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Looking back at the history of the inventory management system, it is a journey of evolution, to say the least. From the basic token punch cards used in the early 1900s, we have observed a significant leap forward in tracking and managing inventory. However, the advancement of the inventory management system was solidified in the 1950s with the advent of computers, allowing real-time tracking and a whole new level of data streamlining.
Today, it is possible to integrate a next-gen inventory management system with Veras OmniView. It represents a significant advancement over existing competitors by offering a solution that streamlines the process of locating, picking, shipping, and restocking inventory altogether. It also caters to the needs of the modern cross-channel shopper and can be seamlessly paired with existing ERP systems.
Let us discuss the evolution of the inventory management system over time and how you can benefit the most by choosing an advanced service like Veras OmniView.
Driven by technological advances, inventory management systems have undergone various changes over time. The updates in the system were based on the changes in business needs, as well as the increasing demands of the end-users. With a more capable inventory management system put in place, large retail chains have managed to suffice for the evolving business needs without any problem. From manual inventory management to AI-powered management systems, here’s a glance at how inventory management systems have changed over time.
Before the advent of computers, inventory management was primarily manual. Businesses relied on handwritten records, ledgers, and physical counts to track inventory levels and transactions. As we can imagine, this approach was extremely inefficient because of its time-consuming nature & possibility of errors.
The emergence of computers in the business world revolutionised inventory management. Basic inventory management software for business was developed around this time to automate tasks such as tracking stock levels and managing orders. Here, we have observed efficiency and effectiveness in the process like never before.
It is impossible to misinterpret the sound of the signature *beep* of scanning grocery items. For decades now, we all, at some point, have stood in line while the cashier checked out our shopping with the help of a barcode scanner. These barcodes allow accurate identification of products along with extremely fast data entry processes.
The advent of cloud networking led to the development of cloud-based inventory management systems. These systems offered benefits such as remote accessibility to the system along with an increased window for scalability. Cloud-based solutions also allow inventory tracking between multiple stores so that overstocking or understocking problems can be eliminated.
Recently, inventory management systems for businesses have started benefiting from artificial intelligence and machine learning. AI-powered algorithms can analyse vast amounts of data to predict the upcoming demand so that inventory levels can be optimised accordingly. It also makes it possible to identify demand patterns so that businesses can stock the right product at the right time of the year.
The main reason behind the quick adaptation of the modern inventory management system is the array of benefits it enables for businesses. Therefore, it is crucial to choose the right option for your needs so that you can stay ahead of the competition and provide your clients with the service they desire without any shortcomings. However, it is only possible by understanding the benefits of choosing an advanced inventory management system.
Advanced inventory management systems provide helpful insights based on the existing data. With the help of advanced analytics, these tools can develop an approximate trend for supply, demand, and upcoming stock needs. With that, businesses can easily benefit via access to real-time data on inventory levels, sales trends, supplier performance, and more.
Such systems also provide crucial insights into sales trends, helping businesses maintain optimal stock levels. By doing so, it is possible to prevent overstocking and stock-out problems, which are detrimental to business operations, especially large grocery retail chains that usually have to choose overstocking to prevent stock-out issues. On top of that, it is also a cost-effective move when it comes to grocery items that have a limited shelf life.
Automation is very important for businesses these days as it helps to save invaluable time which would’ve been wasted otherwise if manual operations are considered. It helps to streamline processes such as order fulfilment, replenishment, and inventory tracking. Apart from time-saving, it also enables employees to focus on strategic tasks rather than routine manual operations.
Accurate inventory management also leads to improved order fulfilment and faster delivery times. In retrospect, it greatly contributes to enhanced customer satisfaction. With real-time inventory visibility, businesses can easily fulfil orders at a fast pace while minimising problems like backorders to provide a seamless customer experience.
Last but not least, advanced inventory management systems offer unprecedented visibility into the supply chain, allowing businesses to track items in real-time and respond quickly to any issues that arise. This is the most efficient method of optimising inventory as well as resolving inventory-related problems that are quite common for large retail chains.
Veras OmniView includes an innovative omnichannel inventory management system for business, designed to revamp the retail experience completely. It optimises the process of locating, picking, shipping, and restocking merchandise, making it an all-in-one solution for retail chains. It also brings a comprehensive solution that addresses the needs of today’s cross-channel shoppers, ensuring that inventory is managed efficiently across all sales platforms. Here are the key features of Veras OmniView:
Veras OmniView is not just an upgrade; it’s a redefinition of the inventory management system. With its easy deployment and highly accessible browser/mobile versions, it manages to significantly enhance chain-wide operational efficiency. It also empowers retail personnel to deliver outstanding service by simplifying location-based inventory management and reducing wait times for customers.
Want to know more about the best inventory management system for business? Click here to learn more about Veras Omniview and other offerings from Veras Retail!