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Inventory Management in a Data-Driven Supply Chain

4 minute read

The supply chain is broad and complex and there are many key areas of control that allow for a successful supply chain. One of the driving trends in supply chain management for this year and beyond is to build elasticity into the supply chain, allowing it to bend instead of break during disruptions, whether large or small. The Internet of Things (IoT) holds promise for aiding in that elasticity across all areas of the supply chain.

Technology Driving Trends in Inventory Management

A data-driven supply chain integrates technology into all processes, and inventory management is a key element in the supply chain. Data can be derived and applied in many different ways, depending on an organization’s size and strategy.

Analytics and the Cloud

The ability for sensors to collect data, which is then communicated and analyzed, is at the heart of IoT in helping business achieve greater results and higher optimization.

Inventory forecasting is one of the greatest challenges in inventory management. Trends over time can be constructed leveraging traditional techniques of math and experience, but granular data helps drive greater insight and to create clearer forecasts.

By knowing when spikes and troughs are likely to occur, instead of making a best guess, it’s easier to order the right amount in advance so that costs can be minimized, and waste can be avoided. This requires the type of business intelligence derived from smart data collection and IoT.

Multi-Warehousing Reliant on Communication

Multi-warehousing is a trend that is supporting the inventory management arm of the supply chain by having key warehouse locations in relation to a central location. Warehouses may be located across a region, country, or globally – dependent on the organization – and helps reduce costs and footprint by having more than one distribution center.

This approach to inventory management requires all parts of inventory and warehousing to communicate with each other and is best achieved through a singular, unified approach to technology. Trying to piecemeal a solution through several technologies or providers is going to put a strain on integration and make scaling more challenging.

Warehouse Management

Warehouse management is an important part of inventory management, too, and IoT is yielding key results in areas in RFID and GPS in order to know how much of a item is in the warehouse and where it’s located. This can help significantly with stocking and picking in reducing time, as well as tracking items as they move along the supply chain.
Moving into automation, Automated Guided Vehicles (AGVs) are rising in popularity in larger warehousing organizations to help pick and re-stock items, which helps reduce errors and also eases the reliance on workforce.

KORE Assets for Inventory Management

KORE Assets has industry expertise in supply chain management and logistics that delivers data-driven results. Our hardware partnerships provide best-in-class sensors and trackers, whether you need ruggedized hardware or condition-based monitoring sensors. KORE also has connectivity technology, services, and solutions that can connect your devices across multiple carriers and technologies across the globe so all elements of your IoT infrastructure are always working. We can customize your IoT application so you get maximize ROI and the skills and tools you need to mange and scale.

Learn more about how KORE Assets drives key results in inventory and supply chain management.

Check out our recent webinar about supply chain and critical asset monitoring to learn more.

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