Inventory management sure has changed over the years: from hand counting and paper records, to matching computer printouts to bin contents, to relying fully on technology to inform our inventory needs. Progress continues to march forward, including new ways of thinking for inventory management in manufacturing and supply chain.
While some trends come and go, these 3 trends to manage manufacturing inventory will probably be sticking around for some time. How many are you already using?
Inventory Management Software
We hope this one isn’t news to you: One of the most powerful ways you can optimize your warehouse is through effective inventory management software. These systems provide real-time updates on stock levels and shipments, along with the automation capability to streamline processes, simplify documentation, and maintain super-human accuracy. An inventory management system also lets you update and review stock levels in real time, a major improvement over manual tracking in disparate systems that cannot connect to each other. Need to know what’s going on with stock levels or shipments? Want up-to-date visibility over your warehouse? Inventory management software allows you to not only be responsive, but also proactive.
Manufacturing inventory management software also helps collect large amounts of data on your inventory, which leads to the next trend.
Business data analytics have been at the top of the list for a few years by now, but they’re still as important as ever. As manufacturers add systems that include Internet of Things (IoT) and cloud computing, they’ll receive more data than ever before, but all the data in the world is useless if you can’t parse out what it’s telling you.
Data analysis provides you a way to improve the context and clarity with which your company performs its daily operations. Use it to find seasonal trends to manage just-in-time inventory or move out stock that is expired or no longer relevant.
Cloud, IoT, and Machine-to-Machine Technology
Remember when data was stored on a 5-inch floppy disk that was actually floppy? Nowadays, even the ubiquitous USB thumb drive is becoming passé due to use of cloud technology. The cloud enables data storage and access no matter where you need to conduct business.
Cloud tech also allows other technologies to connect and communicate, creating a veritable web of data. From IoT to machine-to-machine interaction, the cloud facilitates IoT machines to transmit backlogs and service needs across a warehouse to notify in advance, protecting against lost revenue from down time or breakdowns. Technology may not be without risks, but the benefits far outweigh them.
Manufacturing Inventory Technology and PositiveVision
Choosing the right manufacturing inventory technology might seem like a daunting task. After all, it’s one of the most critical business decisions you might face. From selecting the right manufacturing inventory management software to evaluating performance and applying it to your unique business needs, PositiveVision is the partner you need to get your questions answered and your software up and running in no time.
Contact PositiveVision today to find out how you can best leverage manufacturing inventory technology for your business success.