Technology has been instrumental in improving the efficiency and effectiveness of processes in various industries. It’s especially helpful in the retail industry with everything retailers must keep track of, such as inventory, sales, and patterns in selling. Here are some other ways technology assists you in effectively managing your inventory.
Scanners and Barcode Systems
Setting up a barcode system that corresponds to the tracking software on your computer will effectively and quickly minimize errors made in the tracking process and management of inventory. A barcode system boosts operational capacity through cycling more orders more frequently. Additionally, it removes errors in the supply chain process’ front-end. Human resources is likely to make errors, and a massive warehouse full of inventory means a lot of manual data entry if you don’t have the technology to handle the data for you. Due to human error, occasionally you may get some incorrect data in your database. Luckily, barcodes and scanners help avoid this mishap of incorrect data; though the technology won’t be perfect in recording correct data, the frequency of incorrect data entering your database will be much lower.
In addition to securing the inventory management of your business, barcodes also offer security to your clients. Barcodes aid in the determination of a product that has wrong labelling, hence preventing the client from purchasing the wrong products. Moreover, barcodes can easily to be tracked. If there happens to be a break in or for some reason inventory is stolen, barcodes make it possible for you to track and determine the location of lost inventory.
RFID (Radio Frequency Identification) lets businesses track and identify products by tagging each product with a small chip that will then transmit information to a program on a company computer. The tag is typically a microchip that has digital data regarding the item. RFID uses radio waves for communication between a reading device and the tag. The reading device reads the digital data stored in the microchip and then transmits that to a computer program.
Companies can develop RFID portals that let you track supply continuously and update data when items pass through them. These portals can track massive amounts of products simultaneously and are not hindered by the quantity of items you put through them.
RFID tagging can be very beneficial in areas where barcode tagging can’t be applied. It can aid in boosting inventory security through the placement of RFID portals at exit and entry points. It can also improve quality assurance through the provision of a secondary method of acquiring data.
Digital Cloud-based Tracking
Knowing the current inventory capacity can allow businesses to undertake projects and offer services without going over the budget or incurring unnecessary expenses. Having transparency in your inventory and an understanding of what goods are unavailable allows for action to be taken to reduce problems in the supply chain downstream.
Cloud technology can help with accomplishing this and more. Obtaining a comprehensive inventory tracking system that is cloud-based will streamline all aspects of the supply chain process, like delivery, procurement, order tracking, data entry, shipping information, and invoicing. All variables are monitored in real-time and gathered in a central database, letting you access the data and review it at every process stage. This means that a company has immediate access to inventory that is in or out of stock, which can significantly boost the fulfilment of orders. Additionally, a good inventory management software combined with a PO Management Software will aid you in boosting the efficiency of the inventory management process.
Easily Deployable Mobile Devices
Even with cloud-based inventory systems, barcode systems, and RFID systems, your staff will still require mobile solutions that can easily access these systems. These include small scanners to identify and count inventory, mobile printers to print reports from anywhere, and mobile phones that can link wirelessly to the cloud-based inventory system to update you in real-time and help you manage your inventory from wherever you are.
Setting up this equipment can allow the warehouse to progressively move forward at all stages of the supply chain process. There will be no need for manual interference since all of the technological solutions are interlinked. Mobile devices smoothen tasks for controlling inventory from acquisition to delivery of inventory, adding an additional layer of item security and quality assurance, and offering your staff full, end-to-end transparency of the supply chain cycle.
The days of carrying out manual stock are over. Everything can be done online for you if you start using the right software and other technologies. Using more technology allows you and your employees to focus on other aspects of the business that require more attention and are more profitable. As you integrate technology into your inventory management process, your overall efficiency as a company and your profitability will both increase significantly.