Invisible inventory refers to unaccounted materials, items, or inventory within the supply chain due to inadequate inventory management processes. Factors such as misdirected returned products, misplaced scanning equipment, and insufficient receiving schedules can contribute to this issue.
The implementation of inventory tracking technologies can significantly enhance efficiency, providing companies with a 20% improvement. These technologies offer access to real-time stock levels and historical sales data. Cloud-based Point of Sale (POS) systems and e-commerce management solution software represent the future of inventory technologies. They play a pivotal role in streamlining tracking processes for individual components, sub-assemblies, and final products. These innovations integrate various aspects of business operations, enhancing overall efficiency and offering a range of beneficial capabilities. With live and responsive supply chains, companies can achieve increased transparency in inbound/outbound processes and daily activities.
For additional strategies to stay at the forefront of effective inventory management, refer to the resource below.
Invisible Inventory from Celerant, a provider of retail pos systems