Product news update, April 2020

Our developers are working hard everyday to ensure EazyStock is living up to your high expectations for advanced inventory optimisation. Here are some recently added features that make us extra proud.

Forecasting of components via Bill of Materials (BOM)

What’s new?
Bill of materials, or BOM, is the components required to manufacture or assemble a product.
The “forecasting of components” feature automatically calculates the optimal order recommendations and stock levels for each component. You simply enter your BOM into the system and EazyStock will tell you what, when and how much to order, based on the demand of the final product.

How will this help you?
As a manufacturer or product assembling company, you know that forecasting components can be complex. Many parts are often dependent on each other, and a missing component can mean big disruptions on the assembly floor.

This new EazyStock feature will make sure you always have the right components in stock so that production can run smoothly, and you can make sure to deliver the right products on time to your customers.

Planned events for managing forward orders

What’s new?
A planned event is when your customer has a planned event where the future demand is known; for example scheduled repairs and maintenance. This new feature allows the system to make two order recommendations: one based on your forecast and the other based on the planned demand.

How will this help you?
By telling EazyStock when a given event takes place and what items are needed, you will get accurate order suggestions placed well in advance of the event taking place. This gives you a number of benefits:

• Planned events, such as scheduled repairs and maintenance, can take place as planned.
• Excess stock can be used for planned events and therefore be reduced.
• Suppliers can get much earlier information about future demand, which also makes planning easier for upstream locations in a supply chain.
• Stochastic (non-planned) demand can be targeted with better precision, since planned events won’t be cannibalising the stock needed for the unknown demand. Instead, appropriate replenishment parameters can be calculated based on the unknown demand only, lowering tied-up capital and improving customer service levels.

Planned events in EazyStock. On top you have the ability to filter for certain events, underneath you see a list of events and the planned demand for the products that go with them.

Fill Rate KPI

What’s new?
Service level is an important KPI for every stock-carrying company, but some companies don’t have enough data available to measure this properly.

If you send out partial deliveries, you can track the item fill rate. This is the percentage of units that could have been fulfilled from stock. For example, if on a specific date, your demand is 100 units of product X, and you have enough inventory to send out 80 units, your item fill rate is 80%.

If you don’t send out partial deliveries, you can track the picks fill rate. Compared to the item fill rate, this measures the percentage of picks (i.e. demand transactions) that could have been fulfilled in full from your available inventory.

The fill rate data can be aggregated and displayed in different ways, for example by warehouse location or certain suppliers.

How will this help you?
If you lack data about the actual order fulfillment, i.e. when an order arrived at the customer, the fill rate KPI gives you another way of tracking how well you are able to deliver to your customers. It’s basically a clever and helpful way to maintain effective service level-like monitoring, even if not all data is available.

Fill Rate KPI in EazyStock

Outlook 2020

This was an overview of some of our latest product additions. We’re continuously releasing new functionality, so be prepared for more exciting news during 2020!

Did the features showcased in this update sound interesting to you? Then don’t hesitate and book a demo with one of our experts. They can provide you with more detail and together you can evaluate how EazyStock can bring added value to your business.