Tag: inventory optimization

Master Data Management and Why It’s Important

Posted on by Mysterious Ramblings

What is Master Data Management?

Large companies, especially global ones, have quite a few systems in place in order to make everything run smoothly. Sometimes the data becomes duplicated or fragmented, resulting in inaccurate answers to important questions. That’s where master data management comes in.

This information has been de-duplicated, reconciled, and enriched, becoming a consistent, reliable source for an organization. Once created, this master data serves as a trusted view of business-critical data that can be managed and shared across the business to; promote accurate reporting, reduce data errors, remove redundancy, and help workers make better-informed business decisions.

Master data management (MDM) involves creating a single master record for all critical business data from across internal and external data sources and applications, such as your Inventory Optimization program.

A master data management tool can be used to support master data management by removing duplicates, standardizing data (mass maintaining), and incorporating rules to eliminate incorrect data from entering the system in order to create an authoritative source of master data. d.

Why is Master Data Management Important?

This real-life story of why Master Data Management is important, really resonated with me how important it is to have a program that will keep your data organized and cohesive. Continue reading “Master Data Management and Why It’s Important” →

Inventory Optimization And Why It’s Important

Posted on by Mysterious Ramblings

If you are running a business, or even interested in one day owning your own business, inventory optimization is important. Inventory optimization can be difficult, if you aren’t using a proper system, or if you are inexperienced. First things first- What is Inventory Optimization?

Inventory Optimization

Inventory optimization is the practice of having the right inventory to meet your target service levels while tying up a minimum amount of capital in inventory. Inventory optimization is the next level of inventory management for warehouse and supply chain managers and buyers.

Inventory optimization means:

  1. Maintaining the minimum cost of average on-hand inventory while,
  2. Achieving the highest desired fill rates for the items being optimized
  3. Using least-cost reorder frequency
  4. Establishing predictive control over inventory performance using a company’s IT/ERP system (such as Verusen)

Inventory Optimization and Supply Chain Optimization Software

Companies that utilize inventory optimization software, are likely to reduced inventory levels by 25 percent in just one year.

Verusen has a solution for all of your optimization needs.

Verusen’s AI-backed cloud platform sits on top of your multiple data sources and automatically links and categorizes duplicate parts data. Eliminate excess inventory purchases when quantities exist on-hand? Check. Reduce obsolete, slow-moving, and overstock inventory? Check. Know exactly what materials are in stock and how best to deploy.

Oh, and our artificial intelligence continues to predict and learn from real actions over time to deliver faster inventory insights with increased reliability — at scale. That’s the power of Verusen.

Continue reading “Inventory Optimization And Why It’s Important” →