Are you running an eCommerce portal? Are you a manager or supervisor in a factory where large numbers of small tools are used by workers? No matter the nature of your business, inventory management is a crucial aspect of the business. It has a big impact on the way raw materials or tools are ordered, stored, and used. If you have good knowledge about the inventory, ordering and manufacturing become smooth and seamless without any wastage. In this article, we shall understand how technology can be used to effectively manage your business inventory in a more organized manner.
RFID Technology
Radio Frequency Identification is a technology that makes it possible for each product in different categories to be located and tracked easily for better inventory management. RFID tags have become very popular and benign used in all sorts of industries for seamless inventory management today. In this system, a radio device is tagged to each product in the retail store or warehouse, and products are individually scanned for quick and simultaneous data entry into a computer. This technology obliterates human counting that is full of errors as it is digital.
Use of Tool Management Software
In industries where large numbers of small tools are used and also shared by multiple workers at different locations, it becomes a headache for the manager to keep track of these tools. To help business owners, many tool tracking software is available in the market. As the name implies, such software identifies the location and quantity of tools with the help of an in and out barcode scanner Businesses can choose from a wide variety of tool management software available in the market according to their requirements and features of the program.
Using Robotics for Inventory Management
Autonomous robots are being used inside large warehouses to perform picking and packing functions these days. Smart robots work in conjunction with software to make warehouse management smooth and hassle-free. Joint ventures between robot manufacturers and warehouse management software makers are coming up with tailor-made solutions for inventory management for warehouse owners. Large e-commerce portal owners are benefitting from this new technology as they are finding it easy to handle large volumes of orders. These advanced robots are capable of performing complex functions such as personalized packing and more efficient shipping. Customers are free to choose custom software and robots to receive the desired level of inventory management.
Barcoding Technology
Barcoding individual products in different categories is an old but highly effective technology of inventory management in a retail store. When you go to a shopping mall, you find a sticker carrying a specific barcode attached in the form of a sticker to every product. The product gets scanned at the time of making an invoice and automatically deducted from the inventory of the store to enable the owner to know the number of products in all categories at a glance. The gun or the physical scanner is always synchronized with inventory management software installed in a computer. Computers at different locations are connected to the main computer with the help of the internet to allow the business owner to know the accurate condition of stock at any point in time.
Techniques of Inventory Management
Besides modern technology, many interesting techniques of inventory management are used by businesses to avoid overstocking, spoilage, and overspending on the storage of stocks. These techniques help in improved cashflow as capital is not locked on excess inventory. Through improved and more efficient inventory management, a business can achieve higher sales and more profits. Some of these techniques are as follows.
- Setting par levels
- First In First Out (FIFO)
- Management of relationships with suppliers
- Regular auditing
- Prioritizing products based on their value
Inventory management is as important as the sale and shipping of products in any business. Inventory management can be made smooth and efficient through the use of technology. You can choose the technology and technique of inventory management according to your budget and specific requirements.