Wasp Barcode Technologies: The Barcode Solution People

Cutting Edge Inventory Management Could Solve Supply Chain Issues

It’s only been a few months since the COVID-19 pandemic changed life as we know it. Yet, our normal day to day routines, which we all took for granted, seem like a distant memory.

This new environment constantly reminds me of the famous saying, “You don’t realize what you have until it’s gone.” Whether it’s the simple activity of visiting family and friends or going to the grocery store only to discover that our favorite items are out of stock, we need to adjust and adapt to this new world. For example, as the demand for essential household items continue to rise, it has become increasingly difficult for manufacturers, stores, distribution centers, and the entire supply chain to keep up with what used to be heavy but is now normal volume.

It is only normal during a crisis for people to panic and stockpile resources. Even if it is as simple as buying two loaves of bread instead of one. It is this fear of the unknown which has made people start hoarding. I can’t remember the last time I saw a bottle of hand sanitizer or Clorox wipes on the retail shelves. As a result, supply chains face an uphill battle.

Most supply chains include six stages: sourcing of raw materials, production, processing and packaging, storage, wholesale distribution, and retail redistribution to consumers. For this process to run smoothly, all six stages must be in sync and work together, especially in the midst of unprecedented pressure to supply goods to the public. One way to achieve better communication and greater visibility between each phase is to implement an inventory management solution.

For instance, when the wholesale distribution stage begins to run low on inventory, you need a solution which will automatically send you alerts allowing you to reorder and restock before the shortage becomes critical. If the processing and packaging stage has fulfilled their existing obligations, you can view what’s available in production and request more materials. If production gets ahead of schedule, you have the ability to order additional raw materials to obtain more goods to work on and produce. Or maybe you have enough inventory on hand and can eliminate the cost of ordering raw materials which are not needed.

The fundamental problem is that each phase of the supply chain seems to be siloed. Even when they do work together, they often lack visibility into each operation. With this lack of cohesiveness, you run the risk of slower processing and the inability to meet schedules, both of which can lead to the empty shelves we have experienced.

Implementing a web-based inventory management solution will allow you to keep every phase connected to each other providing visibility to anyone within the supply chain. In addition, this enhanced level of communication will result in a faster workflow, more accurate inventory, and reduce costs by serving as a mechanism to prevent inventory waste due to ordering materials you already have on hand.

InventoryCloud by Wasp Barcode Technologies is a cloud-based software that will make life much easier for the folks who are responsible for keeping products on the shelf.

Why InventoryCloud?

• Provides real-time visibility to each segment of the supply chain thanks to its web-based interface
• Helps maintain proper stock levels at the wholesale distribution and retail redistribution levels
• Ensures sufficient amounts of inventory remain available at each level by providing the ability to establish minimum and maximum stock levels
• Safeguards against ordering too much inventory, which can result in expired merchandise
  

This level of inventory management allows supply chains to walk the straight line between keeping customers happy and keeping inventory waste low. The ability to view and manage inventory on the fly has also become an important part of successfully meeting production demands.

Oftentimes, purchase orders and pick orders are created from a stationary workstation; however, the items need to be received or picked from a different location in the building. InventoryCloud’s iOS/Android compatibility enables transactions from a mobile device, which can speed up a variety of internal processes.

At the end of the day, whether we are in a pandemic or not, proper inventory management is paramount for the success of our supply chain industry.

If you’re one of the many organizations still utilizing manual spreadsheets, or pen and paper to track your inventory, contact Wasp Barcode Technologies and learn about InventoryCloud.