Improving Inventory Visibility Through Modern Technology
Invisible inventory is unaccounted inventory, materials or items in the supply chain due to inadequate inventory management processes. Misdirected returned products, misplaced scanning equipment, inadequate receiving schedules, and other factors can all contribute to this.
When the number of these instances rises dramatically, it can cause serious difficulties. When forecasting is overdone, for example, holding charges and associated additional expenses may be increased. Furthermore, sales may be lost due to insufficient or old inventory.
Implementing inventory tracking technologies can help companies be 20% more efficient, grant access to real-time stock levels and historical sales data. The technologies will streamline the individual component, sub-assembly and final product tracking. For other ways to stay ahead of the curve when it comes to managing your inventory, check out the resource below.