Building a Smarter Inventory Management System

Inventory management is the process of overseeing and controlling the flow of goods, from the time of procurement to the point of sale. Its importance lies in its ability to ensure that businesses have the right products in the right quantities at the right time, while also minimizing costs associated with excess or obsolete stock. Effective inventory management can help businesses to improve their bottom line, increase customer satisfaction, and make better decisions about future inventory requirements and financial planning. It is essential for the smooth operation and success of any business. 

 

The Problem with Traditional Inventory Management: 

Traditional forms of inventory management such as manual data entry, can be time-consuming and at high risk of human error. Incorrect inventory reporting can have serious consequences, such as running out of stock or overstocking. Traditional inventory management can additionally be a slow process as it often involves physically counting items or manually entering data into a system, causing longer lead times. 

With manual inventory management systems, it can be difficult to get a real-time view of inventory levels. To accurately generate forecast demand and plan for future needs, data on inventory needs to be reliable. It can also be labor-intensive, requiring staff to constantly count and record inventory.

 

Benefits of Incorporating IoT for Inventory Management 

The Internet of Things (IoT) is revolutionizing the way businesses function on a daily basis. With IoT-enabled devices, such as sensors and GPS devices, it’s now possible to create a smart inventory management system to track and monitor assets in real-time, ensuring that stock is always available when needed. This not only improves efficiency but can also reduce costs by minimizing overstocking and stockouts. 

Real-time Visibility 

One of the key advantages of IoT inventory management is real-time visibility. With traditional inventory management methods, it can take days or even weeks to get a complete picture of stock levels. This can make it difficult to identify problems and make informed decisions. By creating a smart warehouse using IoT-enabled devices, businesses can access clear and up-to-date data of their inventory in real time.  

Automation 

Another benefit of smart warehouses is the ability to automate processes such as restocking. Sensors or tags can be programmed to notify the IoT inventory management system and automatically reorder stock when inventory levels reach a certain threshold. This eliminates the need for manual monitoring and restocking, which can be time-consuming and prone to errors. 

Data Insights 

Smart inventory management systems can also provide valuable insights through the data they collect. For example, businesses can use data on sales trends, purchase history, and stock movements to identify patterns and make informed decisions about future inventory requirements. This can help businesses to optimize their stock levels and improve their bottom line. 

Additionally, IoT inventory management can also improve the overall customer experience. By providing real-time information, businesses can ensure that products are available when customers want to purchase them. 

Digital Matter Solutions  

Smart inventory management is a powerful tool that can help businesses to improve efficiency, reduce costs, and enhance customer service. In addition, implementing an IoT inventory management system requires careful planning and execution, including choosing the right hardware and software. Digital Matter’s IoT inventory management solutions utilize wired and battery-powered GPS devices that, when combined with Bluetooth Low Energy tags and sensors, can deliver real-time stock information depending on device type and configuration.  

Our inventory management devices are ultra-rugged in design with IP68-rated housing. Their discrete and compact design means they can easily be installed in any location to create a smart warehouse for inventory management. Powered with off-the-shelf user-replaceable Lithium, Lithium Thionyl Chloride (LTC), or Alkaline batteries, our devices are engineered with a ‘deploy-once’ long battery life that can last up to 10+ years.  

 

Start Managing Your Inventory Today 

Digital Matter smart inventory management solutions offer the technology, tools, and support you need to grow and protect your business. Get in touch with us today to discuss your inventory management needs! 

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