Managing inventory levels in a cost-effective and revenue-driven manner can be difficult, even for the most experienced manufacturer. Without access to effective systems to help automate inventory control processes, properly managing inventory levels can be quite the challenge for manufacturers. AssetPulse RFID asset tracking solutions helps in automating inventory management.
AssetPulse’ inventory control capabilities allow manufacturers to automate their processing based off of previous purchasing trends and can even set reminder alert for raw material orders to renew when needed. With a real time inventory data, inventory control becomes less of a pain point and more a second nature
How inventory is traditionally managed?
Many different ways are used to keep control of inventory. One basic method is by creating a spreadsheet with various columns for product name, item number, and quantity. A column to deduct what is sold or consumed. Additionally, a log for returns and new incoming stock is maintained. It requires continuous manual monitoring to ensure every transaction is accounted for.
For more sophisticated customers, they may be using an ERP system to track inventory and inventory levels. Often data input into these systems is also manual – often through barcode scanners.
Of course, these are all labor-intensive processes. The information is difficult to share, and another huge pitfall is human error. People are prone to make mistakes––mistakes that are difficult to track and result in inaccurate inventory numbers.
A manufacturer relies on inventory to complete a finished product for which they expect to get paid. For example, an aerospace manufacturer has millions of dollars in parts in their inventory of raw materials that they include in the finished product.
Forecasting demand is essential for any business. For a manufacturer, this means having enough inventory on hand to meet this demand. If a manufacturer fails to forecast demand and orders too little inventory, they face the possibility of losing customers to a competitor. A late order may come at a higher expense, as supplier prices rise due to increased demand; this is another way the manufacturer loses money. If the manufacturer overestimates demand and orders too much inventory, they stand the chance of having unused inventory and may have to incur additional storage costs.
AssetPulse RFID asset tracking solution
Inventory management can be automated with the help of AssetPulse RFID asset tracking solution. RFID tags are affixed onto the items that are inventoried. Fixed readers can be strategically placed either at the source or the destination to monitor transfer of inventory. E.g. inventory can be tracked in VLMs (Vertical Lift Modules), on shelves where inventory is stored or the carts that carry inventory from one location to another. RFID readers can be placed also at the destination where the inventory is consumed. With the help of these fixed RFID readers or handheld RFID scanners, inventory data is updated in real-time or periodically, whichever is optimal.
The AssetGather RFID based tracking system is available as a hosted solution or as an on-Prem solution – inventory data is readily accessible from anywhere, in either case. Apart from this, AssetPulse RFID asset tracking solution also alerts users when the inventory level is running below par and inventory thresholds are likely to be breached imminently. All this happens automatically without any human intervention, thereby making the otherwise time consuming process very efficient and accurate.
AssetGather also can integrate with other ERP systems to update those system with inventory data that is automatically collected by AssetGather. Integrations can span a range, from very simple exchange of data to more complex integrations that not only update inventory data, but also facilitate and validate various manufacturing processes as they occur in real-time.
The RFID asset tracking software also has different reports including historical reports which enables manufacturer to forecast a demand and stock required inventory.