It is easy to understand what inventory visibility is all about. Think of it as a merchant’s ability to track the amount of inventory at hand, on hold and the amount being sold at any given time. It has a lot to do with awareness of what you have. That way, you can easily track inventory movement across locations as well as sale of goods across different channels. Experts refer to this process as inventory visibility. Read on to learn more about it and why it matters.
Planning
Staying above the competition sometimes means having an upper hand when it comes to monitoring the health of your supply chain processes. From then on, it comes easy to create contingency plans for abrupt yet unexpected events that threaten to disrupt business operations. Inventory visibility steps in to help you test and improve key factors like order management. This translates to a delightful customer experience which in turn translates to impressive profit margins.
Small Business
No business is too small for inventory visibility. Always keep this in mind before you consider writing it off. Note that many businesses make a common error of delaying implantation of an automated inventory management system. Have the system ready then make sure it can provide you with real time inventory visibility. This is especially important for small businesses. You will have an easy time monitoring business progress from day one.
Business Patterns
Things change all the time in business. Trends come and go that affect business operations. With that in mind, invest in a real time inventory visibility system to help you monitor how trends affect your business. A good system can help you track key business patterns. It can also go an extra mile to help you predict slumps as well as high sales. You can then have an easy time minimizing holding costs and preventing stock outs. The rule here is simple. The more historic data and information you work with, the greater the accuracy and precision of your inventory visibility. The final result is a positive impact on your supply chain.
Implementation
Adopting real time inventory managing system calls for an overhaul of traditional and conventional inventory management techniques. To reduce friction and save time during the adoption process, go for an inventory solution that allows easy data management and transference. Then while at it, always remember that onboarding is an important part of change management. Be sure to also set aside time to have your managers trained on how to extract inventory data and information at each point in the supply chain process.
Security
Entrusting third party entity or vendor with critical supply chain or inventory data is a cause of concern with many businesses. There is no shortcut here. You have to choose a trusted platform complete with impeccable customer reviews as well as a credible track record in data security vis a vis inventory management.
Points To Note
Different businesses feature different supply chain processes. Sales cycles, distribution channels and methods and supplier relationships also differ from each other. This means real time inventory management systems also differ. There is rarely a one size fits all solution. That is exactly why you need to take time before finding an inventory management service provider that is ideal for your business.