‘Speculation about the consequences of AI—for jobs productivity and quality of life—is at fever pitch. The tech is awe-inspiring. And yet AI’s economic impact will be muted unless millions of firms beyond Silicon Valley adopt it. That would mean far more than using the odd chatbot. Instead, it would involve the full-scale reorganisation of businesses and their in-house data’. (Source: Economist)
The mantra for sustainability in this volatile market is, working smart and not hard! Artificial Intelligence (AI) gives that advantage. If used intelligently by conglomerates and industries, cloud-based APIs can give a breakthrough solution by integrating data for a defined and easy way to manage supply chain management. Everything is available through a single window for helping in quick and informed business decisions. Nancy Stokey of the University of Chicago, argues, ‘The diffusion of technological improvements is arguably as critical as innovation for long-run growth.’ (Source: Economist)
With the state-of-the-art ERP solutions, either customized as per an enterprise’s requirement or a wholesome package, that can provide seamless integration, businesses can adopt smart working system. It diffuses labor intensive hard work of minutely scrutinising the profile of a product starting from manufacturing to reaching the end user to response thereafter. Inventory management automation brings an ease in product profiling and SKU management becomes much more profit oriented than before.
How to Optimize Inventory Management with WMS?
Warehouse Management System is a software that chronicles the life of each product and its production. This marks the basis of a success of a business, as it not only gives the black and white picture but even highlights the grey scales. This eventually provides enough information for warehouse management for an SKU and escalates return on investment (RoI). Apparently, supply chain leaders have a comprehensive and smart WMS package to address labor gaps, providing strategic data for innovation & research and last but not the least enhancing quality and customer satisfaction.
Inventory management strategies with an ERP system
In the business parlance WMS and ERP are interchangeable and a part of supply chain management. Both, help businesses think and plan better for improving their profit module. Some supply chain solution providers offer WMS as a more inclusive and wholesome package and advice ERP solutions for small or medium size companies with limited operations. This thin line of demarcation is specific to solution providers. WMS as inventory management system works on key strategies that can overhaul the complete marketing and retailing strategy of an enterprise. They provide some crucial information, which help in studying the performance of inventories, thereafter next plan of action can be decided.
• Real-time Inventory Insights: Let us understand it in the following way, an offline shop owner might not be aware of stocks on a real-time basis, if everything is managed manually. With AI interface, there is a continuous update of digital data on the fly. The RFID bar code keeps a record of each SKU, which can help the management to restock the items on high demand or remove those not in demand.
• Inventory Replenishment: Another significant advantage of inventory management software is analysing the demand for specific orders. The need to replenish either by producing more or by procuring from other sources as per the demand is more planned and better organized. Chances of running out of stock or overstocking goes down considerably. When transaction is intelligently managed, cost comes down drastically.
• Stock Ledger for Reverse Orders: Companies and even shop owners manually take the pain of maintaining stock ledger where entry and exit is recorded for future reference. The automated system cuts down manual entry as there is real time entry in the ledger and it can be accessed from a single window. An accurate data helps in decision making and determining how to dispose off reverse orders or when to procure new stocks. All this happens in real time, which saves both time and cost.
• Planning and Forecasting: With SKU management on check, planning and forecasting in retailing can be achieved, especially during seasonal change. The demand graph in retailing moves with change in month or season or festivals. When there is a real-time visibility, graphing the order is possible region and month wise. This impacts the whole dynamics of business and reflects positively on ROI.
• Planning of Logistics: Compartmentalizing logistics and warehouse management into two different branches is not a smart move. Inventory management system assists in real-time insights about the movement of each item and are specific in nature with respect to size, color, type, ingredients, composition etc.; this information is helpful in optimizing logistics planning. For instance, reverse orders can be delivered at the nearest warehouse or last mile can be better planned.
To be a market leader, running away from Artificial Intelligence (AI) is not an option, rather embracing it in a smart and knowledgeable way would pave the road to success. Businesses need to accept AI is a revolutionary technology and be ready to bring it on with an élan.
Advatix CloudSuite™ Revolutionizing Businesses
In today’s competitive market, inventory management is more than just tracking products—it’s about fulfilling promises to customers without hitches. Advatix CloudSuite™’s Advanced WMS is designed with this precise goal in mind.
Through item-level tracking across the supply chain, businesses gain clarity, ensuring timely replenishments and fulfilling customer orders accurately. Our scan-based technology means every item is accounted for, from incoming shipments to final sales. This precision is bolstered with smart features: swift conversions of inbound receivings to sellable stock and strategic picking to reduce unsold inventory. And, with adaptive demand planning that factors in seasonality and sales projections, stock-outs become a rare exception. When paired with your POS and financial systems, the WMS offers a comprehensive, unified approach to inventory and sales management.