How to Improve Your Inventory Management Using Technology?

Amazon Indian has the largest Fulfilment Centre in Bengaluru that spans across 350,000 sq. ft. and holds around 2 million cubic ft. of storage space. The company currently has more than 65 Fulfilment Centres around the country.

Amazon rarely fails to deliver the right product to a customer even though they have an extensive number of these centres.

The key to their success ratio is the implementation of state-of-the-art inventory management techniques. Amazon has some of the latest technology, including robots, which help them manage their stocks efficiently.

You may not have to implement robots to manage your inventory. However, using some of the popular tools available can help you solve all problems with inventory management.

Some of the technology that you can implement includes:

First and foremost are barcodes. Barcodes are utmost essential and contain every minute details of a product like a manufacture date, place of origin, price, etc.

You will need a barcode printer available under Rs. 10,000 to print the barcodes. Also, you will need a barcode scanner to read the barcodes available at under Rs. 2,000.

Labelling and printing document are another critical requirement in your inventory. Employees have to go through a considerable hassle if they have to move to and fro from your central printer to avail these.

Hence, portable printers are the solution. These printers are similar to the ones used for bus ticketing. They are handheld and can be carried around without much hassle.

Thus, such equipment will lower processing time and eventually your production cycle.

Point of sale (PoS) systems are used in business outlets for billing functions. You can also utilise these systems as an inventory management techniques to save money.

A PoS system can help you keep track of your stock. It will also alert you when the reorder level ofa specific product has arrived. Thus, you don’t have to maintain a manual list of all items in your inventory.

PoS systems may come with a substantial price tag. Hence, you might want to opt for external financing. Radio-frequency identification (RFID) is an electronic tag which when attached to an object will transmit radio waves to a reader. RFIDs are a better alternative to barcodes.

It is one of the inventory management techniques that you can implement if you aim to keep your workforce low. An RFID can help you keeptrack of your stock with minimal interaction from an employee.

Other than the above, you can also integrate cloud and APIs to manage your inventory even more precisely.

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Written by Naina Kapoor

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