Inventory visibility means having a clear view of product inventory and location, swift monitoring of order progress and related supply chain activities, along with being able to anticipate occurrence of any unplanned events in the supply chain. Inventory visibility is a prerequisite to create an active and alert global supply chain network. With growing globalization and complexity of the chain supply networks, accurate inventory visibility has become a crucial factor. Without a proper Retail Management system, a business may loss the advantages of inventory visibility. Today, we will see the benefits of inventory visibility in Supply chain.
The benefits of inventory visibility in Supply chain
1, Resolved unpredictable scenarios
The best way to avoid unpredictable scenarios is the ability to see everything. Knowing the trends of Inventory management is a key factor. In fact, the companies that have adopted supply chain with inventory visibility solutions have benefited a lot.
2, Used supply chain transparency to manage excess inventory levels
In an era where global economy swears by real time data, inability to view and provide product data in real time is a sign of stale logistics strategies that can potentially threaten the competitive edge of companies.
3, Enhanced just-in-time inventory strategies
Time is money is an old adage but its essence gets reflected in today's neck-to-neck competitive world too. Lack of visibility may lead to manual scheduling and tracking of shipments from node to node, and needless to say, it incurs lots of time!
4, Prevented cost erosion
Inability to communicate accurate stock availability, quantity of in-transit shipment, and failure to deliver shipment on time will result in strained relationships between the vendor and the customer.
Challenges of adopting inventory visibility solutions
1, Overhaul of existing process
Adopting inventory visibility solutions will mean adopting a new technology that will require a company wide understanding and willingness to overhaul the existing process. As this appears quite daunting, companies opt not to incorporate an inventory visibility solution.
Conventional or modern - companies do struggle with the concept of outsourcing inventory management to a third party, especially if the company has been managing their own supply chains so far. That's why they often create an ecommerce website on their own.
3, Data security
Many companies hesitate to opt for visibility or transparency due to security reasons because internet technology has also opened avenues to astonishing information hacking.
To find the solutions of inventory visibility, you could see in the inventory below:
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