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Retailer's Guide: Top 5 Stock Optimization Software Review 2022
Academy

Retailer's Guide: Top 5 Stock Optimization Software Review 2022

12 min read
Helen Schepanyk
Helen SchepanykProduct director
Best stock optimization software

*This article is based on our research and market feedback.

A balance between working capital, operating costs and optimal service level is what every successful business strives for. Along with this, it is vital for companies to spend their time and effort on the areas that bring the most value. This is why inventory optimization is a challenge that every retail business faces sooner or later. 

Why exactly do you need software for automation and efficient inventory management?

If at least one of the above points applies to you, then modern software for inventory optimization based on ML and AI will greatly increase the profitability of your business.

The software gives you access to accurate data so you can make informed decisions and helps you balance the amount of inventory you need to have on hand to meet your company’s goals, while allowing your managers to move away from routine tasks and devote more time to strategic business development.

A quality inventory optimization software solution will allow you to:

However, the biggest benefit of optimizing your inventory is the increase in working capital. You will have much more money to invest in other important aspects of your organization, saving money on surplus.

Here is a list of the TOP 5 most popular retail stock optimization solutions in 2022.

LEAFIO Inventory Optimization 

https://www.leafio.ai/inventory-optimization-solution

LEAFIO has been implementing cloud-based retail solutions for over a decade, accumulating in its solutions experience of implementation and use for more than 160 companies around the world.

Leafio Inventory Optimization software covers all the necessary components of the inventory management process, leaving no "blank spots" in retail business processes. The cloud SaaS-solution is equipped with a demand forecasting module and takes into account atypical and seasonal fluctuations in demand. Using unique algorithms, the system successfully manages various categories of goods, including fresh and ultra fresh, and also takes into account the specifics of the supply of goods for multi-echelon replenishment and stock optimization. 

Software presents a set of extremely important and useful features:

The implementation period of the Leafio Inventory Optimization takes about 6 months. With a monthly subscription, the developers strive to make the product bring maximum economic benefit to the client. Many users note that the unique feature of LEAFIO is its policy of interaction with customers. The company demonstrates a flexible approach at all stages of cooperation, providing consulting even at the end of the implementation stage with quarterly follow-up meetings. The project team is primarily motivated to produce financial results for the client at the end of the product implementation.

Users who switched to this software have enthusiastically noted that the system interface is logical, convenient and highly intuitive compared to other similar solutions. The Leafio Inventory Optimization system is suitable for retail businesses of any size and allows an unlimited number of users. 

The price of the product depends on the retailer’s number of warehouses, stores and the size of the range and offers good market value. 

RELEX Solutions

www.relexsolutions.com/solutions/automatic-replenishment-and-allocation/

RELEX is a distributor of cloud solutions for retail, wholesale and manufacturing companies.

The Relex Inventory Optimization Platform is a predictive-based automatic replenishment and allocation software. The system is designed to optimize the routine tasks of replenishing and distributing stocks of a wide variety of categories – from fresh and seasonal to new and promotional products.

Solution’s key features:

In general, users are positive about the RELEX Solutions, noting its flexibility and ability to integrate. They also note the ease of use of the interface and the ability to set up the necessary analytics (capterra.com) On the other hand, it is said that the interface of the program is not suitable for small monitors / screens, which is a significant inconvenience when used on some devices.RELEX provides accurate forecasts for products with a year or more sales history, but users complain that forecasts for new products tend to be inaccurate. (trustradius.com) The system is designed for 2 to 1000+ users, which makes it suitable for both large and small companies. However, it is also noted that a rather high price, laborious learning process, and building a system for maintaining the level of knowledge required is more likely to only be affordable for larger corporations.

Slim4 by Slimstock

www.slimstock.com/solutions/inventory-optimization/

Established in 1993, Slimstock is a rather experienced inventory optimization provider in Europe. Slim4 is a complex solution for forecasting, demand planning and inventory management. The software operates on the basis of exception management, which is supported by clear analysis. Therefore, in supply chains, inventory will be delivered at the right time, to the right place and in the right quantity.

Modules that can be added to the basic Slim4:

Although there are some positive reviews on capterra.com about the Slim4 from Slimstock, for example, about regular updates and a high level of staff service from the provider, some users still noted a number of shortcomings. These include complaints that the system is not flexible enough and has difficulty in adapting to the needs of a particular business. Users also talk about a rather complex learning process and the complexity of the system itself (it is not always intuitively clear what this or that element is for), which is also reflected in the 4 of 5 rating for ease of use. It is also noted that the price of the product and technical support is quite high, but this is partially offset by the quality of service and the attentive attitude of the provider's representatives.

Symphony RetailAI

www.symphonyretailai.com/supply-chain/inventory-management/

Symphony RetailAI presents itself as a company that has been implementing innovative solutions based on artificial intelligence, machine learning and voice control technologies for more than 30 years to improve the efficiency of various operations in companies in the FMCG and CPG sectors. Symphony’s solutions provide retailers with prescriptive information and guidance. Pre-packaged AI solutions leverage the predictive intelligence of CINDE and the power of the Eureka platform. 

This on-premise product also offers a number of features for inventory optimization: 

The company is an experienced player in the market for providing software for automating retail business processes. Some users note the rationality and clarity of the product’s architecture. However, it is important to note that the inventory optimization system from Symphony RetailAI is only an on-site solution unlike the rest of the SaaS-based solutions on this list. Despite all the intuitiveness of the software architecture, this fact will certainly affect the flexibility and adaptability of the system for some retail businesses. Also, products like these have limited or even a complete absence of after-sales customer support, which is clearly not an advantage in a dynamically developing market.

Tools Group

www.toolsgroup.com/solutions/inventory-optimization-software/

Tools Group is a provider of supply chain planning software for companies experiencing demand volatility. The solution ToolsGroup Service Optimizer 99+ uses self-adapting demand and inventory models to automatically determine the optimal mix of inventory in a multi-echelon supply chain to improve service levels while minimizing inventory and reducing costs.

Software features:

According to users’ feedback on G2.com, Service Optimizer 99+ can provide reasonable forecast accuracy and inventory optimization if properly implemented and managed. They note that although the internal reporting tool is really good, the data in the database is somewhat scattered. This makes it difficult to view certain kinds of data together. For example, it is not possible to view inventory targets, supply targets, historical demand and forecast in the same interface, or at least additional configuration is required.

Users also note that despite the fact that the company tries to perform at least one update per year, the frequency of updates for cloud clients is below average, since it is mainly driven by the needs of individual customers.

Conclusion

Understanding how much inventory you need to meet customer demand and release frozen working capital is the first step in implementing an inventory optimization strategy. In this challenging task, it is extremely important for a retailer to find a partner who will be focused on the financial goals of the business and not just selling a ready-made solution. In a dynamic retail market, it is very important to receive timely updates and qualified expert advice. An inventory optimization system will benefit you in all areas: correctly evaluating current inventory, minimizing excess inventory, and freeing up funds for use in other vital areas of your business. An inventory optimization system will certainly save you a significant amount of money and help your company prosper. 


Helen Schepanyk
Helen SchepanykProduct director

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