Key Insights from RFgen’s 2022 Digital Inventory Report
RFgen Software
Leaders in barcoding software solutions for mobile data collection, warehouse automation, and inventory management.
Supply chain professionals from diverse industries shared their current inventory management efforts, challenges, and future plans in our newly released annual Digital Inventory Report.
For complete details, download the full report. You can also read on for a snapshot of the data and insights gathered and presented in the report.
The information contained within the report comes from the experiences of those professionals tackling today’s most challenging and troubling inventory management issues. You can probably relate to many of them. While the report does not aim to solve problems, it shares how companies are adapting and what they are doing to stay competitive in a difficult business landscape.
Why Inventory Management Should Be Digital and Automated
Digital means leaving paper and its isolated data and the inherent inefficiencies of manual processing. Digital technologies like mobile barcoding increase speed, transparency, and timeliness. In fact, mobile technologies are a leading factor helping companies realize those benefits and more.
Our survey reported that 83% of respondents currently use barcode scanning as part of their inventory management. Companies that want to stay competitive need to deploy digital processes as it relates to their inventory management, especially in a world of uncertain supply chains.
Barcode scanning is only one type of digital inventory management tool available. Of those surveyed, 58% stated an intent to invest even more in projects focused on implementing better inventory control.
Let’s take a closer look at the current state of inventory management and where it’s going, based on the input of those who are shaping the field today.
Who We Surveyed
Participants came from different departments in companies of diverse sizes, across a variety of industries.
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Survey Results: The State of Inventory Management
Priorities varied from one company to another. Nearly everyone (89%) agreed that data security is extremely important to inventory operations. Technology integration and connecting multiple applications is a focus for nearly half of all respondents. Cloud migration remains mostly split, with nearly half having no plans to move to the cloud while 31% are already operating in the cloud and another 20% are actively planning their move.
What Automation Technologies Are They Using?
Barcode scanning represents the most common solution used at 83% of those surveyed. 58% are using mobile devices to capture data. Interestingly enough, nearly half of the companies are also using a warehouse management system (WMS). A WMS offers next-level inventory automation and complexity but at significantly greater cost, which may not be a fit for every organization. However, a WMS “lite” solution can provide core WMS functionality at a fraction of the resources.
Inbound warehouse and production and manufacturing comprise the primary areas of focus for most companies. 78% currently use mobile automation in their businesses. Of those using mobile automation, 26% have gone fully mobile while the remaining 52% are partially mobile, using it in select areas of their operations. This is clearly a growth opportunity for companies that aim to gain a competitive advantage in their markets.
The data shows more than 75% of companies recognize the importance of mobile automation, although more than half have only achieved partial automation. Technology integration, getting the different systems to work together, may be a factor here along with, of course, budgets. Even so, it’s evident mobile automation is the way of the future for inventory management, especially as companies address today’s pressing challenges.