Thanks to Artificial Intelligence, Monstock integrate algorithms allowing you to calculate 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 stocks, 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 about these features, you can contact the Monstock teams at the following address : firstname.lastname@example.org.
To create an algorithm, open the administration menu by clicking on the following button :
Then, click on "Master data" :
Select "Algorithms Management" :
The list of algorithms is then displayed. Click on "+ Create" to create an algorithm :
A new windows opens to alow you to enter the settings of your algorithm :
Multiple fields are to be completed :
- Name : this field is to enter the name you wish to give to your algorithm,
- Type : you need to select the type of algorithm you want to set up. For a replenishment, you need to choose "Replenishment AI",
- Technical name : this field allow you to choose the algorithm used to predict product sales, here you need to select "Genereic replenishment",
- Active : check this box to activate your algorithm once the settings are done,
- Predicting coverage period : with this setting, you select the number of days that the order recommendation should cover. For example, if you place your orders every 15 days, you need to enter 15,
- Frequency of calculation : in this fieeld, you have to enter the delay (in dyas) between every update of calculations. The minimal value is 1, we recommend you to use this value to update your calculation everyday,
- Period hisroty of computing : this field allows you to enter the number of days of history used to calculate product detail indicators (quantity, turnover, rotation, stockouts, renonciation, min / max recommendation),
- Respect Min / Max : if this option is checked, the replenishment will not exceed the maximum order quantity informed and cannot be lower than the minimum. Be careful though, if the maximum quantity is too close of the recommended quantity by the algoritghm, it is possible that no conditioning is suitable, depending on the logistic units available for the products,
- Replenishment method : choice of the method between superior, inferior and percentage.
The replenishment methods allow you to select the most optimal method of calcualtion to select the conditioning to fit better your needs :
- Superior : this method use the bigger available conditioning to reach the algorithm recommended quantity. Be carfeul though, if only big conditioning are available, it is possible that the recommendation of order is far from the recommended quantity,
- Inferior : with this method, all conditioning (from the biggest to the smallest) can be used to reach the recommended order quantity, without going over it,
- Percentage : if you choose this method, a new field "Value Percentage" will be displayed. In this field, you need to enter a percentage, which will be used to calculate a margin allowing to limit the overtaking of the recommendation during the choice of conditioning, using the same method as the superior method. For example, if the recommended quantity is 500 and th echoosed percentage is 10, the combination of conditioning proposed will be between 500 and 550 is possible. Be careful though, if the percentage is too small, it is possible that no conditioning is suitable, you will therefore not get any conditioning proposal.
Once your algorithm configured, you will be able to consult the list of recommended products to order, and place your orders with the help of artificial intelligence. To know how to proceed, read this tutorial.
We can make custom algorithms for your business. For more information on this subject, please contact the Monstock teams: email@example.com.