March Newsletter- Latest Industry Insights
Mastering Efficiency: Elevating Retail Warehouse Operations Through Inventory Management
Manual inventory management efforts are feasible, but often prove laborious and costly. The most efficient and common approach to effective inventory management is the adoption of sophisticated software solutions like StockAssist Industrial. The advanced reporting capabilities of this type of software enable organisations to gain insight into sales patterns, providing a comprehensive view of product performance. These software solutions also aid the streamlining of operations by automating tasks and meticulously tracking and tracing products in real-time.
Employing robust inventory management software and tools can significantly elevate organisational performance and enable retailers to make well-informed decisions.
Some of the primary advantages that inventory management software offers to retailers are:
Reduced Risk of Overstocking – Without retail inventory management software, organisations are vulnerable to overstocking. Excessive stock accumulation can lead to cash and storage being tied up as unsold stock becomes obsolete. There are various factors that could result in products failing, including shifts in trends and seasonal changes. Inventory management software empowers organisations to analyse sales and inventory data to make data-driven informed decisions.
Reduced Risk of Understocking – Understocking also presents a challenge for many retailers. Inability to meet demand due to lack of inventory levels could lead to dissatisfied customers and tarnish reputation. Effective software accurately monitors product usage and sales and provides insightful reports. With reliable data, organisations can decide on product replenishment strategies, identify when to discontinue items, and assess the impact of changing seasons on sales patterns.
Accurate Real-Time Product Tracking – With the real-time tracking capabilities of inventory management software, organisations can trace and distribute products efficiently. The FIFO (first in, first out) method can be utilised by retailers to distribute products with the shortest expiry dates first. Advanced software solutions are equipped to notify system users of products that are near their expiry date, so these can be prioritised for use first, minimising wastage and associated costs.
GS1 Healthcare Release Latest Instalment of Educational Animation Series
GS1 Healthcare recently added a new episode to their popular video series 'GS1 Standards in Action'. The animated series showcases the role GS1 standards play in supporting the digital transformation of healthcare to improve patient outcomes.
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Interesting Reads of the Month
This article from Health Tech Digital discusses some of the ways in which technology is currently being used to shape the landscape of home-based healthcare and improve the delivery of home care services to patients across the UK, to enhance patient well-being.
In this article, Health Tech Digital discuss the potential of digital technologies in enhancing the UK healthcare sector. Following the pandemic, the country’s healthcare sector has faced significant challenges. A major contributor to these challenges has been the numerous outdated systems and applications, causing data inconsistency and accessibility issues.
Read the full article to learn more about the UK healthcare sector’s ongoing challenges, and how these could be relieved with integrated digitalisation.
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