Only 33% of manufacturers employ inventory management software, according to recent research, with the remaining 67% relying on Excel or paper-based approaches. They waste an average of 18 hours per month writing inventory details on a piece of paper and entering data into a spreadsheet for each item. However, labor-intensiveness isn’t the only problem: according to Marketwatch, 88% of spreadsheets have inaccuracies.
Because there are so many variables in modern supply chains, inventory management — understanding how much inventory you have and how it circulates through your supply chain – is more critical than ever. Inventory management allows you to keep track of all of the items and inventory in your organization. Excess inventory requires the use of additional resources such as warehouse space and capital. The supply chain is more than just a way to keep track of your product in today’s world; it’s also a way to gain a competitive advantage by promoting your business.
The good news is that manufacturers may use IoT to avoid the issues associated with manual processes and achieve real-time inventory visibility. In this infographic, we’ll go through the most important things to know about inventory software development and leveraging IoT for inventory management.