T-Impact work with ambitious organisations seeking to drive change and achieve rapid ROI through digital transformation, and one such example is the use of robotics within inventory and stock management.
Inventory management is procuring, storing and utilising a company’s inventory: raw materials, components, and finished products. It ensures that a company always has the required materials and products to hand whilst keeping costs as low as possible. Inventory and Stock Management supervises the flow of goods from manufacturers to warehouses and from these facilities to the point of sale.
Speak with one of our experts to learn how companies throughout the UK are using robotics and AI to transform their inventory and stock management process, greatly reducing costs and improving accuracy in the process.
Inventory and stock management has always been a complex procedure as it is challenging to maintain consistency when checking goods in or out. Stock management procedures are further complicated by returns or recycled products that are recouped from damaged orders. As inventory levels and inventory movement is used to determine the success of particular products or services, real life operational demands are affected by internal stock decisions and purchase lifecycles. If companies misjudge the level of sales based on inaccurate information, they could end up making poor decisions, such as closing profitable stores or losing valuable staff members.
Dealing with Dead Stock
High storage costs
Higher lead times
Lack of visibility in the supply chain
Misplaced inventory items
Decreased customer loyalty
When using an automated solution, RPA can update inventories using barcode details from received goods and data extracted from shipping company spreadsheets. The robot can automatically adjust stock levels and account for returns and recycled goods. Stock figures remain accurate, resulting in smarter business decisions.
Robotics also thrive when implemented alongside Enterprise Resource Planning systems. ERP systems are usually dependent on accurate data going in or out of the company, so in companies with multiple suppliers and complex supply chains, it can be very difficult to build suitable APIs to manage the electronic flow of goods, services or parts. RPA can automate this functionality to take data from supplier and sales databases to immediately update ERP systems, reducing this potential friction.
Accurate inventory management is the lifeblood of any retail organisation and without it customer experience is compromised. If, as a retailer, you believe you can sell a product to a customer but do not have the necessary stock levels, you leave yourself open to the risk of lost revenue and customer frustration. For manufacturing firms, the cost of not delivering to agreed service levels is also extremely high. Robotics can assure these service levels are fulfilled throughout the year whilst providing accurate information to aid decision making among management.
To learn about our RPA subscription model or more information about how our robots can help transform your organisation’s inventory and stock management system, speak with one of our experts today.
If you would like more information on how our Robotic Process Automation can help you with Inventory Management Process Automation, please enter your details and one of our experts will be in touch shortly to discuss your requirements and set up a demonstration.