The key to running a successful retail or services business is to maintain clear visibility of your inventory stocks across all locations. If your business deals with large numbers of inventory items in warehouses spread across multiple locations. When you do not have stock visibility across these locations, your business operations get drastically hindered due to inconsistencies in your inventory and supply chain logistics.
Is your business facing the following challenges?
- Inaccurate stock data
- Inconsistent inventory tracking
- Irregularities in services due to stock shortages
- Rising costs of materials due to supply chain shortages
- Inventory errors and wastage due to manual documentation processes
If yes, then your business is in dire need of a scalable smart inventory management system.
What is a Smart Inventory Management System?
A smart inventory management system is an inventory solution that leverages the power of the Internet of Things (IoT), machine learning, analytics, RFID tracking, motion detectors, etc., to manage inventory and monitor item usage. The inventory system is designed to meet your business inventory needs. It collects data in real-time and gives you updates on details like the location of your goods, their availability, condition, and shipment status. This enables you to maintain optimal inventory levels at all times and ensure there is no disruption in your services. With a smart inventory solution, you get 360-degree warehouse visibility. You can streamline your inventory handling through the entire distribution cycle with minimal human intervention and eliminate manual errors.
Advantages of a Smart Inventory Management System
- Real-time Inventory Visibility
- Optimized Inventory Management
- Avoiding Supply Chain Disruptions
- Better Customer Satisfaction
- Avoiding Over stocking or Wastage of Inventory
Top Features of a Smart Inventory Management System
- Forecast Demand: When you have an efficient inventory management system in place, you can plan your inventory orders accordingly and replenish items that are low in stock regularly. On top of that, you have detailed analytics of your stock usage and anticipate future inventory needs.
- Avoid Delays in Shipments: When you are planning and anticipating your inventory needs, you are always ordering items in advance. So, when there are supply chain disruptions or delays in shipments, you always have a buffer time. Even if your inventory stock is delayed due to a disruption, this delay will not affect your services. On top of that, you cut down wait times and delight your customers with swift services.
- Reduce costs: Detailed analytics of inventory items and their usage will give you an idea of which items are unused or less in demand over the year. So, when you place fresh orders, you can plan and reduce the wastage of stock. Additionally, when your inventory is efficiently stocked based on your demand forecast, you seldom need to fast order items and thereby, you can save on extra shipping charges.
- Better workforce productivity and collaboration: Your teams will have clear visibility of the inventory stock at all times. Thus, they will not have to wait around for updates on stock availability. Their time will be spent on productive tasks rather than having to track down inventory items.
- Automatic stock replenishment: You can automate replenishment of your inventory stocks by setting up processes within your inventory management system. Every time your inventory stock levels fall below the specified threshold, new orders can be automatically be placed. This would eliminate all the manual intervention needed to maintain stock levels and ensure that your teams are always well-equipped to deliver efficient services to your customers.
Smart Inventory Management System by N-Smart
N-Smart delivers best in class, customizable inventory solutions to businesses and enables them to automate all their inventory management processes.
Top benefits of the n-smart inventory management system:
- Highly customizable
- Cloud-based solution
- Accessible from anywhere, anytime
- High-level data security
Read more on how n-smart delivered the ultimate inventory management solution.