Introducing AI-powered Production Planning from Peak

Production Planning is a key new capability within Peak’s Inventory AI product. It bridges the gap between finished goods inventory management (Dynamic Inventory), raw material management (Reorder) and the effective stocking of products.

What does Peak’s Production Planning software do?

Production Planning generates AI-powered production plans, with intelligent machine learning algorithms determining precisely what to manufacture, how much and when. These take into account business-specific guardrails and processes, as well as highly-relevant factors, such as demand forecasts, stock levels, production capacity and production cycle times.

It allows businesses to optimize their production efficiency, recommending daily or weekly production quantities and providing product prioritization suggestions — all aimed at enabling manufacturers to meet customer demand while minimizing their stock holding costs. With a customizable planning window that extends months in advance, businesses can effectively manage raw material procurement, labor planning and other preparations.

What are the benefits of Production Planning?

Production Planning ensures that the right products are available at the right time, improving service levels and ensuring customer expectations are met in the most efficient way. And, by reducing wastage that occurs through overproduction and missed sales from underproduction, manufacturers will benefit from increased profit margins and more sustainable production processes.

It also keeps manufacturers one step ahead of their competition, ensuring that customer demand can be met ahead of competitors. Increased agility from AI-powered production planning means that businesses can quickly adapt to changing demand and gain a competitive advantage.

How does Production Planning work?

This exciting new Inventory AI capability leverages sophisticated machine learning algorithms to analyze historical data, current real-time signals and a wide range of external factors to produce accurate demand forecasts and optimal production recommendations. Its key features include…

• AI-powered recommendations: Peak’s AI provides clear guidance on production quantities, schedules and product prioritization

• Configurable planning: Businesses can set the granularity of their production plans (daily or weekly) and customize the planning horizon to align with their specific needs

• Easy-to-use interface: The intuitive interface provides visibility into key production KPIs, allowing users to easily monitor and adjust plans
• Seamless integration: Production Planning integrates directly with existing ERP and other business systems for streamlined data flow and execution

Peak’s Production Planning capabilities empower manufacturers to move beyond outdated and inefficient planning methods. By harnessing the power of AI, businesses can now optimize their production processes, improve service levels, reduce waste and ultimately drive greater profitability.

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.

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.