Inventory visibility in warehouses
Inventory visibility simply means the tracking of the products at different warehouses and different locations. Inventory visibility is a great tool to be coupled to manage the warehouse properly. In the supply chain, inventory is stored in many places like warehouses, shipment trucks, the store shelves etc. For a successful operation, inventory visibility at each stage of a supply chain is essential for successful operation. Having a better view of the product inventory in the warehouse will help in making the decisions in the right direction. With the growing complexity of the supply chain network, inventory visibility with better accuracy is dispensable. Inventory visibility in warehouses not only helps optimize the operation but also a cost-saving opportunity. As many operations have shifted to Omnichannel order fulfilment and distribution model, more accurate knowledge of inventory is becoming necessary with time.
Benefits of Inventory Visibility
Improve Overall Efficiencies
Appropriate Inventory Levels
Smarter Allocation of Resources
Increase Market Responsiveness
Resolve Unpredictable Scenarios
Improve Customer Relationships
Challenges for adopting Inventory Visibility Solutions
Unwillingness to overhaul of the existing process as an implementation of inventory visibility solution is an unnerving one.
Trust in outsourcing inventory management to a third party
Data security is a major concern as cloud networks are prone to hacking
The development of India’s logistics and infrastructure had been idle for many decades until 2017. Post the implementation of GST and receiving the Infrastructure status, the industry has seen the face of renovation. The development of infrastructure and various transport means has helped warehouses to evolve well in the post-GST timeline. The warehouses are getting larger and are paving the way for automation. Grade A warehouses, being larger and better, provide ample opportunities for the implementation of technologies. Apart from automation and AI, it provides scope for real-time tracking of goods in warehouses which is becoming crucial for efficient warehouse operations. Inventory visibility in warehouses can be achieved through the implementation of barcodes, radio frequency identification (RFID), or similar inventory tracking system. These systems provide accurate inventory visibility to track the goods in the warehouses, thus enabling better management of inventory. Inventory visibility in warehouses enables us to keep track of the products available and transported. Providing better inventory management through virtual visibility of goods, inventory visibility helps in overcoming the problems of stock-outs, overstocks and unaccounted shrinkage.