Technology. It can be an intimidating thing for both employees and employers in a business. However, it is a necessity to keep a business thriving.
Small businesses spend up to $50,000 per year on technology for their businesses. One part of that goes towards inventory management technology.
What is this? How can this technology improve your inventory management?
These are some key things that you should know.
Organize by Category
One thing that this technology can do is allow you to organize your inventory by category.
An example can be having raw materials in your storage area that help with your physical building. Then, you could have office supplies that help your business thrive with your daily needs.
After that, you need to look at the inventory you have for your products. You can organize this by standard inventory, excess inventory, and more.
Keeping Track of Demand
Another thing that this technology can do for you is keep up with the demand that your inventory has. You can enter the amount of inventory that you typically use. Then, the rest of it would go under buffer inventory or anticipation inventory.
The former is used in case there is a spike in demand for a certain product. The latter is used when you are expecting demand for a certain product to increase.
This technology can then keep track of data on the demand for each product. To dive deeper into this, there may even be graphs or charts highlighting when the demand for a product peaks and when the demand is low.
Using this can help you stay on top of the inventory needed for each product and help you stay more organized when it comes to keeping track of peak demand periods.
Along with the above, you can use this technology to help keep track of transported inventory. If your business is part of a chain of stores or offices, there is a good chance that you are going to need to transport inventory from one place or another.
Let’s say you are working with veterinary inventory management. In this field, it is going to be more difficult to anticipate peak demand periods. Animals can get sick or hurt at any time, so each veterinary hospital needs to be prepared with the proper inventory at any time.
In this example, let’s say two hospitals an hour apart work under the same brand. One sees a sudden spike in animals checking in and exhausts their buffer inventory.
The first hospital may need to temporarily help the other get by until a new order is filled. So, you can use the technology to keep track of how much inventory you are going to send over.
Invest in Inventory Management Technology
These are some of the biggest things that you need to know about inventory management technology. If you use it right, it can help you keep track of transported inventory within the company, it can keep track of your expected inventory demand, and allow you to organize inventory by category easier.
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