The Significance Of Inventory management In Supply Chain

January 2020

A good customer-supplier relationship is key to increase more sales and effective supply chain management. Inventory management is a part of the supply chain that needs to be managed effectively for higher sales. The most important aspect of inventory management is to maintain the balance of demand and supply in supply chains. For effective management of product flow in the supply chain, companies need to handle upstream supplier exchanges and downstream customer demands or needs. 

Here are some benefits of good Inventory Management in Supply chain management solutions:

• To reduce inventory order errors, good inventory management is crucial. With effective inventory management, you have greater visibility on the inventory. This means, you know how much inventory is present, how much you need more based on customer needs. It will help avoid out of stock situations or surplus inventory in the warehouse.
  
• Having a well-organized inventory is important to prevent scenarios such as difficulty in finding popular products. Thus, it is essential to optimize the warehouse and the products in such a way that you don’t have the struggle to find a product that has great demand in the market.
   
• Effective inventory management helps to increase productivity and efficiency. Barcode scanners and inventory management tools play a vital role in improving productivity and efficiency. This way a great amount of man work is reduced and companies can focus on other important areas of a business.
  
• Companies can keep a good track of their products and ensure they have accurate inventory counts. You have accurate information on how much inventory you need. This will help you reduce business expenses.
  
• It increases your sales. A great customer relationship will lead to customers who are keep coming back to you again and again. Good inventory management will assist you in understanding customer demand and needs.
   
• In a nutshell, a well-managed inventory will have you better control over your inventory. For higher profits and business efficiency, inventory management solutions in supply chain management solutions are a necessity.

3 Latest Trends In Supply Chain Management

January 2020

In the world of globalization, supply chain management is continuously evolving. With the increase in customer demand and the complexity of markets, new technologies are emerging to make supply chains more advanced than ever before. The electronic industry is also facing some global challenges that can find its solutions in new technological trends of the supply chain.

Here is a list of the latest trends in Supply chain management: 

Artificial intelligence (AI)

AI is a technology that is going to have a massive impact in the coming future. An enormous amount of data is being generated in every industry which is analyzed by data scientists. But this data holds so much importance. AI technologies embedded in Supply chain management systems can extract the meaning of this data and can utilize it for more efficiency in the near future. Artificial intelligence has a number of applications in supply chain management.
For example, intelligent technologies such as drones, robots, or vehicles promoting logistical coordination, etc.

Blockchain

The hype of Blockchain technology is touching almost every industry across the world. In supply chain management, blockchain will assist in reduced transaction processing times, potential cost reduction (especially in administrative costs), and improved cash flow.

When the security of digital supply chains are concerned, blockchain is a number one technology that ensures the data is not copied and remain authentic. The greater amount of visibility is achieved through blockchain.


Internet of Things (IoT)

IoT refers to the Internet of things. It is a network of things connected together. These interconnected devices help us get data on the devices we can wear. For example, a wide variety of things, such as watches, and other devices collect data about consumer behavior.

These devices are used to know their customer behavior better and then apply that knowledge to make consumer life easier. IoT enabled supply chains can use intelligent sensors to monitor and trace the stocks kept in warehouses.


As long as supply chains are going larger and complex, this is going to see new technological requirements in the current future also. If you want to stay ahead in this competitive era of businesses, you need to apply and be up to date to these latest trends in supply chain management.