The Advantages of Real-Time Inventory Management

We are currently in the midst of a technological renaissance that is giving us unprecedented control over our businesses. Lindsay Themea and Swapan Nag write about why real-time inventory management is one of the most empowering emerging trends of new technology. Cost control, customer service, and planning can all be nebulous challenges in the supply chain, but the information suddenly all starts to become a lot more concrete with real-time tracking. As the authors note, “With the need to get the right product to the right place in the right quantity at the right time, the ability to make immediate production adjustments based on real-time sales trends, and accurately track inventory at various stages of the distribution cycle, can be a game changer.” Another great benefit is that such technology helps businesses see what types of goods consumers are actually buying instead of just what businesses think they are buying. This means they can focus their energy on developing products they know will be bought.

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