Editor’s note: Serge discusses the fundamentals of smart inventory management solutions, their key advantages, and examples from industry leaders like DHL and Kroger. Young Techies is prepared to provide end-to-end inventory system development and installation services if you want to adopt an intelligent inventory solution.
Modern inventory solutions, such as smart shelves, robots, RFID monitoring, and the IIoT, are powered by smart inventory management systems. To manage ideal inventory levels, the system gathers and analyses real-time data on your products’ availability, availability, location, and condition. It lowers the need for human involvement, provides 360-degree warehouse vision, and streamlines inventory handling throughout the distribution cycle.
Main Benefits Of A Smart Inventory System
Automation: A smart inventory system offers ways to automate manual processes, saving time and effort and lowering the chance of human mistake, such as item tracking and counting, inventory database updating, report production, and restocking.
Real-time Inventory Visibility: Managers benefit from increased inventory visibility and have the ability to estimate demand accurately thanks to real-time data on item condition, amount, location, and movement supplied by an intelligent inventory system.
Inventory Optimization: A smart inventory system assists in maintaining the appropriate level of inventory and implementing a just-in-time inventory strategy to minimise unused warehouse expenditures by spotting overstocks and stockouts.
Detection Of Supply Chain Disruptions: Supply chain interruptions are quickly identified and dealt with thanks to real-time monitoring of all warehouse operations. If there are any disruption patterns, they may be rapidly examined to locate the bottlenecks and make the appropriate modifications to the stocking procedures.
Higher Customer Satisfaction: Positive client experiences are shaped by effective inventory management. Effective order management, prompt shipping, analytics-driven planning to avoid overselling and guarantee stock availability—all of these contribute to your reputation as a trustworthy company and the development of long-lasting connections with your clients.
Improve Your Bottom Line With A Smart Inventory System
Your business’s unique needs can be met by a smart inventory system that is implemented with the assistance of young, tech-savvy advisors and developers. Reach out to us to improve warehouse efficiency, eliminate manual labour, and obtain complete visibility into your inventory procedures.
A smart inventory technology named StockBot was used by the French sports equipment company Decathlon in all of its locations to help the shop workers. Using RFID tracking and intelligent navigation, StockBot is an inventory tracking and data gathering device that can roam about a store on its own, gather inventory data, and instantly update the inventory database. The shop staff have more time to focus on customers thanks to StockBot.
The biggest supermarket operator in the US, Kroger, implemented EDGE smart shelves to give each consumer a customised shopping experience. IoT-enabled screens that show prices, promotions, and other product information are advantageous to the solution. Additionally, it utilises Bluetooth to link to the shoppers’ shopping lists on their phones, highlighting the specified products to guide them around the store. After being analysed by the system, the real-time data collected by the IoT sensors installed throughout the store on customer activity on and around the shelves is utilised to inform stocking decisions.
An RFID system was used by Polaris Industries, a US automaker, to automate inventory tracking throughout the facility. The technology sends real-time data to the employees, who are informed of the precise location of each unit as it moves down the assembly line. Automation of inventory management aids Polaris in increasing the accuracy of its inventory counting while lowering the expense of manual labour.
In order to automate item tracking and gain real-time inventory visibility, a US auto parts supplier, Dana Incorporated, implemented RFID technology in its inventory systems. With this solution, the business was able to decrease the amount of errors caused by manual data entry, speed up the manufacturing cycle, and achieve complete item traceability. An innovative inventory management system was unveiled by Belgian hot- and cold-rolled coil manufacturer NLMK La Louvière. It delivers predictive analytics, helps maintain ideal stock levels, and enables smooth order fulfilment. The system evaluates fundamental information like order volumes and stock levels when predicting demand, but it also takes into account more intricate elements like demand and lead time variations.
At its smart warehouse in Beringe, the Netherlands, DHL, a provider of international logistics services, benefits from automation. There, humans and mobile and stationary robots collaborate. Static robots can choose items and handle packages of all sizes and forms using machine vision. Autonomous mobile robots can approach workers and deliver the goods, lessening the physical burden on them and enhancing their health and safety. In order to discover blocked routes or regions that become congested during peak hours and increase navigation efficiency, wireless tracking technology assists in tracking the movement of warehouse personnel and equipment in real time.
A fleet of 1,100 robots are employed by UK online grocery retailer Ocado at their fulfilment facility in Andover, Hampshire. The centre contains a 112-kilometer network of railways for the robots to move through and a three-story-high aluminium grid to store containers with supermarket products. Crates are picked up by the robots, who then deliver them to stations where staff members put together customer orders.
Smart Inventory Control As A New Benchmark
Industry leaders from all over the world have realised how smart inventory management can boost their operational effectiveness and enhance customer satisfaction. Smart inventory solutions are used by companies across a range of industry sectors to improve supply chain operations, obtain precise insight into inventory levels, reduce reliance on manual labour, and streamline inventory workflows. Don’t be afraid to contact Young Techies if you require a clever solution for effective inventory management. Our specialists are prepared to create a solid solution that will entirely satisfy your particular inventory management requirements.