Real-time inventory visibility can process business operation by integrating responsive, resilient, and a competitive AI system and steers it towards profitability!
Real-time visibility in supply chain management is a package of opportunities which is still to be realized and explored. For one, it opens all windows at a single dashboard, making it convenient to analyse customer reaction, interest and willingness to purchase a product. It provides valuable insights for taking crucial decisions as, whether the product should be withdrawn or more needs to be manufactured or repackaged or by merely a small value addition, there will be an increase in the profit margin. Second, it supports R&D department of a business in research and launch of demand triggered items. This article in an attempt to understand how with real time visibility in the inventory management, businesses can achieve operational efficiency and improve customer satisfaction.
Supply Chain Management
Supply Chain Management is a very complex web of activities, beginning from procurement of raw materials to manufacturing to warehouse management to logistics and transportation and finally the delivery of the product and the last mile connectivity till it reaches the final destination. The whole process involves detailed inventory management for providing accurate information to the customer. A siloed integration between the departments can lead to misleading data and pop ups would show out of stock whereas the required SKU might be stocked at yard or a brick-n-mortar store about which there is no information available.
Real-time visibility makes it easy to locate, track and use the stocks for maximizing profit. Even if the said product is in transit, information could be relayed to the point of sale and process of order fulfillment can be initiated immediately.
Benefits of Real-time Inventory Visibility
• Optimize Inventory Levels: Product-based businesses would definitely want higher turnovers, meaning faster in and out process from the warehouse. When inventory is balanced by real-time visibility software, gross inventory cost can be brought down. The longer a product is on hold or stays in the warehouse, the heavier is the cost. Further, there are cases of lost goods or stocks in transition or damage during transit, data about these is readily available to analyze and find a solution for covering cost. Also, lost sales are better handled when there is adequate data available in real-time. There are cases when stock is available yet it is not able to meet demand due to lack of data about the whereabouts of the desired SKU units. Real time visibility optimizes and automates each level of inventory management for better coordination of data.
• Forecasting Demand: Real-time inventory visibility gives businesses an advantage of tracking each unit of a SKU. It provides the convenience of gaining insight on what is the market response, how is the demand picking up and what is the trend going to be in near future. This time graph prepares retailers to stock products at the right place and at the right time, to keep the customers satisfied and avoid any discrepancies when demand soars. Inventory automation leverages demand forecasting, which helps businesses to predict demand and number of units that would be required in future.
• Replenish Inventory: With movement of each unit of SKU being recorded and tracked, merchants have real-time insight into location from where maximum sales order is being generated and which is the warehouse that requires replenishment of stocks. There is no surplus stocking of goods, smart distribution and relocation of SKU units are done for increasing return on investment.
• SKU Performance: Sometimes, market response is quite lucid towards a SKU or demand for a particular SKU is localized or coming from a specific area with a particular taste and likings or maybe living condition. For each SKU, nature of acceptance is different and performance is usually determined by the attitude of the market. Real-time inventory visibility is an automated service, the moment there is any request, it is recorded till the delivery of the product and post that with respect to exchange or returns. Similarly, if there is no demand for a particular SKU, there is real-time analysis. All this data is corelated in real-time and a plan of action is devised as per the necessity which can be repackaging of stocks or using the raw materials for saving cost or more. Each step is wholesome and works towards improving efficiency and product performance in this customer driven market.
• Last-mile Delivery: Order fulfillment is only complete when order reaches the final destination without any cost burden on the customer and is on time. eCommerce has grown beyond expectations, it is working 24×7. With multichannel sales-point, order is pouring from all quarters of the world and sometimes for the same SKU. Best retailer is one who has control over orders, can monitor movements for optimization of routes for cost-effective delivery. Last-mile delivery is the shortest but the most complicated one. Last-mile requires mobilizing local delivery agents or 3PLs for completing the order successfully. Real-time visibility is quite efficient in connecting unwanted pauses in logistics and find the best solution.
• Shipping Costs: With availability of data through a single dashboard, tracing ships for transportation service is easy. Small ecommerce retailers can coordinate with 3PLs to bring down cost and ensure timely delivery. Real-time inventory visibility cuts down costs by combining same location orders or checking availability of stocks in the nearest warehouse rather than going back to the manufacturing unit.
Once all these levels of inventory management are well-coordinated with real-time inventory software, customer satisfaction is easy to achieve. Till the last mile delivery, customer is continuously on the loop and updates are sent via SMS or WhatsApp. It also has customer response page where feedback of the complete shopping experience is requested to be shared. This is also in real-time and visibility provided through this feedback is used for product enhancement or for basking in the success of good response for a SKU.
Advatix CloudSuite™ Beckoning the Power of Real-time Inventory Visibility
In the modern business ecosystem, the mantra is clear: adapt to real-time dynamics or risk falling behind. Understanding this, Advatix CloudSuite™ steps forward, offering businesses a meticulously designed inventory management solution that not only meets expectations but surpasses them.
• End-to-end Tracking: With Advatix CloudSuite™, businesses can efficiently track and trace their inventory across the entirety of the supply chain. This ensures clarity, transparency, and timely updates, right down to the item level.
• Algorithm-based Alerts: Automated replenishment alerts, grounded in advanced algorithms, guarantee that businesses never falter on their customer promises. This means maintaining a commendable 100% inventory accuracy, ensuring that customer satisfaction remains at its zenith.
• Scan-based Technology: By harnessing the power of scan-based technology, Advatix CloudSuite™ promises precise inventory tracking. This enables businesses to rapidly transform inbound receivings into sellable inventory while optimizing picks based on batch and expiry. The result? Minimal dead stock and maximized efficiency.
• Customized Demand Planning: Recognizing the variability in demand patterns, Advatix CloudSuite™ provides the flexibility of customizing its demand planning algorithm. Whether it’s accounting for seasonal shifts or aligning with sales forecasts by channel, businesses are always prepared, never finding themselves out of stock.
• Seamless Integrations: Advatix CloudSuite™ doesn’t operate in isolation. Instead, it seamlessly integrates with Point of Sale (POS) systems to facilitate omnichannel sales. Additionally, its compatibility with financial management systems ensures that account reconciliation is both accurate and hassle-free.