Growing business increases inventory investment to meet customer service goals and maintain maximum profits. Expanding businesses often lack effective inventory management in tracking movement of goods, clearing inventory, adjusting purchasing strategies, with efficient data management tools. They face the challenge of running the potential risk of uncertain and inaccurate reports of current inventory levels leading to time mismatch between supply-demand and higher inventory carrying costs.
Effective Warehouse Management Avoids Inventory Carrying Costs
Inaccurate assessments of inventories lead to complex supply chains. Unpredictable supply and demand creates challenging situations with unsteady supplier performance, scarcity of materials, supply chain disruptions that contribute to the need to establish alerts for buffer stocking levels to provide safety days of lead-time supply.
When we look at the demand side, the overall economic environment, launching of new products and innovations, and sales volume for some high-traffic items and scarce or seasonal sales for others make it necessary inducting a mixed approach to item-by-item stocking levels. Inventory situations are complicated further when finished goods for sale or thousands of parts for assembly are warehoused across multiple locations.
Without a sound inventory management plan in place, warehouses may be short in fast-moving items or overstocked with slow-moving items. An excess of overstocked inventory results in the company having to pay inventory carrying costs, which needlessly impacts the bottom line.
Better Physical Inventory Control & Planning Lowers Inventory Carrying Costs
Parallel entry into an SAP system is difficult in physical inventory control where the receiving, movement, stocking, and overall physical control of inventories happen. With shipments arriving and departing many times each day, in mid-market and larger companies, barcoding stock keeping units consigning, and kit repackaging are important aspects of physical inventory control which requires updating into central database. Delay and postponement of updating the central database process from the manual data on papers creates an inaccurate inventory view to the sales personnel. This inaccurate view could lead to overstocks and ultimately, higher inventory carrying costs
Work Smarter to Produce Accurate Inventory Information and Cut Inventory Carrying Costs
Eliminate inherent complexities, dependencies on offline processing and redefine your user experience - with a simple and cost effective mobile solution that can run on any smartphone or tablet. Innovapptive’s mInventory mobile solution runs on all popular iOS, Android and Windows devices and integrates with a ruggedized peripheral to carry out efficient RFID, QR code and barcode scans to manage an array of inventory functions. The mInventory mobile solution is an SAP-certified mobile app and supports offline processing of critical inventory transactions. This disruptive solution from Innovapptive is redefining how each and every warehouse personnel an assist in automating these critical inventory management functions, resulting is accurate and up to date inventory information in SAP. Optimizing the inventory by using mInventory solution avoids frequent occurrences of stock-outs and stock overages of inventory that lead to higher inventory carrying costs.
mInventory helps warehouse directors, managers and supervisors to view, update and make better decisions on stock levels, maintain accurate stock reports and improve demand forecasting. Large manufacturing companies are currently witnessing:
- Perform physical and cycle counts quickly and achieve a 98 percent accuracy of inventory levels.
- Streamline Inventory Cycle Counting and Reduce number of FTE's for cycle counting.
- Speed receipt and back-order reporting to and from shipping/receiving by over 35 percent.
- Reduce Inventory carrying costs by 5 – 10 percent.
- Manage physical inventory movement in real time and improve inventory accuracy by 30 percent.
- Eliminate investments in expensive RFID guns and consoles to tighten your supply chain, service responses and order fulfillment.
- Streamline goods receipts, issues, transfers and returns.
- Streamline data processing on receivables.
- Manage rolling inventories, satellite storerooms, and truck/trunk stock.
- Tighten the supply chain, service response times and ship-to-bill cycles.
mInventory Key Features
- Ruggedized peripherals for RFID, barcode or QR code scans
- Scan RFID’s, barcodes and QR codes to ship and receive inventory.
- Accept and distribute incoming materials by purchase order.
- View stock detail information at plant, storage location and batch level, anytime, anywhere.
- Pre-pick materials and issue, return or transfer goods electronically
- Inventory cycle count scheduling, counting and adjustments.
- Print packing slips and bill of lading documents from SAP wirelessly.
- Print USPS, FedEx, UPS and shipping labels.
- Check availability of materials while on the job.
Innovapptive – a Connected Worker Platform provider – has a simple mission: “Connect and create conversations between people, machinery and work processes while improving people’s lives.” Innovapptive offers the only Connected Worker Platform that digitizes the last mile of your front-line workers into SAP and IBM (watch a short video here). We’d like to show how our mInventory application can help you successfully start and complete your journey to more efficient, safe and productive warehouse management. Schedule a free demo today by calling 844-464-6668.