Smart AI Solution
Inventory Management
Helps to identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. It identifies and responds to trends to ensure there’s always enough stock to fulfill orders and proper warning of a shortage.
Inventory visibility simply means knowing what inventory you have on hand, and where that inventory is located, at any given moment.
While inventory visibility has always been a critical part of any retail operation, it has become increasingly important as many operations have shifted to an omni-channel order fulfillment and distribution model.
Today’s order fulfillment operations may have inventory located in countless spots along the supply chain—in the warehouse or DC, on trucks in transit, on the store shelves or in the backroom, etc.—and ensuring that all of that inventory is appropriately accounted for and reflected in the stock ledger is critical to running a successful operation.
In short, inventory visibility aims to ensure that internal records of inventory reflect reality. This allows for more accurate information as it relates to stock, order monitoring and tracking, and more.
Inventory Visibility Tool
More Efficient Use of Time
Manually tracking inventory is a time-consuming and tedious process—one that ultimately can cost a lot of money. This is especially true of operations that work within a complex supply chain where the product is regularly shipped between multiple warehouses, distribution centers, and stores.
Improved Predictability
To be successful in order fulfillment over the long term, an operation needs to get good at predicting its inventory needs.
By ensuring accurate inventory visibility, an operation can constantly reconcile current inventory levels against expected demands, allowing for smarter replenishment and fewer stockouts. Without a clear sense of the inventory your operation has on hand, it is much too easy to end up ordering too much or too little product, impairing your ability to fulfill orders.
Increased Security and Quality Control
While inventory visibility is primarily concerned with determining how much inventory is located at each step along the supply chain, it brings with it an added benefit important to highly-regulated industries: The ability to track specific product/orders from point to point.
Operations involved in the production and transportation of goods in the industries of bio-medical supplies, pharmaceuticals, food, and chemicals, for example, generally must keep closer tabs on exactly what product (in terms of lots or batches) is delivered where.
Having accurate information in this regard is crucial for successfully heading off recalls, especially in industries where consumer health may be impacted. Accurate inventory visibility and tracking throughout the supply chain makes it easier to head off put these issues to bed before they spiral out of control.
Smarter Allocation of Resources
When it comes to a business’s balance sheet, inventory is likely to be one of its largest line item assets/expenses. Each piece of inventory reflects a certain amount of money that is tied up in physical form on the shelves of your store, DC, etc.
When each unit represents a dollar amount, it becomes clear that your goal should be to get your inventory to the lowest possible levels that they can be while allowing you to meet the demands of your customers. Doing so frees up capital that would otherwise be locked up as items on your shelves: Capital that you can likely put to better use growing and expanding your business.
Improving your inventory visibility means creating a more accurate picture of your current inventory levels. This data, paired with other data about your typical orders and demands, allows an operation to make smarter decisions when it comes to replenishment.
Inventory Visibility Tool - Value Delivered
1. It will empower your business with actual data by way of real-time dashboard updates enhancing better internal communication.
2. Increase overall efficiency with Daily inventory history at any point in time: When you have oversight of your ecommerce inventory across multiple channels, you can leverage valuable historic and current inventory data to improve internal processes and boost supply chain efficiency.
3. Eliminate the need to do manual inventory audits, saving time and resources.
4. Maintain healthy inventory levels and helps unearth bottlenecks or trouble spots in the inventory flow by pinpointing areas where the delays occur.
5. Boost demand forecasting / Improved Predictability.
6. Smarter Allocation of Resources: Improving your inventory visibility means creating a more accurate picture of your current inventory levels. This data, paired with other data about your typical orders and demands, allows you to make smarter decisions when it comes to replenishment.
7. Improve the customer experience as it can prevent you for over-committing or under-committing.
8. Improve order accuracy rate: With more visibility, you can ensure that you have an optimal amount of stock in every location to full orders accurately and on time (or backups in other locations so customers don’t have to wait).
9. Increase revenue: Manufacturers and retailers are sitting on about 150 INR for every 100 INR of sales. With inventory visibility tool, you can utilize this extra cash in some other business avenues to increase your revenue.