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Replenishment with the Dynamic Threshold
With the Dynamic Threshold feature, you can set the minimum and maximum stock covers for your products. This way, our application will notify you when a product reaches its minimum stock level and tell you how many units you need to order to reach its maximum stock level. These minimum and maximum quantities will be calculated based on the daily updated forecast values. (You can access the details of the Forecast algorithm here.)
For example, you can set the Minimum Stock Cover Days to 10 and the Maximum Stock Cover Days to 30. We will send you an email when the inventory of a product reaches 10 days of stock or less. We calculate the order quantity by subtracting the current inventory from 30 days of stock
This means that if the daily forecast for a product is 2, you will receive an email when the inventory level of this product is 10 * 2 = 20, and we calculate the reorder quantity as 30 * 2 = 60 minus the current inventory.
If you have a lead time for a product, you should consider lead times when setting minimum stock cover days. Our suggestion is to define minimum stock cover days as lead time + safety stock time. For example, if the total lead time is 14 days, you can add 6 days of safety stock time for that product, and you can set the minimum stock cover days to 20 days.
When setting the maximum stock cover days, you can consider how often you want to place orders. For example, if you want to place orders once a month, you can calculate the maximum stock cover days by adding 30 days to the minimum stock cover days. Continuing from the example above, if the minimum stock cover days are 20, and you want to order monthly, you can set the maximum stock cover days to 20 + 30 = 50 days.
To use this feature, you first need to create an alert. You can create an alert by clicking the "Create an alert" button on the left sidebar.
On the next screen, you should click the "Create" button under "Create Alert Using Advanced Filters."
- First Tab: Define Scope
In this tab, you can specify the products for which you want to receive notifications. If you want to work with specific groups of products, you can select them by clicking the "Advanced Filters" button. You can find detailed information on how to use the Advanced Filters feature in this video
If you want to work with all products, you can proceed without making any selections
- Second Tab: Alert Details
In this tab, you should choose the Dynamic Threshold feature and enter the values for Minimum and Maximum Stock Cover Days. If you don't want to receive order suggestions, setting only the minimum stock cover days value is sufficient.
Based on the minimum and maximum stock cover days you enter, you can see how many units of stock are calculated for each product in the table in this tab.
- Third Tab: Alert Frequency
In this tab, you can make choices about how often you want to receive notifications.
- Fourth Tab: Notification Details
Finally, after making these selections, you can create the alert by clicking the “Submit” button.
Additionally, if you wish to test the type of notification you will receive, you can trigger the email/slack notification by clicking the Play ▶️ icon under the Actions column on the same page.
Additionally, you can find other reports under the Reports tab in the left sidebar that are designed to support your analysis and day-to-day operations. For further details, please refer to Reports page.