Technology and its Impact on Inventory Management
Inventory is a company’s most valuable asset, which makes inventory management a critical issue. As companies expand and scale to reach a global marketplace, the complexities grow, requiring more specialized solutions to ensure a reliable supply and an efficient supply chain.
Today’s inventory management technology helps decision-makers understand how their inventory is performing as it moves through the distribution chain.
With the ability to identify patterns, track shipments, and fulfill orders efficiently, companies can improve their growth potential, reduce risk, and enable new efficiencies that satisfy all stakeholders, from the factory floor to the customer’s door.
Essential inventory management tools
Inventory software
No matter what industry you operate in, reliable inventory software is crucial to your process. From the simplest iterations to the most complex, your inventory software should give you a view of your stock at a glance while monitoring incoming items, sales, pricing, cost, expiration dates, distribution channels, shrink, and more.
The most advanced versions of inventory tracking software will count your items independently. It will also alert you to any anomalies, and the best in class will even help you make predictions for the future and optimize distribution across multiple channels.
RFID Tags and IoT Sensors
RFID technology improves inventory accuracy by 98 percent or more, reducing costs and improving efficiency from end-to-end while enabling automated processes and creating new efficiencies that drive profits.
Generally, inventory counts are done on a periodic basis, either monthly, weekly, or however it seems most appropriate given the use case. RFID tags and IoT sensors work together to simplify the inventory process, enabling accurate counts in an instant, eliminating errors, and allowing you to reallocate your human capital to higher-value tasks.
Robotics Technologies
Using robot pickers in the warehouse helps to optimize the fulfillment process by providing a reliable, accurate way to pick and pack orders for shipment.
Consider the benefits of robotic technology: robots don’t take breaks or vacations. They can work longer hours and carry heavier loads, reducing workplace injury, and boosting productivity in the process. You can run your operation with a smaller team, even though you are increasing your capacity and volume. The improved efficiencies deliver value straight back to the bottom line, supporting scale, enabling global commerce, and providing peace of mind.
Inventory management technology supports omnichannel
Optimized inventory management supports your omnichannel strategy by facilitating a unified global inventory. Supply chain visibility at this level allows you to track and locate your merchandise through every channel, no matter where it is located or what stage it’s at in the product journey.
In today’s fast-paced economy, customers continue to demand more, faster, and better services, and omnichannel is a critical component of this approach.
Companies that can offer inventory transparency and accurate pick-up-in-store services will take the lion’s share of the market. As your operations become more streamlined on the back end, you’ll be delighting customers and building a reputation for quality customer service and reliability. It’s a win-win.
Are you ready to transform your inventory management systems? Reach out today to learn more about the Mojix platform and to find out what we can do for you.
