- Inventory management is a crucial and often the most costly and complicated aspect of a retail operation.
- A bona fide inventory management allows retailers to get a precise snapshot of their inventory level, thereby minimizing wastage and optimizing profit.
- However, designing a proper, truly useful inventory management system takes a lot of resources and hard to nail down due to its ever-changing, ever-evolving nature and complexities.
The retail business is one of the most surefire, stable and, in most cases – but not always – profitable businesses on earth; and it will remain so for a very long time, even if humanity decides to move planets in the future. However, as any merchant can attest to, retail business is not the faint of hearts.
Like warfare, the secret to any successful retail operation is the impeccable management of logistics. Supply chain constitutes a crucial part of retail business, as without inventory a merchant will be unable to sell anything or get their products to customers. Alternatively, too much inventory on your hands means held-up money that is just sitting on the floor of your warehouse (carrying cost).
The main challenge for retailers is designing a a truly useful inventory management system that will allow them to “see” the level of inventory at any given time, since an inventory system that is not online or live or real time does little good.
Technology To the Rescue
Thankfully, advances in technology in the 21st century have made smart inventory management a thing to behold. Technologies such as IoT (Internet of Things), RFID (Radio Frequency Identification tags), Electronic Shelf Labeling (ESL) and even blockchain are now routinely used to augment, enhance and improve existing inventory management system without breaking the bank.
Evo Smart Life, an Indonesian-based technology company specializing in IoT solutions for home and business applications, can help you design a sophisticated and seamless inventory management ecosystem that can “talk” to each other.
Our inventory management system utilizes a combination of analytics and algorithm that are tied to hardware – some are ordinary items like CCTV and some are specialized tools such as ESL – to create an inventory ecosystem that can “talk” to each other.
Here’s a typical smart inventory management system ecosystem that we can help design for you:
The journey begins on the shelves which have been outfitted with our ESL system. These paperless, electronic price tags units communicate with the back-office using NFC technology and special Access Point transmitter (gateway) backboned on IoT and ESL software linking the entire ecosystem together, from cash registers to merchandise management system. These units can be programmed to detect out-of-stock items on the shelves and send automatic alert to the merchandise management system (or manually, through blinking LED light that attracts staff attention).
Automate processes and streamline your supply chain flow with our specially-designed API (Application Programming Interface) and inventory management software. Rest easy as each unit of new shipments that arrive at your warehouse are promptly unpacked and automatically logged onto the system using a combination of RFID, barcodes, QR codes and even CCTVs. The entire process can be made fully automatic (end-to-end inventory tracking), requiring only a fraction of your workers yet still are more accurate than manually opening and counting each boxes!
Back-office Inventory Management Software
We can design a comprehensive, custom-tailored inventory / warehouse management software that suits and meets your unique needs that collates all data from the front of the store to the warehouse, giving you visibility over how many goods you have on hands at any given time. New deliveries to the back-office are logged on automatically and tabulated onto the system, while sales from cash registers and other POS are counted against running inventory and tallied accordingly. An alert can be pushed onto your device or desktop once inventory runs low, ensuring you’ll never again be caught off-guard.
And much more! Since we are a software house-cum-systems integrator based on IoT technology, we can integrate virtually any existing platforms and custom-design any ecosystem that you want or need. Imagine utilizing drones to retrieve high-shelf items, or locating goods using smart glasses. Sounds implausible? Well, get ready to be blown away, because the future is here – today – with Evo Smart Life. Are you ready to start your project? Contact us today to find out how you can benefit from our smart retail solutions!