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* Become a Member * Log In * Partners * Cart (0) * Log In * * * About ASCM Back ABOUT ASCM The Association for Supply Chain Management (ASCM) is the global leader in supply chain organizational transformation, innovation and leadership. As the largest non-profit association for supply chain, ASCM is an unbiased partner, connecting companies around the world to the newest thought leadership on all aspects of supply chain. Learn More OVERVIEW LEADERSHIP GLOBAL NETWORK FAQS ASCM NEWSROOM CAREERS * Learning & Development Back LEARNING & DEVELOPMENT ASCM is continuing to provide the industry-leading APICS certifications and training youʼve come to trust. We're also expanding to deliver end-to-end professional development and education offerings through our global network of thought leadership partnerships and alliances. Our newly created Supply Chain Learning Link offers online and on-demand learning opportunities for members and customers. Learn More LEARNING & DEVELOPMENT * Learning Opportunities * Supply Chain Learning Link * Foundations of Supply Chain Management CERTIFICATIONS & CREDENTIALS * CPIM * CSCP * CLTD * SCOR-P * Credential Verification * Certification Maintenance * Which Cert is Right for Me? CERTIFICATE PROGRAMS * Planning * Warehousing * Procurement EVENTS * Annual Conference APICS TRAINING PARTNERS ASCM BLOG * Editorial Guidelines APICS DICTIONARY INSTRUCTOR DEVELOPMENT PROGRAM * Program Resources COVID-19 IMPACT * Corporate Solutions Back CORPORATE SOLUTIONS Start your organization’s journey towards supply chain excellence by transforming all aspects of your operations. With ASCM’s wide-ranging programs and services, we help organizations achieve new levels of success by supplying the standards, tools and resources they need to recognize weaknesses, implement measurable tactics, and optimize teams to lead the marketplace of tomorrow. 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Become a Member Log In INVENTORY MANAGEMENT AUTOMATION FOR BOTTOM-LINE RESULTS Share * Facebook * Twitter * LinkedIn * Mail 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! Share * Facebook * Twitter * LinkedIn * Mail 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 Subscribe Popular Posts ASCM Insights - Blog Posts 10 SUPPLY CHAIN TRENDS TO WATCH FOR IN 2022 By: Adam James 12.13.21 Read More ASCM Insights - Blog Posts ACHIEVING SUPPLY CHAIN LEADERSHIP BALANCE By: Jennifer Storelli 05.17.22 Read More ASCM Insights - Blog Posts MAKE SUPPLY CHAIN RESILIENCE A COMPETITIVE ADVANTAGE By: Noam Frankel 05.24.22 Read More Categories * ASCM Insights - Blog Posts * From our CEO - SCM Now Impact * Podcasts YOU HAVE 4 FREE ARTICLES LEFT THIS MONTH. Become a Member Log In Related Posts ASCM Insights - Blog Posts USE DYNAMIC PRICING STRATEGIES TO SOLVE INVENTORY CHALLENGES By: Pini Mandel 07.07.21 Read More ASCM Insights - Blog Posts 4 REASONS WHY DATA IS MORE CRUCIAL THAN EVER FOR SUPPLY CHAINS By: Alicia Wallace 09.09.21 Read More ASCM Insights - Blog Posts SAVING TIME AND EFFORT WITH SPARE PARTS INVENTORIES By: Jennifer Storelli 02.08.22 Read More Last Post Next Post * Home * ASCM Insights * Inventory Management Automation for Bottom-Line Results ASCM is an unbiased partner, connecting companies around the world with industry experts, frameworks and global standards to transform supply chains. 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