In this white paper we are going to be discussing a few topics on how to utilize real-time inventory tracking for operational benefits, streamlining operations, and reducing inventory bottlenecks. We have identified several challenges vendors face in implementing real-time inventory tracking and are exploring several solutions for overcoming these issues. Our primary focus is on eliminating bottlenecks in the traditional inventory control process and specifically in the distribution and retail side of the business. This paper will discuss the benefits of real-time inventory tracking as well as some pitfalls to watch out for. After which, we’ll look at some of the most common pitfalls and difficult areas to think about when designing new internal real-time inventory tracking structures for the organization.By clicking here we get more information.
The first topic that we’re going to look at in this white paper series on how to make decisions while controlling inventory levels is making snap judgments based on limited information. If you make snap judgments based on incomplete or inaccurate information then you’re going to create more problems instead of solve them. One way to avoid this problem is to have a dedicated person or department that is responsible for taking action based on incomplete or inaccurate information or to verify information before making decisions. Another solution is to make sure your system can automatically prioritize your work so that if there is an error in the process, the highest priority task will be carried out first. This will greatly reduce the time spent making corrective decisions on short notice.
The next topic we’re going to discuss in this series on how to make decisions while controlling inventory levels is taking actions based on incomplete or incorrect information. When using a traditional inventory control process, you run the risk of missing out on a large portion of the raw materials needed to produce your product or services. While this is an easy fix, it is an expensive one, and if you ignore the problem you will eventually find that you need to expand your raw materials sources or your business will cease to exist. On the other hand, if you make snap decisions based on incomplete or wrong information then it is very easy to miss out on opportunities. Again, this is an easy fix, but it’s a costly one because you’ll end up having to buy new raw materials or expand your business if you ignore the problem.