Businesses using inventory management know that it’s mainly about meeting the customer demands on time and having the right items, thereby minimizing losses and controlling the expenditure. We at Cloud Inventory provide businesses with a cloud inventory system, field inventory management systems, and also a cloud inventory management app to enable companies to manage their inventory more effectively.
In order to ensure that your business always stays ahead in the game, knowing the latest trends in inventory management is crucial. What are the trends that can help you determine where to invest your resources or make better use of your data? Let’s find out:
Artificial intelligence: IIoT initiatives work in close association with artificial intelligence (AI) and machine learning (ML) capabilities with regards to inventory management. Machine learning is employed these days to detect defective products and packaging so that businesses can only provide the best service to their customers. When artificial intelligence is applied to inventory management, it can not only make predictions but also use robotics to physically navigate warehouses like humans.
Cloud-based inventory solutions: A cloud inventory system can make all the difference in your inventory management. It stores all your data securely and centrally, can be accessed from everywhere, allows for quick decisions, and can solve inventory issues. The trend of cloud-based inventory solutions also leads to lower upfront costs, faster implementation, better security, and a constantly updated software. With centralization being a part of this cloud-based solutions, you can track on-the-move pallets, delivery vehicles, and even containers in real-time.
Distributed inventory management: Transportation costs can be reduced and delivery times can be sped up with distributed inventory management across multiple warehouses. Once you put the products in their right places and dispatch items from the warehouse closest to the customer, the rest of the process falls into harmony. Data analysis is used to see where the orders are coming up in relation to where the stock is located, giving you the flexibility to set up distribution centers in the right sites.
Predictive picking: Predictive picking is another inventory management trend that makes use of data analysis to use unstructured data and predict behavior based on recognizing interdependencies and patterns. Predicting picking can help in initiating fulfillments before an order has even been placed. Through predictive picking, you can compile data related to the weather and seasonality so as to predict the orders of customers more accurately.
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