Transforming the Supply Chain World with an Inventory Management System

In today's centralized world of business, managing stock is crucial to guarantee an uninterrupted flow of goods. Tracking systems help to track inventory levels, and workflows and provide information for making decisions by discretion to meet customers’ demands.

 

First, let us take a little detour and define what an Inventory Management System is.

An inventory management system refers to a technological application as a tool that is used to control the stock and related requirements in an organization. These systems include stock control and monitoring, orders control and management and reordering systems which help eradicate most manual errors.

 

Inventory tracking systems as a concept

 

Inventory tracking system enhance the use of bar codes, RFID and IoT sensors applied in real-time to give adequate stocks. This means that the products can be accurately monitored in the supply chain network right from the warehouses to distribution centres and even retails shops.

 

Key benefits include:

 

Improved Accuracy: Reduced variations between the records of stocks.

 

Faster Fulfillment: There is a need to ensure that orders and deliveries are processed effectively.

 

Cost Savings: Less overstock and understock challenges.

 

Demand Forecasting: Analyzing data to determine demand on the inventory in the future.

 

The affirmative interface of the network with Supply Chain Technology

 

Current supply chain technology involves linking inventory management systems with other supply technologies. This integrated network gives a full coverage solution that can be responded to in case of disruptions and allows for the best practices to be implemented in supply chain management.

 

Inventory management in the future

 

The new generation of technologies that include artificial intelligence, blockchain and predictive analysis is revolutionising inventory management. They aid bin better forecasting of supply and demand, decision support, and optimised interaction with different partners in the value chain.

 

When gaining better control of its inventory, businesses are able to manage costs and efficiently run a supply chain system in the current market that is constantly changing. They can track their operations in real time and get data to know they are up to the task.

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3 Reasons Why a Management Software System Could Be Your One Stop Solution for Inventory Management and Control

Managing the inventory of your brand has become infinitely simpler with the advent of an inventory management system, a software specifically designed to efficiently manage, control, and optimize the inventory. What is inventory management software you ask?  This is a digital platform where you can keep track of even the minutest details concerning your manufactured products being stocked in the warehouse, order picking, shipping, etc.  And there is a very valid reason why this software system plays such a crucial role in inventory management and planning. Read on to find out some of the biggest advantages of implementing a supply chain technology like inventory management systems. 

Automated Control: The biggest perk that tops this list is the automated inventory management and control that these software systems offer. An automated system is not only free of human errors but is also much more precise and quicker when it comes to managing the warehouse and the stocked goods. Once the setup is complete, inventory management systems require almost zero manual assistance and can perform multiple tasks simultaneously without making mistakes. 

Inventory Predictions: Holiday seasons see a sudden rise in the sales of some specific items. While bells and candles are sold in bulks during Christmas, the summer season sees a steady rise when it comes to indoor swimming tubs and coolers. One of the greatest advantages that an inventory management system provides you with is predicting or forecasting these troughs and crests of sales. That way you can be prepared with fresh stock at the right time.

Reduction In the Overall Business Costs: Inventory management is all about the able and efficient handling of the inventory, warehousing, and order pick-ups. By reporting which items you already have at the storage unit and which products need to be restored, inventory management systems save time and money. With a more optimized operation, the number of helping hands required is also reduced. Both these features finally can reduce production costs by a pretty broad margin.

Why it is good to have Inventory Management?

Inventory management is a system that permits you to comprehend the amount of stock you possess and where it tends to be found. These materials are much of the time kept in an enormous distribution centre, and that implies that they aren't continuously going to be readily available. Accordingly, you will require some sort of inventory management system to make your item and boat it really.

Tragically, few out of every odd business will use this sort of system to its maximum capacity. We should take a gander at why you really want decent Inventory Management and every one of the manners in which it can help your organization.

Consumer loyalty

The relationship you work with your clients drives them toward rehash business. A client will possibly utilize your administrations in the future in the event that they have a decent encounter, and you will require a quick Inventory Management system to accomplish this.

A client that is feeling the loss of a specific piece of your item will require it supplanted right away, and you can meet these objectives assuming you have a broad guide of where everything is. Accordingly, inventory management can assist you with settling client questions and issues as fast as could really be expected so you can keep on remaining friendly with the people who utilize your administration. You can also use Supply Chain Technology for growth in business.

Setting aside Cash

Requesting stock is a cautious cycle, one that will set you back more cash than it is worth on the off chance that you make a blunder. Normal blunders in stock management come from misconceptions about the amount of a particular thing you want or request excessively. The main way you can make these mistakes is by not having a fair inventory management system set up. Inventory management will give you a fast reference manual for the amount of stock you now possess, making requesting simpler and setting aside your cash simultaneously.

How can an inventory management system help companies?

Inventory management will aid companies in calculating the amount and type of stock that should be ordered at a particular time. Right from the purchase of raw materials to the sale of goods, it can track inventories. This practice aims to respond and identify trends for ensuring there's ample stock to meet contingencies and shortages and fulfill customer requirements.  To convert inventory to revenue, you'll have to sell your goods. The inventory management system is vital for an organization's health as it can ensure there isn't too little or too much stock on hand. Consequently, this can discard the risk of inaccurate stock records or stocks running out.

Benefits of Inventory Management System

The major benefits of an inventory management system can be identified as maximizing revenues, generating additional profits, and fulfilling orders. Inventory management can save money and time by allowing you to understand the stock trends prevailing in the market. Consequently, you can get better insights into where and how much amount of stock you have. It, in turn, will allow you to use the amount of available stock properly by alleviating wastage. It can ensure you don't have to store excessive amounts of stock at locations like storehouses or warehouses. You'll now be able to gather stocks from anywhere for fulfilling consumer orders. It can decrease the costs related to inventories and the stocks that are more likely to go unsold before turning obsolete. With a proper inventory management system in place, you can spend extra money on inventories that tend to sell. So, this can improve your business's cash flow as the cash movement is constant. Besides, it can satisfy consumers as it ensures your consumers can get their products on time at an affordable rate.

Dispatch management systems are created to automate the scheduling and routing process. It can provide a simple technique for coordinating deliveries and routes efficiently. On the other hand, handling these processes can give rise to expensive errors while consuming much time. You can combine your logistics and transportation solutions with supply chain solutions

Transportation management system for your business

A transportation management system is a software that helps plan, execute and optimize the movement of goods. It is an ideal addition to the logistics system in your business. The goals of the system are to improve the efficiency in shipping, reduction of costs and get real time visibility of the goods. Some of the top retailers like Amazon have the system in place. It reduces time, effort and cost.

The advances in technology have made it possible for businesses to have complete control over the supply chain cycle. An order management system will help manage the orders with ease. Whenever a consumer places an order, the software will identify the product and pick it up. Depending on the warehouse it is located in, the product will be picked up and will be transferred to the transportation management system. 

Once the product is shipped from there, it will be updated in the inventory management system. Businesses no longer need to update the books by themselves. With the adoption of latest technology, it is possible to automate the entire process. You can keep a constant watch on the movement of goods but there is nothing you need to do yourself. Even the cancellation of an order or return of a product is appropriately dealt with by the software.

 

It is a tried and tested form of automating business. It is very important that business owners adopt technology to ensure quick and easy movement of goods. Gone are the days when books of accounts and inventory were updated manually. The latest software will reduce effort, save cost and increase efficiency. Now is the time to update the logistics system in your business. Contact Advatix, an expert supply chain provider, they have several years of experience and expertise in the industry. They will create a customized supply chain solution fit for your needs.