Inventories can be in the form of property, goods in stock or the contents of a building. Keeping them safe is a core concern of retailers, irrespective of industry and size. Effective control of your inventory serves tp protect you from external factors that can hinder the supply of goods. If you can provide a steady supply of stock irrespective of the external conditions that may affect sales and supply, you have a far better chance of attracting and building strong relationships with key customers.
Over the years, supply chain networks have become more and more complex, there is the crucial need to provide an augmented and enhanced supply chain technology solutions to meet the changing needs. With technology based solutions, the needs of manufactures, distributors and retailers can be met leading to a positive influence on business both direct and indirect.
However, supply chain can never be sfficient if inventory is not managed properly. Inventory is one of the most valuable assets a company owns. Personal that manages and operates the inventory must understand that keeping it safe and secure is crucial to the survival of the business.
Some problems can cause with the management of your inventory. Some occur frequently and you need to avoid them as much as possible. Problems in the form of inaccuracy with details and information about your business and inventory, ineffeciency from disorganization and poor distribution system, damages, shrinkage from a blend of theft, shoplifting, vendors fraud and human error. Proper management of your inventory can reduce and may even completely eliminate all of the above.
You need to have a system that can provide information to efficiently manage the flow of materials, utilization of efforts/resources and its proper synchronization. Not necessarily take decisions on operations. The use of latest technologies like RFID, Barcode and GPS, etc. that can work as key enabler to improve the process are good options..
Cycle Count and Reconciliation: This means maintainance of appropriate counting cycles and inventory reconciliation to avoid surprises.
Auto Tracking: The use of advanced technology allows the auto tracking of inventory. It increases the efficiency of the process by maintaining and keeping accurate stock records.
Real Time Location for Retrival: This helps in tracking and retrievals of inventories. Not only does it update system for dispatches, it also keeps track of the movement of inventory as it's being transported from one place to another.
Anti-Theft: It provides inventory safety by restricting the access of unauthorized personnel to your inventory. This prevents theft and the likes, once the access is bridged, an alert is sent to the controller.
A proper inventory management system should be able to give notifications when there is any mismatch in the items dispatched. It should ensure that there is always enough supplies or stock on hand to meet the requirements of customers and maintain a balance between an excessive and deficient inventory.
Inventory management is indeed a difficult task to manage even with experience. Businesses have varying cultures and systems which would greatly affect the way things are done. However, with effective managerial skills, it would probably be an easy task.