Inventory Management – Significance and Challenges
Inventory management & control is critical aspect of every industry—manufacturing, retail, healthcare and others. In manufacturing, inventory management has direct impact on the efficiency of operations in the shop floor while in retail industry, maintaining the right level of inventory is necessary to ensure availability of goods to customer and pre-empt customers’ switch over to alternate sources due to non-availability of goods. Traditional approach of pro-active procurement and maintaining buffer inventory without considering other dynamics can be an expensive proposition. These challenges necessitate exploring more efficient methods for inventory management and control.
Smart Inventory Management solution is exactly designed for addressing the above challenges and achieving the overarching objectives of optimum working capital, efficiency and customer satisfaction. If your operations involve inventory tracking, be it in Warehouse, Factory Stores or Manufacturing, then this product is for you. This enables you to efficiently track status of inventory from anywhere, identify inventory requirements in advance, get alerts on reaching predefined levels, inventory movements, etc. in real time without waiting for reports. The solution is built around a Smart shelf with embedded tracking for items stored or moved. The data is uploaded to cloud in real time for remote access through a Web Application or Android App on a Smart phone. With a highly configurable application, the solution can be customized based on the deployment scenario.
| Key Features | Benefits |
|---|---|
| Built around IOT and Embedded Technology with Cloud Applications -Real Time Availability of Information for tracking consumption, movement of inventory. Configurable alerts based on specific requirements. | Automated inventory monitoring – more accurate information, less prone to manual errors, improved efficiency. |
| Web Application and Android Application. Role based access to functions | Easy access to information from anywhere with no waiting for formal reports. |
| Built-in Analytics and Visualization – Effective replenish time, consumption pattern, inventory availability vs BOM requirements, etc. | Fine Tuning of Procurement process based on data on lead times, price variations, consumption, etc. Storage based on demand – enable optimum distribution between locations. |
| Can be customized for specific requirements and integration with other applications such as procurement, order management, etc. | Enable automation of related processes achieving better efficiency. |