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Transforming Asset and Inventory Management with Digitization

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With every standing organization comes a need for asset and inventory management and keeping up and updated for it. An organization runs smoothly when the asset and inventory are properly managed and monitored.

Analyzing a business is one of the crucial steps to take, for just going on and on has never been considered a good plan for the long term. Analyzing the issues, gaps, and even the success rate takes an organization a long way, and not to forget keeping up with the trends, technology, and digital transformation.

Asset inventory management lets you in on the major turning points of a business, it tracks and analyzes the locations, provides insights into the maintenance requirements, performance, depreciation, and ultimate disposal of the asset.

Digital Asset & Inventory Management

Technology and digital adoption have been transforming businesses for good and this time the digital asset and inventory management is something to hold onto for effective, efficient, less time-consuming, and for better outcomes.

Going digital is not just a trend but merely an enhanced way of attaining potential outcomes with less utilization of resources. Digitizing a company’s supply chain and backend operations has brought much comfort and ease in maintaining an adequate inventory in escaping the situation of inventory overload or the opposite of that.According to a recent study by McKinsey, the average supply chain has a digitization level of 43 percent, the lowest out of five core areas that were examined.

When digital is all about making things easier, the asset and inventory management has gone through enough this year to learn this the hard way. With COVID-19 outbreak and everything under a magnifying glass of “whether it will survive or will be overwhelmed” the supply chain halted its services witnessing major disruption in its services and economic growth

Such situations, pandemics, disasters, and stock market crashes give us long haul lessons by offering digital platforms and technologies as a surviving kit. These are to push your businesses a little further and making everything about survival until the situation is under control.

Also Read: Are you losing your business growth opportunities by not using Digital Factory.

Digitization has shown better results and has helped businesses to battle and overcome challenges to understand consumer buying behavior in the changing times leading towards the path of growth. Not just this, as per expert’s analysis, companies that aggressively digitize their supply chains can boost their earnings by 3.2 percent.

The supply chain and inventory digitization aim to achieve end-to-end planning, analyzing to base decisions, plans, and strategies, and to manage the warehouse in an efficient way.

Supply chain digitization has offered many such solutions and aid that conventional technology couldn’t offer. From uncovering underlying issues by delving into ERP to linking and putting together cross-functional data, and to fulfilling the demand in the given time.

These are just the basics where digitization has proven itself worthy and the following solutions have turned the whole market into a better world-

    1. Real-time reporting and analytics

    2. Accuracy in measurement of overall equipment effectiveness

    3. first-in, first-out tools

    4. Demand forecasting

    5. Performance analysis

    6. Low inventory alerts and automated replenishment

    7. Multi-location tracking

Conclusion

With digitization in asset and inventory management comes a confirmation and view of better business strategies, operations, tracking, analyzing, and ultimately successful outcomes. For a demand, supply is never equal, the difference in their percentage is more like- 45-90%. That’s the reason the digital transformation is needed and being adopted as it tracks, records, and manages the demand to supply cycle by avoiding underload and overload of the inventory.

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