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INVENTORY MANAGEMENT AUTOMATION FOR BOTTOM-LINE RESULTS
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ASCM Insights - Blog Posts
By: Robert Brice
05.11.22
Accurate inventory management can be the difference between making a sale and
losing out to competitors. Customers are used to having a variety of purchasing
options at their fingertips; if you can’t show them that you have the inventory
they need, they’ll buy from somewhere else. Even worse, if you accept an order
but can’t fulfill it, you’ll have a disappointed customer.
Manual inventory management is no longer a viable option in terms of speed or
cost. The costs of sticking with a manual inventory practice add up to
approximately $386,170 per year in a smaller operation. If you’re a large
enterprise, that number grows to $3.69 million per year. On the other hand,
research shows massive time and cost savings from just seconds-faster workflows.
Plus, enabling digital inventory management drives more efficiency and
productivity and can increase accuracy through real-time visibility. Digitally
enabled supply chain ecosystems are a lifeline for the companies of the future.
And they don’t have to be large-scale undertakings. Instead, start by focusing
on three areas to streamline the supply chain: inventory management processes,
mobile supply chain solutions and cycle counting.
1. Inventory management processes. Inventory fuels your organization, yet many
companies still use manual inventory management processes, which lack accuracy
and efficiency. They might choose low-tech practices because they are wary of
added costs or just because they do not like change. However, with manual
processes, accuracy rarely is higher than 60%.
Automated data collection with mobile inventory software can make a big
difference. Mobile inventory technology uses bar codes to track inventory
movements throughout company operations and the supply chain. This creates
instant traceability paths, and records are always up to date with real-time
information.
For example, U.S.-based construction company Continental Materials used to rely
on manual inventory management processes. With paper-based systems, it often
took weeks to generate final status reports, at which point the data was already
outdated. Company leaders also lacked visibility into their warehouse inventory
and shipping operations. It was clear an automated data collection solution was
needed. The company chose a software data collection solution that interfaced
with handheld scanners. In addition, company leaders integrated a mobile
manufacturing workflow that gave workers the ability to complete parts against a
particular work order. This addition automatically updated work orders, issued
raw materials and processed time entries directly from a mobile device, leading
to an increase in the quantity of finished goods.
By adopting an automated inventory management solution, Continental Materials
improved inventory visibility, enhanced shipping efficiency and increased data
accuracy by eliminating manual data entry. The previous paper-based system,
which created more than eight hours a week of work, became obsolete, as work
order completion records were run automatically.
2. Mobile supply chain solutions. Mobile enterprise resources planning
integrated systems take inventory management to the next level. In fact, mobile
solutions should be top priority for any organization that handles inventory or
assets so that they can be as efficient as possible. When looking for a mobile
solution, look for technology that:
* automates inefficient manual inventory processes
* provides low cost to entry and low risk
* provides a quick return on investment
* offers flexibility to meet both current and future needs.
3.Cycle counting. Another key component of inventory management is cycle
counting. After all, these periodic inventory audits lead to higher accuracy and
help drive down costs — unless, of course, you can’t trust the results. Manual
cycle counts have been found to take approximately two seconds per item and only
result in about 80% accuracy.
Automating this aspect of your enterprise can increase accuracy to more than
99.5%. Through a combination of bar codes, mobile apps and the latest handheld
devices, organizations can automate cycle counts by item, location, fixed assets
and more.
Consider NLMK USA, a global steel manufacturer. This business was having
difficulty tracking and locating finished steel coils, which affected its
ability to stage and load products onto trucks for timely delivery. In order to
keep running a cost-effective operation, make the necessary turnarounds and
fulfill customer needs, the company set out to find a new inventory tracking
solution. Soon after implementation, the positive results became evident. The
mobile inventory tracking system gave the company the ability to accurately
store, track and stage the coils. Workers also were able to conduct cycle counts
quickly and efficiently. The technology enabled them to reduce cycle counting
labor time by 60%. What used to take half a day now equates to only two to three
hours. Further, the use of mobile inventory solutions increased the company’s
inventory tracking accuracy rate to 96% or more.
Get started streamlining
Digital transformation begins with an understanding of your current manual
processes and where problems most often arise. Then, devise a plan to maximize
digital capabilities for stronger operations. Streamlining your inventory
management processes will give you more data to make better decisions and, in
turn, help you be more agile and successful.
Take a deeper dive into this topic with our Certified in Planning and Inventory
Management (CPIM). Earn your CPIM today!
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About the Author
Robert Brice President and chief technology officer , DataMax Software Group
Inc.
Robert Brice is president and chief technology officer at DataMax Software Group
Inc., the parent company of Rfgen. He may be contacted via Rfgen.com.
Tags
* Operational Excellence
* Inventory Management
* Technology
* Digital Transformation
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