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Your inventory management system is outdated. What are the best tools to optimize it?

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Inventory management is crucial for any business that deals with physical goods. It helps you track your stock levels, optimize your ordering and replenishment processes, and avoid overstocking or running out of products. However, if you are still using outdated tools like spreadsheets, manual counts, or paper-based records, you are missing out on the benefits of modern inventory management systems. In this article, you will learn what are the best tools to optimize your inventory management system and how they can help you improve your efficiency, accuracy, and profitability.

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Ankit Tiwari

Top 25 SC Operations Leader 2023 | Supply Chain Maverick

1 What is an inventory management system?

An inventory management system is a software application that automates and integrates the various aspects of inventory management. It allows you to monitor your inventory across multiple locations, channels, and platforms, and provides you with real-time data and insights on your inventory performance. An inventory management system can also help you with tasks like demand forecasting, inventory optimization, barcode scanning, batch tracking, and reporting.

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2 Why do you need to update your inventory management system?

If you are still relying on outdated tools for your inventory management, you are likely to face several challenges and risks. Human errors and data inconsistencies resulting from manual data entry and calculations can lead to inaccurate inventory records and reports. This can be both time-consuming and labor-inefficient, and can divert your staff from more productive tasks. Moreover, outdated tools can result in poor inventory visibility and control, making it difficult to make informed decisions or respond to changes quickly. This can have a negative impact on your cash flow, storage space, and customer satisfaction, as well as cause losses due to expired, damaged, or obsolete products.

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Ankit Tiwari

Top 25 SC Operations Leader 2023 | Supply Chain Maverick
(已编辑)
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Lack of network-wide inventory visibility results in sub-optimal decisions around fulfillment and sourcing leading to shortage and excess of inventory and thus reduction in customer service level and sub-optimal working capital. These can lead to profitability and revenue impact in medium to long-term. Hence it is essential to have one single source of truth related to inventory across the network and one streamlined and governed flow of transactions to move the inventory. Hence it is beneficial for business to move away from traditional local, non-scalable, analytics-deprived and tedious systems to move to advance compute, optimization and analytical capability tools.

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3 What are the features of a modern inventory management system?

A modern inventory management system can offer you a range of features and benefits to help optimize your inventory management. These include cloud-based and mobile-friendly technology, with the ability to scan barcodes and access data from anywhere. Integration and automation can streamline workflows and automate tasks such as reordering, invoicing, and notifications. Additionally, analytics and intelligence can provide valuable data on inventory performance, enabling you to improve forecasting, optimization, pricing strategies, and audits. Finally, customization and scalability ensure that the system can be tailored to your business needs and adjusted as you grow.

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Ankit Tiwari

Top 25 SC Operations Leader 2023 | Supply Chain Maverick
(已编辑)
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Features of inventory management system 1. Equipped with inventory operations and financial assessment capabilities 2. Integrated with Order to Cash, Procure to Pay, Record to Report, Plan to Produce processes 3. Configurable for needs of different functions 4. Analytics capabilities 5. Optimization capabilities 6. Scenario Planning capabilities 7. Exception management capabilities 8. Process orchestration capabilities

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4 How to choose the best inventory management system for your business?

When choosing an inventory management system, there is no one-size-fits-all solution. It's important to consider factors such as ease of use and implementation, functionality and compatibility, cost and value, and reviews and testimonials. You want an inventory management system that is user-friendly and intuitive, with good customer support and training. You also want one that can perform the tasks you need for inventory management, integrate with other software applications, and fit your budget. Additionally, it should have a good reputation with positive feedback from other users. Read online reviews, testimonials, and case studies or ask for referrals or recommendations from industry experts to ensure you make the best choice.

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5 How to implement and optimize your inventory management system?

Once you have chosen the best inventory management system for your business, you need to implement and optimize it to get the most out of it. Before launching the system, you should plan and prepare by defining inventory goals and KPIs, reviewing current processes and policies, cleaning up existing data, assigning roles and responsibilities, and communicating changes and expectations. After launching, provide training and guidance to staff on how to use the system while testing for functionality, accuracy, and performance. Lastly, monitor and improve the system by tracking performance results in comparison to goals and benchmarks, as well as identifying opportunities for improvement such as adjusting parameters or adding new features.

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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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KUNAL BHAT , PMP

I help Fortune 1000 organizations drive digital transformation through GenAI integration | Business Analyst | 40% efficiency gains | PMP
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Optimize outdated inventory management systems with advanced tools like: 1. Inventory Management Software: Implement cloud-based solutions such as TradeGecko or Zoho Inventory for real-time tracking, demand forecasting, and order management. 2. RFID Technology: Integrate RFID systems like Impinj or Alien Technology for accurate and automated tracking, reducing manual errors and improving efficiency. 3. Barcode Scanning Systems: Utilize tools like Lightspeed or QuickBooks Commerce to streamline processes with barcode scanning, enhancing accuracy in tracking and managing inventory levels. Combining these tools improves visibility, reduces errors, and enhances overall efficiency in inventory management systems.

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Your inventory management system is outdated. What are the best tools to optimize it?

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3

4

5

6

1 What is an inventory management system?

2 Why do you need to update your inventory management system?

3 What are the features of a modern inventory management system?

4 How to choose the best inventory management system for your business?

5 How to implement and optimize your inventory management system?

6 Here’s what else to consider

Inventory Management

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Your inventory management system is outdated. What are the best tools to optimize it?

1

2

3

4

5

6

1 What is an inventory management system?

2 Why do you need to update your inventory management system?

3 What are the features of a modern inventory management system?

4 How to choose the best inventory management system for your business?

5 How to implement and optimize your inventory management system?

6 Here’s what else to consider

Inventory Management

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