10 Best Inventory Replenishment Software for 2022
1. Streamline (free download) — Best Overall
Streamline is the world’s leading Inventory Replenishment Software Platform for small to medium-sized and large enterprises.
Headquartered in New York, Streamline has over 150 partners and more than 300+ enterprise customers worldwide, including the US, Canada, and 28 other countries. This AI-powered software platform helps manufacturers, retailers, and distributors boost profit margins by 1-5 percentage points.
- 99+% inventory availability.
- 99% forecast accuracy.
- 98% reduction in stockouts.
- 50% reduction in excess inventory.
- 1-5 percentage points margin improvement.
- 90% reduction in time spent on forecasting, planning, and ordering.
Cons: Limited web version.
Price: Free Edition is free forever.
Available: on Mac, Windows, and Web.
“If you are using Excel spreadsheets for Demand & Supply planning, move quickly to this software that will certainly make your planning much more efficient, capitalize benefits very fast, and make your life much easier.”
Inventory replenishment is the process of determining safety stock level – a stock buffer used to protect against the random fluctuations in demand and/or supply, and replenishment plan – a schedule reflecting how much you should order today and in the near future.
Benefits of the Streamline’s inventory replenishment solution:
1. Fast and intuitive user interface
Streamline software is efficient and effective. Therefore you can concentrate on long terms goals and business development.
2. Seamless integration of company data sources
Bidirectional connectivity allows you to pull in data from your sales system into Streamline, as well as automatically export the forecasted order information back to your ERP system.
3. The smooth and fast implementation process
A successful implementation requires the coordination of many variable factors. The Streamline team is well aware of the gamut of sales and ERP systems available on the market nowadays. Thus, they will make sure you and your team are ready to go on promptly.
4. The ideal fit of the business process in your company
Inventory Replenishment Software needs to be aligned with your business goals and all of your company’s other processes.
There are many factors to consider when choosing the Inventory Replenishment Software system for your company. These might include the total cost of ownership of the selected solution, reliability, high-quality support, and finally, your ability to evaluate all features before making the decision.
5. Syncing ordering dates across SKUs
What do you do if your Min/Max replenishment strategy built-in into the ERP system throws a purchasing signal for one SKU, but other SKUs of the same supplier do not need replenishment yet? Min/Max ordering signals come per item while businesses issue purchase orders per supplier. So you either ignore the alert and have a shortage later or purchase a full container excessively. As opposed to ERP methods, Streamline raises purchasing signals per supplier. Streamline software predicts all purchasing signals during the next order cycle via a discrete-event simulation and purchases beforehand to have a smooth purchasing process with constant order cycle, or purchasing full containers (order cycle is variable), or EOQ.
6. Replacing formulas with Discrete-event simulation
Inventory replenishment is based on calculating future inventory levels during the next lead time and sometimes beyond that. That means your formula needs to account for numerous upcoming consumption and replenishment events. Sometimes it’s doable, but once you start dealing with event schedules like a shipment schedule or multiple orders in transit Excel gives up almost immediately.
While our competitors usually simplify calculations without colliding events realistically, Streamline creates a timeline with a one-day resolution and puts all schedules onto the timeline. Then Streamline executes the event sequence giving us the most accurate information about the company’s inventory levels with one-day precision. Sometimes it’s just a more precise method compared to replenishment formulas, but in many cases, it’s the only way to accommodate for the real-world supply chain complexity.
7. Using AI (Artificial intelligence) to forecast demand
Estimating seasonality, price elasticity, or top-down forecasting is not enough nowadays. Market changes very dynamically, and it’s hard to predict if your history of sales is yet relevant enough to the current situation and can be used to extrapolate into the future. That’s an area where we use our proprietary AI, so we only apply time series forecasting techniques, predictors, and level changes if AI says it’s appropriate to apply – just like if you are keeping an eye on every SKU every day.
8. Group EOQ (Economic order quantity)
Are you using EOQ in your work? If not, it is worth giving EOQ a closer look as this inventory planning concept significantly reduces your holding and ordering costs. Unfortunately, classic EOQ is calculated per SKU and not a group of SKUs. In a real-world supply chain, purchase orders contain several SKUs, if not hundreds. While Streamline supports classic EOQ calculation, it also offers group EOQ that goes far beyond the traditional approach making EOQ applicable to purchase orders with groups of SKUs.
That becomes possible thanks to the ability of Streamline to sync the order date for a group of items. Then Streamline moves the synchronization barrier back and forth to find the best order cycle for the group of SKUs and automatically minimizes the combination of holding and ordering costs.
Inventory replenishment in Streamline
Let us take a closer look at Streamline features specific to inventory replenishment:
- Accurate Demand Forecast
- Projected Inventory Levels
- Order Planning
- Stockout/Overstock alerts
- Inventory Optimization
Too much manual work in Excel?
Try Streamline free
- 99+% inventory availability.
- Up to 99% forecast accuracy.
- Up to 98% reduction in stockouts.
- Up to 50% reduction in excess inventory.
- 1-5 percentage points margin improvement.
- Up to 56X ROI in one year. 100% ROI in the first 3 months.
- Up to 90% reduction in time spent on forecasting, planning, and ordering.
Streamline Overall Rating
An employee used to spend about a day and a half updating Excel spreadsheets that had 60 items, and it was too cumbersome to use Excel. We were like firefighters, not supply chain managers. What took him a day and a half to does, now takes only seconds to update with Streamline. He can spend the rest of the time to analyze the Streamline data. The other divisions use Streamline and do not know how they managed without it. Whalen Furniture inventory had dropped by 36% with Streamline. The company has been able to eliminate two auxiliary buildings rented month-to-month. That has saved about $56,000/month in excessive stock costs for us.
Streamline has been very helpful in reducing the time and effort required to calculate our purchasing requirements and placing our purchase orders. Previously we used complex spreadsheets which were quite cumbersome but Streamline has made the process at least 100% faster. After using it for more than 1 year, it has also resulted in a 5-10% reduction in stockholding with minimal impact on fill rate. Support from the team is excellent and timely, and there is continual work on the product with features and updates.
Streamline has made a major difference in our forecasting and manufacturing planning. The ease of use, flexibility, and accuracy has far exceeded our expectations. Streamline has helped take our forecasting accuracy from average to world-class; which has a very positive bottom line impact. In addition, to Streamline being a great tool for us, the customer service we receive is second to none: it’s impressive. The time invested in learning our business, our model, and our people has been greatly appreciated and shows in the results.