Dig through the secrets of a successful business, and you’ll likely see something that’s very common – inventory management. While inventory management is straightforward, this plays a vital role in overall business operations. Good inventory management allows businesses to determine critical financial decisions. In addition, it helps in giving a clear grasp of the status of supply vis-à-vis demand resulting in satisfactory customer service that leads to stable income generation and cost-efficient business operation.
Inventory management is a challenging task, especially when done manually. Imagine a massive warehouse with many boxes of different products waiting to be counted and recorded; how long would it take before all items are accounted for? Manual inventory management does not only require an entire staff. It’s also prone to human errors, including inconsistencies in tracking, inaccurate records, and inefficient processes.
With Robotic Process Automation (RPA), businesses are saved from the time-consuming and daunting task that is manual inventory management. Through automation, artificial intelligence, and with the help of intelligent robots, companies can tick the right boxes of inventory management. Here’s how RPA can help in inventory management.
Read: RPA A Quick and Easy Fix
Streamline inventory management
With RPA in the picture, the burden of tracking and monitoring sheets for purchasing orders, shipping details, and various kinds of requests is lifted from the employees. All the staff must do is to key in the required relevant information into the software, and RPA will automatically do the sorting and updating of inventory data.
Leveraging RPA on inventory management saves employees from tedious, repetitive administrative tasks, allowing them to focus on more important business matters at hand. RPA enables bots to do in minutes what humans can accomplish in inventory management in hours or even days.
Accurate demand and supply planning
The very reason businesses do inventory management is to facilitate the supply chain. With advanced technologies like AI and RPA, automated inventory management eliminates misplaced inventory items and unaddressed stock-outs. RPA provides a well-organized platform to help businesses identify when to restock and reorder products and effectively monitor the number of products sold.
Through inventory management with RPA, businesses are assured that products and services are brought to the customers promptly, paving the way for satisfactory customer service and client retention.
Automate Your Inventory management with RAX
With a trusted RPA solution like RAX EDITOR, businesses can automate essential aspects of inventory management, including zero quantity adjustment, real-time inventory updating, and inventory cost uploading, among many others.
RAX EDITOR can help businesses address inventory problems like a mismatch of physical stock count from system stock count and imprecise inventory records.
Read: 4 Ways RAX EDITOR Can Improve Your Business
Based on a retail study conducted by RAX, automated inventory cost uploading resulted in 13,000 working hours saved and up to P6M annual business cost savings. Moreover, RAX EDITOR can perform adjustment for zero quantity — usually taking 8 working hours per store manually — in just 30 minutes per store, with expected P48M annual savings.
“Managing inventory faces issues when done on large scales. Mismanaged inventories lead to unwanted costs to the company and automating that process allows the company to rest with ease knowing that these processes would be done as expected each and every time,” said Mark Sy, Project Manager of RAX.
Discover more about the wonders RPA can do in inventory management.