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What technological skills does an inventory manager need to stay competitive?

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Inventory management is the process of planning, organizing, and controlling the flow of materials and goods from the source to the end user. It involves various tasks such as forecasting demand, ordering supplies, tracking inventory levels, optimizing storage space, and minimizing waste and costs. To perform these tasks effectively and efficiently, an inventory manager needs to have some essential technological skills that can help them stay competitive in the market. In this article, we will discuss what these skills are and how they can benefit an inventory manager's career.

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Shoaib Afridhi Syed, CSCP

BASF | MIT | OMP Consulting | APICS CSCP | Supply Chain Digital Transformation

1 Data analysis

Data analysis is the ability to collect, organize, and interpret data using various tools and methods. It helps an inventory manager to understand the patterns, trends, and insights that can inform their decisions and actions. For example, data analysis can help an inventory manager to forecast demand accurately, identify optimal reorder points, reduce stockouts and overstocks, and improve customer satisfaction. Some of the tools and methods that an inventory manager can use for data analysis include spreadsheets, databases, statistical software, data visualization, and business intelligence.

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Bassem Maher, MBA

GB Corp-Accountant Section Head - MBA Eslesca Business School
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In my experience i used descriptive analytics to monitor our inventory turnover and performance to avoid the stockout I'm glad you asked me to write sentences for inventory data analysis. Inventory data analysis is the process of using data to optimize inventory management and improve business performance. Here are some examples of sentences that you can use for inventory data analysis - To reduce storage costs and avoid stockouts, we use inventory analysis to determine the optimal reorder point and safety stock level for each product category - We use diagnostic analytics to investigate the root causes of inventory issues and find solutions.

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2 Inventory software

Inventory software is the application that helps an inventory manager to automate and streamline the inventory management process. It enables an inventory manager to monitor and update inventory levels, track inventory movements, generate reports, and integrate with other systems such as accounting, sales, and logistics. Inventory software can also provide features such as barcode scanning, RFID tagging, inventory optimization, and inventory auditing. Some of the popular inventory software platforms include Zoho Inventory, QuickBooks, Odoo, and TradeGecko.

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Shoaib Afridhi Syed, CSCP

BASF | MIT | OMP Consulting | APICS CSCP | Supply Chain Digital Transformation
(已编辑)
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???? Inventory systems are often black boxes to the planners/end-users. ???? For the end-users to trust the inventory systems, it is important to help them (the end users) understand at a high level what is happening under the hood. ???? For Example, understanding the objective of the inventory optimisation algorithm along with the constraints can help planners gain trust on the system or even better, suggest improvements to the existing algorithms based on their business acumen. ???? Lastly, the incremental gains (monetory and operational) by adopting and trusting the system needs to be demonstrated to the planners to cement their faith in the system, and shared with the wider audience.

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3 Cloud computing

Cloud computing is the delivery of computing services such as storage, processing, networking, and software over the internet. It allows an inventory manager to access and use inventory software and data from any device and location, as long as they have an internet connection. Cloud computing also offers benefits such as scalability, flexibility, security, and cost-efficiency. For example, cloud computing can help an inventory manager to adjust their inventory capacity according to demand fluctuations, backup and restore their inventory data easily, protect their inventory data from unauthorized access, and pay only for the resources they use.

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4 ERP systems

ERP systems are the integrated software systems that manage the core business processes of an organization, such as finance, operations, sales, and human resources. They help an inventory manager to coordinate and optimize the inventory management process across different departments and functions. For example, ERP systems can help an inventory manager to synchronize inventory data with accounting data, automate inventory transactions with sales orders and invoices, and align inventory planning with production planning and scheduling. Some of the common ERP systems include SAP, Oracle, Microsoft Dynamics, and NetSuite.

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5 IoT devices

IoT devices are the physical devices that are connected to the internet and can communicate and exchange data with other devices and systems. They help an inventory manager to enhance the visibility and control of the inventory management process. For example, IoT devices can help an inventory manager to track inventory location and condition in real-time, monitor inventory quality and performance, and alert inventory issues and anomalies. Some of the examples of IoT devices that an inventory manager can use include smart sensors, RFID tags, GPS trackers, and smart cameras.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Sheikh Muhammad Danial

Supply Chain Operations | MNCs & Startups
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Automation tools refer to software and technologies designed to perform tasks or processes without human intervention. For an inventory manager, proficiency in using these tools is crucial for streamlining operations and achieving greater efficiency. Like automated order processing systems and warehouse robotics, boosts efficiency by automating repetitive tasks. This reduces manual workload, improves accuracy, and enhances overall inventory management. The benefits include faster order fulfillment, reduced errors, and long-term cost savings.

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What technological skills does an inventory manager need to stay competitive?

1

2

3

4

5

6

1 Data analysis

2 Inventory software

3 Cloud computing

4 ERP systems

5 IoT devices

6 Here’s what else to consider

Inventory Management

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What technological skills does an inventory manager need to stay competitive?

1

2

3

4

5

6

1 Data analysis

2 Inventory software

3 Cloud computing

4 ERP systems

5 IoT devices

6 Here’s what else to consider

Inventory Management

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