Omnichannel shopping has become a massive phenomenon. Given the current technology age, customers want to shop using their desktop browsers, mobiles, apps and brick-and-mortar stores. However, retailers on the other hand are having a hard time adjusting to this new trend. Inventory tracking is one of the top factors influenced and impacted by omnichannel supply chain strategies; and consumer spending habits are pushing inventory tracking technology to evolve as a way to ensure that customers can get whatever product they order through any media and channels desired, at any price they are keen to pay.
Here are ways that inventory tracking technology is evolving. Understanding these as a company will help you be able to promote your omnichannel shopping strategies.
Leveraging Internal & External Real-Time Data
The leading advantage of inventory tracking technologies is that it’s able to influence and control both internal and external data in real time. A major example is when Home Depot made use of incoming data regarding the prediction of Hurricane Harvey to help reroute shipments of supplies that would have used the direction of the affected areas. In this way, the company made huge profits while at the same time, providing means and supplies for the recovery of homes too in Texas. The external data infused with the internal data analytics system and assisted in identifying products and routes that needed to be rerouted to the Texas coasts – before and after the natural disaster.
Flawless Technology Function Across Multiple Channels
Technology is truly effective only if it’s able to function seamlessly across multiple channels, taking into consideration information received from other channels too. The loss and misplacement of assets is something to be highly avoided as it leads to increased costs. Not being able to locate these assets quickly also results in additional losses. However, technology that works seamlessly across multiple channels has redundancies built in, allowing multiple parties in different channels to track inventory through the systems of your company.
Focus On Specific Niches
Inventory tracking technology is also getting precise on specific niches, enabling retailers to track assets without the need of major investment in per-item shipments. For example, using radio-frequency identification (RFID) in the industry today is cost-effective, and retailers can utilize RFID sensors and tags to track items that are traditionally difficult to process such as bulky items. Additionally, inventory tracking has become diversified because of customized systems that have been built. These allow companies to make use of parts in technology that are unique and appropriate to their needs.
Integration With Existing ERP Systems
Inventory management and technology is too undergoing a few changes. New types of inventory tracking technology had been introduced and required companies to be rid of existing systems in exchange for new, more advanced systems. However, the most innovative of today’s systems can be integrated with existing enterprise resource planning (ERP) systems. This means that now companies can take advantage of their assets without having to be rid of existing systems and risking losing important data.
Machine-Learning and Artificial Intelligence Optimization
When it comes to optimizing inventory management, the use of big data and analytics in inventory tracking technology is expected to play a huge role. Machine-learning and artificial intelligence (AI) can go through heaps of data to point out subtle trends and changes in inventory movements, helping the company to save. AI also allows for constant, continuous improvement of such systems, which leads to even more enhanced insights.
Did you know that voice technology also makes a major difference in the warehouse? See How Voice Technology Raises Productivity And Morale In The Warehouse!