Importance of Successful Inventory Management in Supply Chain

More than half of new business processes will incorporate some element of the internet of things (IoT) this year, which will significantly alter supply chain management.

IoT has long been an area of focus for organizations looking to reap more value from their supply chains. Global corporations recognize the transformational role of IoT, and many deployments are focusing on identifying, locating, and tracking the status of assets. What is inventory management?

Inventory management is the products or materials a company sells to its customers to make a profit. As part of the supply chain, inventory management includes several different aspects such as controlling and overseeing purchases from suppliers and customers, maintaining stock storage, controlling the amount of product for sale, and order fulfillment.

Why is inventory management important?

Fulfillment is at the heart of the customer experience and gets to what matters. It drives loyalty and ensures customers return to your business. To grow your business, it’s essential to keep the promises you make and deliver orders efficiently. Companies with complex supply chains and manufacturing processes must strike the right balance of inventory size.

Companies are moving towards greater efficiency. Advancements in supply-chain and logistics tracking technologies can provide new solutions for more innovative operations management. A scalable and low-cost IoT network is the foundation for improving a supply chain.

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