Inventory

Inventory shrinkage is a common issue in most businesses that deal with physical inventory. The consequences of shrinkage may include financial losses, operational disruptions, and loss of competitiveness. But how does it happen and how to prevent it?

From demand forecasting and warehouse optimization to image recognition and predictive maintenance, various AI applications are set to significantly impact inventory management practices in the near future.

An automated inventory management system is a software-based solution that is designed to automate processes in the warehouse, thereby streamlining workflows, optimizing stock levels, and reducing inventory-related costs.

Raw materials are the substances or components used in the production of goods. Properly managing their raw material inventory allows manufacturers to ensure a smooth production flow, control costs, and respond promptly to customer demand.

Managing inventory is a difficult task made much easier with ERP inventory management systems. Here are their benefits, implementation tips, and the top solutions for each industry.