of how vital the service level is in the inventory optimization process, IMAFS systematically measures the item availability rate and compares it to the service objective you pre-determined. If it detects an item performing poorly, IMAFS’s integrated tools can assist you in taking the appropriate course of action to correct the situation quickly and efficiently.
Monitoring your inventory and service is user-friendly thanks to IMAFS’s dashboard, which enables you to get a quick overview of your stock and allows you to track your item availability performance history. This tool is essential for inventory managers, not only to pinpoint and follow trends but also to get an accurate picture of the situation so they can react proactively before a crisis develops.
It is commonly said that success is often a question of timing. In inventory management, the lead time is critical!
Lead time is a vital component in inventory optimization. As a matter of fact, the lead time is so important, that failure to focus on its accuracy can have significant impacts on an organization’s ability to maintain distribution flow to internal or external clients.
IMAFS has a unique method for computing lead times by item, supplier, and transport mode. It also performs data point-smoothing automatically to increase lead times accuracy and precision.
Multiple parameters are taken into account when IMAFS performs its calculations. These parameters are reception timeframes, order issuing delays, additional delays caused by, for example, items not included in a given supplier’s agreement, the frequency at which orders are placed for another supplier, etc.
Lead times are often compounded timeframes created by the multiple steps in the entire chain. When not appropriately calculated, situations develop that can lead to “unforeseen” and costly delays and/or service problems.
Inventory managers often forget that an accurate lead time setting is a major contributing factor in the company’s success and reputation. Nobody wants to fail his clients!
Demand Management and Forecasting
Demand Management and Forecasting
Managing demand and providing precise and accurate forecasts are essential to an organization and increasing your ability to provide them with an extra 20% of accuracy is a serious bonus!
Predicting demand based on variable or fixed criteria setting the safety stock, Min and Max values for each item appropriately, based on the available past demand history, is one of IMAFS’s most powerful features.
IMAFS helps you evaluate accurately how much safety stock you indeed require based on expected demand and forecast accuracy. For example, if your forecasts are inaccurate, it is most likely that your safety stock is going to be too high and cost unnecessary amounts of money.
IMAFS provides inventory managers with an unmatched level of accuracy thanks to the best and most powerful toolbox in the business.
In addition to the traditional way we generated demand forecasts, we integrated artificial intelligence at IMAFS’s core. Based on our observation in the field, we can safely claim that IMAFS can improve the accuracy of its predictions by a whopping 20%, even for items with intermittent demand.
IMAFS can evaluate your consumption data and automatically select the most optimized forecasting method from dozens of scenarios. This number-crunching and decision-making process runs automatically on a monthly basis.
IMAFS provides it forecasting magic based on the total demand at any point in the distribution network.
It is also possible to have IMAFS incorporate manual forecasts into the calculations of Min and Max values.
IMAFS essentially gives you the ability to foresee the future today so you can plan, order, stock, and deliver each one of your inventory items while minimizing excess stock and shortages.
Min Max Calculations
Min Max Calculations
The ability to dynamically evaluate and update your Min Max values periodically is paramount for optimized and accurate inventory management.
Every inventory manager knows about safety stock, Min, and Max values. The safety stock represents the lowest amount you must store of a given item at all times. The Min is the signal that it is time to place an order to bring inventory level up to Max.
Many don’t grasp how crucial the setting of these values is in providing a steady and safe in-and-out flow of products from your warehouses. These values are not necessarily static. More often than not, Min Max values are dynamic because of the combination of many constants and variables.
IMAFS is a powerful assistant that helps you set these values precisely and accurately. It computes your Min Max values for each of your inventoried items by taking into account many parameters such as:
- Items classification
- Ordering and carrying costs
- Service goals
- Calculated lead times
- Maximum shelf space
- Multiple usage
IMAFS has the ability to set precise limits for the safety stock or the lot size in time units by product class, warehouse, and product family.
IMAFS also computes safety stocks taking into consideration your service objectives, specific lead times, and the forecast accuracy.
Also, lot sizes are determined on an inventory table based on the EOQ concept but adapted to forecasts over a replenishment period.
Finally, IMAFS processes inventory parameters, using the month as the time unit, which it converts into units by using the forecasted demand. The forecast is computed by incorporating trends and, if appropriate, item seasonality.
The setting of your Min Max values for every item in your inventory plays a crucial role in your ability to manage and optimize your stocks. IMAFS is the inventory optimization assistant for you!
Surplus stock is not something inventory managers like to have to explain because that excess is sometimes, but not always, related to how that inventory was planned and managed in the first place.
Nobody wants to see unneeded inventory sleep on his shelves. It equates to money sleeping and, sometimes, in extreme cases, leads to financial losses at the end of the year.
IMAFS helps inventory managers spot potential surplus stock by tracking specific data points.
There are many ways to look at an item’s surplus status. Here are a few examples:
- The on-hand inventory for a given item is greater than the required Max
- The net inventory (quantity on hand + quantity in order – reserved quantity) is greater than the appropriate Max
- The on-hand inventory is greater than a number of months of annual consumption; the number of months being defined by class and family
- The on-hand inventory is greater than the defined Max on hand (safety stock + economical order quantity)
These occurrences can be analyzed by product class, warehouse, and product family.
There are a few strategies to prevent such surplus stock occurrences, and IMAFS offers exception reports that present the situation clearly so managers can take the appropriate corrective measures without delay.
