Successful inventory management is often one of the most difficult aspects of running a business. While variables may be similar from organization to organization, adequate forecasting and its impact can vary enormously depending on the industry or business model. One common troublesome area spanning various industries is insufficient inventory visibility.
Inventory visibility issues have grown exponentially as more customers turn to online purchasing. Tracking an item can become even more complex due to the additional steps and expediency demands of this now preferred process. Often referred to as invisible inventory, there are times when materials or products are unaccounted for in the system.
How can companies improve their practices, avoid these costly possibilities and ensure consumers are satisfied? Many are turning to supply chain visibility (SCV) technologies to stay competitive. These advanced systems attain real-time tracking, monitoring and notification of each item in their supply chain operations. With live, responsive supply chains, a company could see increased transparency within its inbound/outbound processes and other daily activities.
Another pioneering route is through cloud-based POS systems and e-commerce management solution software. This innovative technology integrates every business aspect for greater efficiency and offers a range of beneficial capabilities. Companies can utilize it for tracking sales and customers; offering better point of sale control; inventory replenishment automation; and even generating reports with a detailed analysis of gross margin ROI.