Dynamic Inventory: now 300% faster!By Chris Billingham and Luke Dyer on October 26, 2023
Since Peak launched our flagship Dynamic Inventory AI application in 2022, global supply chain volatility has made careful management of inventory levels as important as ever.
Thanks to its ability to combine SKU and location-level demand forecasting with our innovative approach to setting safety stock levels, businesses such as Speedy have used Dynamic Inventory to reduce their overall stock holdings whilst maintaining availability levels to meet the needs of their business.
Dynamic Inventory version 2.0 is 300% faster
We know that the increased adoption of AI in business is not solely about the development of new and improved models and algorithms (although that helps!) — but it’s also about ensuring that you can deliver value at pace into an organization.
Our safety stock models drive huge value for all our customers, allowing us to ensure that you have the right stock, in the right place, at the right time to maximize stock availability whilst minimizing stock on hand. Through improvements and optimizations to the underlying pipelines, v2.0 of the application delivers a 300% improvement in processing time. This allows Dynamic Inventory to easily process 100,000s of SKUs, ensuring that no matter how many products you carry, Peak’s AI application can handle the load.
Now on Press
In October 2022, at AltitudeX in Manchester, we launched Library and Press, a composable AI framework which now provides the backbone of our AI applications. They allow you to deploy the infrastructure and tooling you need for your applications in days not months, getting value into the hands of your teams quickly.
We’re delighted to announce that, with the latest release of our Dynamic Inventory AI application, you can now deploy everything you need to get started directly from Library.
We have migrated the Dynamic Inventory application front end onto our Peak application framework, bringing improvements in speed and responsiveness across the whole application. This provides optimized data visualization and interaction options to ensure that business users can quickly review their entire product set, easily filtering for SKUs that are under or overstocked whilst providing functionality to dig into the underlying SKU-level forecasts to understand the outputs.
Service level insights at category level
The ability to understand your service levels across your product suite is key to ensuring you have the right stock levels for your business. As part of a recent feature update, we’ve added the ability to optimize those service levels at the category level, giving you additional granularity in setting the right levels for your business.
For example, it allows you to group your products so you can apply a higher service level to your core range to maximize availability, whilst also reducing service level requirements on slower moving products. Or, you could apply your own, internal classifications to product groupings and set your service levels appropriately.
Over the past three months we’ve focused on getting useful, actionable insights into the hands of our users quickly, ensuring that you have all the information you need to understand what the right stock is for your individual business. We’ve also focused heavily on the user experience and making the application a pleasure to work with to manage your inventory targets.
Product Manager, Inventory Intelligence at Peak
What’s coming next?
We have more exciting updates coming up in the near future, including updating the forecasting and safety stock model, focusing on longer lead times with increased visibility of stock on order. We’ve also heard some feedback around our visualizations and we’re looking at additional configurations to support different visual styles.
We’re really excited about these latest developments for Dynamic Inventory, one of the many AI applications on offer from Peak. To learn more, head to our Dynamic Inventory app page to arrange a demo, or watch the high-level video overview below.
A quick look at Dynamic Inventory
See our game-changing AI for inventory application in action