Thanks to Artificial Intelligence, Monstock integrate algorithms allowing you to caculate automatically the exact quantities to order from your suppliers to avoid stockouts. The calculations are made using around 70 criteria, to allow you to obtain precise analyzes and recommendations to ensure that you never run out of stock, by ordering the right products at the right time.
To get the artificial intelligence features, you need to have subscription that includes those features. For more information, you can contact the Monstock teams at the following address: email@example.com.
In order to be able to use supplier replenishment with Artificial Intelligence, you must first create a replenishment management algorithm.
Consult the recommended orders
To view the orders calculated using artificial intelligence, go to the stocks menu, then click on "IA replenishment":
The list of locations to be replenished is then displayed:
For each location, you get the following information:
- Name of the location,
- Time elapsed since the last calculation,
- Quantity of products to order,
- Cost of rupture (cost caused by a missed sale due to a stock shortage on a product),
- Rate of rupture (indicator that measures the ability to always have a product in stock),
- Total price of the order.
You get here the cost of rupture as well as the rate of rupture on the whole location, for more details you will have to go on the pages of order, to have the information order by order and product by product.
Next to the time elapsed since the last calculation, you will also find a colored dot indicating the priority of the command. This priority is calculated using the number of days that it is possible to cover with the current stock before it runs out of stock. The greater the possibility of rupture, the more priority the order will be:
If you click on a location, you will then obtain the list of replenishments to be made for each supplier:
Here again, you will obtain the same information as in the list of locations to be replenished.
Place a recommended order
You can also click again on a supplier to obtain the detail of the products to order:
On each order, you can find:
- The name of the product to be restocked,
- The quantity currently available in stock,
- The recommended order quantity according to the algorithm,
- Details of the logistics units on order: the quantities are calculated automatically according to the logistics units available from this supplier, to obtain the various possible combinations to reach the recommended order quantity.
- Priority according to the urgency of the order,
- The total before tax for the product.
To calculate the recommended order quantities, you have the choice between 2 types of packaging:
- Standard: this calculation proposes the optimal quantity of products to order to cover the number of days defined in the desired level of coverage. This calculation uses the average of purchases over the last 30 days.
- Economical: the algorithm evaluates the trend of the product sales curves to estimate whether to order more or less than the months before by studying the decreases or increases in product sales.
You have the possibility to order more quantity of products than that recommended by the algorithm:
- You can directly modify the number of logistics units to order (or even add logistics units that were not provided for in the order at the start),
You can also modify the figure directly in the "Recommended quantity" box,
- You also have the possibility to add other products to the order by importing them, selecting them or adding them directly to the order.
The coverage level is the number of days you want to cover with the quantity ordered. You can modify this number of days directly in the "Coverage level" field, and Monstock will redo the calculation to offer you a recommended quantity according to this new cover period, and offer you a new distribution of logistics units to order.
At the bottom of your screen, Monstock indicates the amount to order to reach the postage-paid, that is to say the amount from which you will not pay delivery costs to your supplier. To automatically reach this amount, click on "Complete", the quantity of products to order will be automatically adjusted to reach the postage-free amount excluding VAT. To change your shipping cost you must go to your supplier file, then in the logistic unit at the level of the free shipping amount, indicate the desired amount.
At the end of the page, click on "Order". You will then find your order in the list of supplier orders, with the detail of each product and each logistics unit ordered. Please note, however, that the order immediately changes to the “Ordered” status, so make sure you have added all the products and adjusted all the quantities and logistics units before ordering, because you will no longer be able to modify the order.
Note: If the product has multiple suppliers, it may appear in other order proposals. Make sure you do not order it twice.