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How can you improve inventory control with technology?

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Inventory control is a vital process for any manufacturing business that wants to optimize production, reduce costs, and meet customer demand. However, managing inventory manually can be time-consuming, error-prone, and inefficient. Fortunately, technology can offer various solutions to improve inventory control and make it more accurate, responsive, and agile. In this article, you will learn how you can use technology to enhance your inventory control in four ways.

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Vignesh Kumar

Manufacturing Sourcing & Exports of Engineered Components | Industrial Fasteners | Assembly Consumables | Custom CNC…
Harsh Bhatia

Strategic Production & Manufacturing Leader | 28+ Years Driving Efficiency & Growth at DEE Piping GM ( Operation) /…
Premshankar Kushwaha

Full-stack development & Business Analyst (Business Development Manager)

1 Automate data collection and analysis

One of the main challenges of inventory control is collecting and analyzing data from multiple sources, such as orders, sales, shipments, and suppliers. Manual data entry and processing can lead to delays, inaccuracies, and inconsistencies. Technology can help you automate data collection and analysis by using tools such as barcode scanners, RFID tags, sensors, and software systems. These tools can capture and transmit real-time data on inventory levels, locations, movements, and conditions. You can also use software systems to integrate data from different sources and generate reports, dashboards, and alerts that can help you monitor and manage your inventory.

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Vignesh Kumar

Manufacturing Sourcing & Exports of Engineered Components | Industrial Fasteners | Assembly Consumables | Custom CNC Cutting Tools | Partner & Founder at CNV Engineering | Co Host The Masters Edge Podcast???
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Automate POs: Based on planning dept. requirements, auto-send POs to vendors. Fixed Need-By Dates: Include estimated lead times plus a 10-day buffer in POs. Advanced Shipping Notices (ASN): Require suppliers to send ASN and invoices before dispatch. Automated Alerts: If receipt isn't logged by expected date, trigger emails to suppliers. Lead Time Analysis: Compare actual vs promised lead times; update planning team bi-monthly. Variances: Review significant lead time discrepancies with suppliers. Inventory Optimization: Use this data-driven approach for efficient inventory control and warehouse space utilization. This strategy effectively integrates technology to enhance inventory management, ensuring efficiency and cost-effectiveness.

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Premshankar Kushwaha

Full-stack development & Business Analyst (Business Development Manager)
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Embracing Technology for Efficiency In the ever-evolving landscape of business, effective inventory control is a cornerstone of success. The marriage of technology and inventory management has transformed the way businesses operate, providing unparalleled efficiency and accuracy in tracking and managing stock. **1. Automated Inventory Tracking Systems: Say Goodbye to Manual Errors: Real-Time Visibility: **2. Barcode and RFID Technology: Streamlined Processes: Efficient Audits: **3. Predictive Analytics for Demand Forecasting: Anticipate Needs: Optimize Stock Levels: **4. Cloud-Based Inventory Management: Accessibility and Collaboration: Data Security: **5. Integration with ERP Systems:

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Martin Da Fieno

Professional in Data Analysis and Procurement
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Data Analysis can help improve tremendously inventory control practices. Monitoring your Cycle counting and consumption can determine your level of merchandise rotation, can help you control better your MIN/MAX levels and also determine which products has low movement.

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2 Implement demand forecasting and planning

Another challenge of inventory control is predicting and planning for future demand and supply fluctuations. If you overestimate demand, you may end up with excess inventory that wastes space, money, and resources. If you underestimate demand, you may face stockouts, backorders, and lost sales. Technology can help you implement demand forecasting and planning by using tools such as artificial intelligence, machine learning, and cloud computing. These tools can analyze historical and current data, as well as external factors, such as market trends, customer behavior, and seasonality, to generate accurate and reliable forecasts and plans. You can also use these tools to adjust your forecasts and plans dynamically based on real-time data and feedback.

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Harsh Bhatia

Strategic Production & Manufacturing Leader | 28+ Years Driving Efficiency & Growth at DEE Piping GM ( Operation) / Plant Head | Expert in On-time Project Delivery, Cost-Saving,Team-Building
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Effectively managing inventory in the iron industry involves the challenge of allocating and replenishing products across multiple locations. Technology, including optimisation algorithms and inventory management software, plays a key role. These tools analyse data to determine optimal quantities and locations for each iron product. For instance, increased demand in a region prompts the system to suggest allocating more inventory nearby. Automation ensures timely replenishment, reducing the risk of stockouts and excess inventory. This approach allows for a balanced and cost-effective inventory management strategy across warehouses, distribution centers, and retail outlets in the iron industry.

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3 Optimize inventory allocation and replenishment

Another challenge of inventory control is allocating and replenishing inventory across multiple locations, such as warehouses, distribution centers, and retail outlets. You need to balance inventory availability and accessibility with inventory costs and risks. Technology can help you optimize inventory allocation and replenishment by using tools such as optimization algorithms, simulation models, and inventory management software. These tools can help you determine the optimal inventory levels, locations, and routes for each product and each location. You can also use these tools to automate inventory replenishment triggers and orders based on predefined criteria and rules.

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4 Enhance inventory visibility and traceability

Another challenge of inventory control is ensuring inventory visibility and traceability throughout the supply chain. You need to know where your inventory is, how much you have, and how it moves from source to destination. You also need to track and verify the quality, safety, and compliance of your inventory. Technology can help you enhance inventory visibility and traceability by using tools such as blockchain, Internet of Things, and smart contracts. These tools can create a secure, transparent, and immutable record of every inventory transaction and event. You can also use these tools to verify the authenticity, origin, and condition of your inventory and to enforce contractual obligations and regulations.

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5 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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How can you improve inventory control with technology?

1

2

3

4

5

1 Automate data collection and analysis

2 Implement demand forecasting and planning

3 Optimize inventory allocation and replenishment

4 Enhance inventory visibility and traceability

5 Here’s what else to consider

Manufacturing

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How can you improve inventory control with technology?

1

2

3

4

5

1 Automate data collection and analysis

2 Implement demand forecasting and planning

3 Optimize inventory allocation and replenishment

4 Enhance inventory visibility and traceability

5 Here’s what else to consider

Manufacturing

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