Business Intelligence Dashboard
Business Intelligence Dashboard
In the age of big data and user experience, global overviewing is key, and IMAFS’s dashboard helps managers get a quick summary of their stocks.
Managers require an overview of their inventory on a moment’s notice. IMAFS excels at this task with its business intelligence dashboard. Its minimalistic interface will help you quickly review data, get the insights you need to identify potential upcoming strategies and track stocking levels in relation to your defined service levels.
IMAFS’s dashboard allows you to track many data points including the following:
- Results by class, by family and by warehouse
- Stock evolution
- Surplus evolution
- Service evolution
- Inventory turns evolution
- Service control
- Key performance indicators
- Flexible and intuitive
- Performance monitoring
IMAFS’s business intelligence dashboard has been developed to specifically address the need to review your inventory in a straightforward, concise, and time-saving fashion. Using it on a daily basis is definitely going to be instrumental in helping inventory managers reach their goals.
IMAFS offers about 30 exception reports that allow inventory managers to organize their work, set their priorities, and get a quick overview of the situation.
A part from the 30 standard exception reports provided by IMAFS, managers can create custom new reports by using the provided ones as a starting point then modifying them to suit their specific needs.
Users can also create completely new reports from the ground up by adding, removing fields, filters or data groups.
Exception reports help track:
- Item availability
- Inventory surplus
- Product classification
- Lead times
- Min Max
Exception reports are an essential tool in inventory management and they provide specific insights that help managers optimize their stocks.
The Zoom Report provides a detailed snapshot the current inventory.
The Zoom Report’s mission is to display detailed information about your inventory with breakdowns by class, family, and warehouse. It also enables the manager to drill down deeper to conduct additional analysis at various levels while still retaining the ability to perform modifications on-the-fly.
The Zoom Report is here to provide answers to some of the following questions:
- What are the product availability rates for critical items?
- What are the popular items that are at zero-stock right now?
- Which and how many items have not moved in the last 12 months and what is their current inventory value?
- What is your current overstock value?
- How much obsolete stock are you carrying?
- Are there open orders for overstock items?
- What is your optimal stocking level?
- What are your inventory turns?
The Zoom Report is there to assist you in managing your inventory by providing you with increased data visualization.
In creating savings and increasing profitability, IMAFS has never been more powerful. Introducing artificial intelligence-driven forecasting.
IMAFS now relies heavily on the power of artificial intelligence (AI) to further improve inventory management and increase profitability, which in turn makes inventory managers significantly contribute to the bottom line of their organizations.
AI performs a very complex analysis of a large number of parameters to provide significantly more accurate predictions. These intricate and fastidious computations are completed considerably faster than the human brain ever could and a lot quicker than other traditional inventory management techniques.
AI takes into account parameters such as transport mode, carrier, weather, customs, seasonality, holidays, availability, and many other data points and variables into its extremely advanced machine learning predictive model.
The benefits are hard to miss and are, amongst others:
- Performance and profits optimization
- Considerable supply chain efficiency and inventory availability improvements
- Significant cost reduction
- More accurate and precise lead time and forecasting computations
Nowadays, and for the foreseeable future, AI will play a critical role in big data and complex analysis, which in turn will considerably help managers accelerate the speed at which they can provide precise, accurate and reliable forecasts to the leaders of their organizations, to say nothing of the improved quality of life they’ll experience!
IMAFS interfaces seamlessly with any transactional system.
What happens when inventory managers already operate a transactional system in which they’ve invested considerable time, effort, and money? You just add IMAFS to it!
IMAFS’ specialties are inventory optimization and forecasting, which cannot necessarily be claimed by most systems out there. Still, IMAFS is there to remediate to their shortcomings by adding capabilities to the mix.
IMAFS offers in this context:
- A straightforward, proven, and robust interface
- Fast, transparent, and reliable connectivity with any transactional system (ERP, EAM/CMMS, WMS)
- Data collection from the current transactional system, inventory management parameter creation, and management tools.
IMAFS can indeed connect with systems like SAP and many others. Inventory managers can rest assured (as well as IT personnel); IMAFS will not alter their live data contained in these systems in any way.
IMAFS’s seamless connectivity allows it to grab the appropriate data sets from the current live transactional system, import it into its proprietary engine, perform the necessary computations. Once you had a chance to review the results, you can then import the processed data back into your live system. It’s that simple!
Inventory managers have their respective expertise based on years of experience in the field and their familiarity with their organization’s history, practices and trends; this is a valuable addition to IMAFS’ capabilities. We appreciate it and welcome it.
Inventory managers can input their valuable knowledge into IMAFS and manage manual parameters.
Also keep in mind that IMAFS…
- Provides solution-oriented results
- Assists in stock availability management
- Offers inventory management best practices
- Responds to on-demand support with our analysts
- Guarantees a trouble-free integration and connectivity
- Proposes a pre-sales ROI simulation
- Allows access to its Cloud Mode
- Invests in continuous capabilities, performance enhancements, and R&D
- Supplies a user-friendly and intuitive experience
- Allows managers to enjoy full control over their inventory management settings
If you still have any doubts that IMAFS is the right inventory management and optimization assistant for your organization, we are so confident in our capabilities and our claims that we will offer to simulate how our solution will perform on a sample of your current data. Results will speak for themselves. All you need to do is contact us so we can set you up and let you take IMAFS for a spin!
There's nothing like a conclusive ROI evaluation that proves without any doubt that IMAFS's inventory management solution is the right one for you.
After all, who wouldn’t want to create substantial savings and increase profits?