Damned if you do—damned if you don’t
It’s a common enough phrase, and for most companies today, they are really feeling it in the tech sector. Whether you’re a manufacturing, distribution, or a field service operation, ERP + WMS integration into 21st century tech is both difficult, and necessary. We’re going to cover the “what ifs” in the decision-making process, and go over suggestions.
LONDON (Reuters) - Global supply chains have been emptied as the epidemic and infection controls have encouraged a massive diversion of consumer spending from services to merchandise, especially long-lived durable goods.
Rebuilding operational inventories all along the manufacturing and distribution chain will keep manufacturers and commodity producers exceptionally busy and put upward pressure on prices through at least the end of the year.
In the United States, real consumer spending in the first quarter of 2021 was roughly the same as in the fourth quarter of 2019, the last full three-month period before the first wave of the epidemic arrived.
We live in the age of tech. We use smartphones, tablets, and computers to help us with almost all of our daily needs. Steadily and swiftly, AI is coming onto the scene for businesses, and the implications are huge. Think Terminator, or the Borgs from Star Trek. Cool right? Well, what we’re talking about may not be able to travel back in time, but it can certainly help you reduce work time.
Site transfers, if you're not familiar with the term, really revolves around the movement and requesting of inventory from one location to another, typically moving it over some significant amount of distance or changing of hands between who is managing it at one location, to another group or people that are managing it at a destination location.
There can be quite a variety around how that is all accomplished. But in general, it is the tracking, monitoring, picking and receiving of all those materials from one site to another.
Sometimes that can be over the ocean, in shipping carriers or as an in-transit location from overseas as well.
Support your team.
How can you help your inventory team improve using digital technology? When it comes down to it, we should all focus on one question: How much inventory do we truly need to keep on the books to run a successful business?
An inventory team works best when it can ensure that they can find accuracy in the information and that they can adequately keep inventory that you need—in stock—when it's needed. That means we are always trying to maintain a better quality of customer service, and make sure that we have enough raw materials to meet the needs of production.
Digital technologies include everything from a back-end record-keeping system to the barcode-scanning technology that identifies products. What we’re excited about is AI and predictive analytics. When it comes to reordering points with inventory, finding the correct answer is key. Inventory truth means that no matter what, you have a full 360-view of what’s available at any given time.
If done correctly, digital technology can also reduce the cost of labor, saving you a couple of hundreds on paper throughout the process, shoring up mistakes, as well as lowering costs for materials across the board.