Monitoring inventory can be a challenge. Maintaining the right stock levels—keeping enough inventory to avoid stock outs without bloating— has a lasting impact on both your bottom line and consumer happiness. Some experts estimate that $1.1 Trillion is tied up in inventory nationwide. To put that in perspective, that’s about 7 percent of the U.S. GDP, tied up in inventory, largely resulting from improper management.
You already know this is a problem, and you know it can be fixed with better data. Still, most retail CIOs have been unable to secure the right information at the right time. 90 percent think real-time information is the key to success, but less than 39 percent have access to accurate shipping data.
Efficient Flow of Information
Inaccurate data is the bane of existence for most retailers. Inventory levels are constantly fluctuating due to inconsistent shipments, returns, misplaced inventory, and countless other factors.
Deploying automation technology across your end-to-end logistics and transportation network allows for accurate, real-time information to be shared widely. It allows you to keep track of shipments down to the exact number of units, providing you with total visibility into your supply chain. Automation technology, when leveraged to its full potential, allows you to eliminate stock outs without bloating inventory.
Imagine keeping the exact amount of inventory on hand that you need—no more, no less. Imagine an automated system that knows when you’re running low on a certain product, and knows exactly where your in-transit products are by leveraging factors like geolocation, traffic, and weather to better manage the fulfillment of replacement stock at the exact right moment.