Create visibility can be a complicated process. Inventory is often stored in multiple locations throughout the supply chain, including inventory, transport trucks and on the shelf. The complexities of the supply chain often make it difficult for companies employing accurate methods of monitoring their inventory. It is not uncommon for them to rely on approximations based on current accounts or outdated methods.
When managers take a blind eye to inventory management, they lose out on cost savings opportunities associated with the complete inventory visibility. Implementing measures barcodes, Radio Frequency Identification (RFID), or similar file tracking system can provide your business with efficiency that are not feasible with traditional file counting systems.
Improve overall efficiency
Count with RFID is about 25 times faster than barcode scanning. This speed leads to lower costs and less disruption. RFID chips can be put on products-no matter where they are in the product life cycle-allowing accurate measurements and greater inventory visibility from start to finish. Easy product tracking lets administrators see a series of anomalies that they come and quickly adjust, saving time and money in the future complications.
RFID provides digital product management, and visibility is possible anywhere, giving administrators complete control over inventory, even if it has been outsourced or in transit.
Appropriate inventory levels
One of the major inefficiencies that companies face is inappropriate levels, both stocks too little or too much can be costly. Excess inventory exposes the company to increased opportunities for products to be lost, damaged, or become obsolete. It takes money to stock products without immediate return on investment in storage. Of small file prevents you from meeting customer demand, which will not only cost you a current sale, but will also damage the reputation of your brand.
Improving our visibility will empower you to maintain optimal inventory level against this expensive supply chain failures. Optimizing your inventory also ensures that customers will have access to the products they want.
Secondary market response
Improved visibility allows you to see the market trends clear. When it is obvious that more of the product is moving, you can quickly ramp up production to meet customer demand. Being the first mover in this increased demand gives you a unique competitive advantage. On the flipside, if the goods are moving slowly, reducing production can prevent excess inventory and save you wasted costs in the long run.
Solving unpredictable situations
Although companies often outsource part of their production, they can not abdicate responsibility inventory when it is out of their hands. When meeting customer deadlines, take the product timelines, even those that are produced outside of your control, is crucial. To avoid embarrassing slip ups, RFID tracking and visibility allow you to reduce the risks associated with outsourcing. You can track goods anywhere from your own business. If a problem occurs, appropriate measures can be taken to resolve the issue-before it is brought to the attention of your customers.
Whether you are providing products for other businesses or directly to consumers, you know the value of a good relationship. Our visibility strengthen this relationship by allowing you to offer goods on time and to have appropriate levels of inventory on hand. The ability to monitor trends in how the file is moving means that you will always be able to meet customer demand. When customers can rely on your business, you will be able to develop a more loyal customer base, which is always good for the bottom line.