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HOW TECHNOLOGY HELPS IN TRACKING INVENTORY AND STOCK MANAGEMENT

The world is moving towards a dynamic change. The physics behind every phenomenon is changing. Thousands of companies are making millions of various products to ensure the comfort of living. As technology is intervening in every aspect of life, the pace has increased by leaps and bounds. A whole new network of warehouses is widespread to meet the continuous demands of the growing world. Furthermore, to increase the efficiency of the supply chain, many models have been developed.

The supply chain plays a vital role in every business. If the supply chain management is up to the mark, the company can grow far and wide. Professionals have been paid in millions to have a tight grip on it and form such models to support the supply and demand. From the products’ production to supplying it to the customers, if you have a successful supply chain, you can make a fortune people dream of having.

The main component that comes in between the supply chain is the warehouse that holds the inventory. Warehouses are the storage places of the products from where the supplies reach the customers or retailers. Running the warehouse efficiently to its maximum potential is not a child’s play. There are lots of costs involved in it. However, order and inventory management have become so essential that it requires proper education to excel. To fulfill the demands, running an inventory has become a factor of prime importance.

If there is a massive network of warehouses, it becomes tough to keep everything in a record from placing the products on shelves to their distribution. The only factor that can aid in it is technology. With the advancement of technology, it has become easier to keep track of inventory and stocks. Let’s discuss some of the critical technology features that have made inventory efficiency to classic high levels.

Computer Software

Computers have revolutionized the whole world. Every process has now been converted into automation by computers. There is various computer software to keep track of the inventory. Before, everything was happening in black and white. It was a tedious task to maintain all the records. If you lose your sheet, all your data related to inventory goes in vain. Computer software stores every minute detail about the products that have come or left the warehouse. It also keeps tracks of the distributors, the number of products, the product placement in the warehouse, the supply and demand, labor, and whatnot. It enables you to control the whole inventory just by a few clicks.

Barcoding and Radio Frequency Identification 

Barcodes are the stickers found on almost every product. It has vertical lines that contain detailed information about the product. The only drawback of this technology is that it has to be placed in front of an optical scanner to get the related info. RFID (Radio Frequency Identification) is the new barcoding method in which the data transfers via radio waves. The reader doesn’t have to align with the barcode. It automatically identifies the object, copies the data, and enters it into the database from where all the details are available to process. The amount of information that can be stored is tremendous than the standard barcodes. The drawback of this technology is that the signals can be disturbed through mobile phones or forklifts.

Printed Labels

Inventory is a place where one can get lost easily. Millions of products are wrapped up in the same brown color boxes and are lying on the shelves. It becomes tough to sort them out. The labels are present on the racks and shelves, but the ultimate increase in E-commerce, the warehouses have to shift their racks to accumulate the supplies of various products that change daily. Peeling off the labels and sticking new labels, again and again, takes a lot of time. The new technology of printed labels has come that can store more data, and such adhesives are there that can peel off the label without any problems and with more efficiency.

Light Fidelity (LiFi) 

Light fidelity is the latest technology that has supported inventory management a lot. In this method, the data transfers through light. The light emission is through LED bulbs or any other light source. It helps amazingly in controlling digital robots or drones in the settling of the products. It helps in the provision of accurate 3D positioning of various digital devices used in the warehouse.

Robotics Technology 

Robots are becoming the helping hand of humankind. The robotics technology has come so far that today they can completely replace the human being. The warehouse managements have to use heavy machinery to lift the products. It needs a high workforce to sort out all the products, place barcodes on them, and keep their record. Robots have minimized human efforts as they can quickly sort out the products, place them correctly in designated positions without any glitches. As the supply chain’s pace has increased, it requires efficient and fast robots to meet the demands. Many companies collaborate with warehouse management to develop such designs and programs to take robotics to new inventory management heights.

Tracking Sensors

Sensors have played a vital role in increasing the efficiency of the supply chain. The tracking sensors keep everyone informed about the product. In this way, there is complete transparency and eliminates the risk of theft. If the supply is under the control of 3PL, the management can see which 3PL is cost-efficient and at what rates they are delivering the products.

Conclusion

Technology has driven everything towards new heights. Those who implemented technology in their affairs have seen success. As science is developing and new technologies are coming, it has become imperative for every field to upgrade itself. Inventory and stock management have also adapted technology that helps them to keep track of the merchandise. With technology, inventory efficiency has increased, and the costs to hold stock have reduced. With the above technologies, the working principles are getting better with each day. It is essential that the technology coming in can collaborate with the existing systems, whether they are of any nature. Whether you have a small scale business or an enormous one, technology will take you a step higher.

 

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