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How is Technology Influencing Inventory Management?

By Logistics Tech Outlook | Wednesday, July 08, 2020

Inventory is a company’s most treasured asset, which makes inventory management a critical issue. 

Fremont, CA: With the company’s expanding to reach the global marketplace, the complexities are growing, resulting to a demand for a specialized solution to ensure a reliable supply and an efficient supply chain. Today’s inventory management technology helps the decision-makers to understand how their inventory is working as it moves in the distribution chain. With the possibility to identify patterns, track shipments, and fulfill orders efficiently, companies can better their growth potential, lessen the risk, and enable new efficiencies that satisfy all stakeholders, from the factory floor to the customer’s door. Here are some necessary inventory management tools to embrace.

Inventory software

Regardless of what industry one operates in, reliable inventory software is crucial to the process. Starting from the easiest iterations to the most complex one, an inventory software should provide a view of the stock at a glance while monitoring incoming items, pricing, cost, sales, expiration dates, distribution channels, and more. An advanced version of inventory tracking software will be able to count items independently. It will also inform companies about any anomalies, and the best in class will also help in predicting the future and optimizing distribution throughout multiple channels.

Top 10 Inventory Management Solution Companies - 2019RFID Tags and IoT Sensors

RFID technology helps in improving the inventory accuracy by 98 percent while reducing costs and improving efficiency from end-to-end, along with enabling automated processes and creating new capabilities that drive profits. Generally, inventory counts are done periodically, either monthly, weekly, or according to the given use case. RFID tags and IoT sensors work hand-in-hand to simplify the inventory process, providing accurate counts in an instant, eliminating errors, and helping you to reallocate human capital to higher-value tasks.

Robotics Technologies

Use of robot pickers in a warehouse helps to optimize the fulfillment process by giving a reliable and precise way to pick and pack orders for shipments. Considering the benefits of robotic technology, robots don’t take breaks or vacations. They can work for longer hours and carry heavier loads, lessening workplace injury, and boosting productivity in the process. 

See also: Top IoT Companies

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