The RapidResponse® Inventory Management application enables:
Inventory target setting by part class
Finance can define annual plan targets for how much inventory they desire to keep by class (finished goods, work-in-progress and raw materials), as well as excess and obsolete targets over the course of the year.
Comparison of actual state versus targets
Inventory planners can evaluate historical, current and future projected performance against inventory targets, and drill into deviations between the plan and current realities to determine the root cause.
Gap and trend analysis
RapidResponse captures historical snapshots of safety stock levels, demand, supply, and current or projected inventory and uses this data to show how performance is trending over time. Inventory planners can drill down from exception dashboards to review any performance gaps. Analysis of these exceptions may lead to documenting the assumptions that explain the deviations or in making changes to inventory policy parameters to correct them.
Inventory ABC classification
Inventory planners can review inventory values by an ABC classification with the capability to drill into detailed part level views of demand, supply, cost, policy and responsibilities to determine if inventory policy or classification changes are required.
Excess and obsolete inventory analysis
Inventory planners can monitor the status and trend of excess and obsolete (E&O) inventory over time by various categorizations (products, regions, commodities, etc.) using hierarchy filtering. The application also provides visibility to deviations between the target E&O values and actual performance.