Allocating resources to use an inventory management tool may seem like overkill for a small business, however, having inventory visibility at every point in your supply chain is beneficial from day one. Inventory visibility can help businesses track patterns in demand over time, predict high sales periods and slumps, minimise holding costs and prevent stockouts. The more historic data you have to work with, the greater the accuracy of your inventory visibility and the deeper the impact to your supply chain.
Key considerations when implementing solutions for inventory visibility in Supply Chain
1. Internal change management and process adoption
As with any new system or process, adopting an inventory management system that provides you with inventory visibility in real-time means an overhaul of legacy inventory management processes. To reduce friction during the adoption process, select an inventory solution that allows for easy data transference. Additionally, onboarding is a vital part of change management. Ensure that inventory managers are trained to extract inventory data at every point in the supply chain journey.
2. Trust & Data security
Entrusting a third party vendor with inventory or supply chain data is a cause for concern with many companies, especially if they have been managing their inventory on their own before. The rise of information technology has also given rise to information hacking on a global scale. Therefore trust and data security should be a priority when implementing an inventory visibility solution. Choose a trusted platform, with good customer reviews and a credible track record in inventory management.
What solution is right for you?
The supply chain of every business is unique, as are its sales cycles, supplier relationships, distribution channels and methods. As a result, finding a one-size-fits-all solution can be challenging. Pricing for an inventory visibility solution can range from a few dollars a month to thousands of dollars.