Inventory management has always been a crucial aspect of successful business operations. Its importance has been magnified like never before in the wake of the global pandemic. Losses from improper inventory management cost retailers $1.75 trillion of losses annually, due to over-stocking and under-stocking.
With unprecedented disruptions to supply chains, businesses across industries have been forced to reevaluate and innovate their inventory management practices. One thing is clear—the future of inventory management lies in leveraging advanced technologies, particularly the Industrial Internet of Things (IIoT).
IIoT is transforming the very fabric of inventory management, introducing new levels of efficiency, accuracy, and visibility. One tool at the forefront of this technological revolution is Magellan X’s PROPELLER.
PROPELLER offers real-time tracking and AI-driven insights, enabling businesses to better anticipate demand, reduce waste, and ensure the smooth running of their supply chains. As the rate of change accelerates, our solutions aren’t just enhancing inventory management; they are reinventing it.
Here are some ways businesses have been pursuing sustainability and efficiency, and how PROPELLER has been helping in the process.
The Latest Advancements in Inventory Management
Impact of IIoT on Real-Time Tracking and Inventory Visibility
In the ever-complex landscape of inventory management, making use of IIoT can simplify things significantly. Solutions like PROPELLER are utilising these methods to transform the way businesses track and manage their inventory. With our unique RFID tagging system, we enable businesses to monitor the status of spare parts and assets in real time.
For short-range usage, PROPELLER provides QR tags that can be uniquely linked to items in an inventory. Long-range usage comes in the form of an attached beacon, which can be tracked remotely to make sure it is never lost.
Engineers can then quickly identify, tag, and check-in parts with a mobile tablet, reducing time spent searching for misplaced items. By offering a bird’s eye view of assets through a unified IIoT, our solution streamlines inventory management, improves visibility, and enhances operational efficiency. Properly managing inventory is key to keeping your operations successful.
Leveraging AI and ML Analytics
Our research has found that 80% of Stock Keeping Units (SKUs) have inaccurate data analytics, and commonly stock excess spare parts. The rise of Artificial Intelligence (AI) and Machine Learning (ML) has ushered in a new era of data-driven decision making, which can easily resolve these inaccuracies.
With PROPELLER, companies can leverage AI and ML analytics to not only track assets, but also anticipate future demand. By interpreting patterns and trends in data, it can forecast inventory needs accurately, helping businesses maintain optimal stock levels, reduce holding costs, and avoid downtime. Businesses have found that using AI forecasting, such as what PROPELLER offers, can reduce supply chain errors by 30-40%, preventing disruptions and monetary loss in industries like warehousing and shipping.
Advantages of Cloud-Based Inventory Management
The cloud has revolutionised many facets of business operations, and inventory management is no exception. Singapore is already ahead of the curve, possessing the largest public cloud market size in Southeast Asia in 2021.
Cloud-based systems offer the advantage of anytime-anywhere access to real-time inventory data. This, coupled with the ability to integrate with other business systems, allows for informed decision-making and efficient operations.
PROPELLER offers a comprehensive, on-the-go view of inventory across multiple locations through our cloud connection. By placing inventory data right at the fingertips of decision-makers, we help you ensure timely and effective responses to changing inventory dynamics, further driving efficiency and sustainability.
Sustainability and Efficiency in Business Operations
Environmental consciousness is being heightened constantly, and businesses are aiming to integrate sustainability into their operations. As such, many organisations are trying to implement green practices and create sustainable cycles for industries such as maritime shipping.
Inventory management, often linked to considerable carbon emissions due to transportation and overstocking, suffers from a lack of sustainability. Our research has found that Heavy Industries miss roughly $100k worth of procurement opportunities per site annually.
This is where IIoT solutions like PROPELLER come into play. By providing real-time visibility and predictive analytics, PROPELLER enables businesses to maintain optimal inventory levels. This reduces the need for emergency shipments and cuts down on waste from obsolete or excess stock.
Our data analytics also help detect bulk ordering opportunities, helping to ensure that fewer shipments are made. This can significantly reduce your business’ carbon footprint and contribute to global sustainability goals, all while realising cost savings and efficiency gains.
Addressing Industry-Specific Challenges
Each industry comes with its unique challenges in pursuing digital solutions. We have found that many businesses suffer from a lack of standardisation in inventory management systems, and have inaccurate data. The mining industry has seen a global decline in productivity, which is attributed to the slow rate of digital adoption, and the maritime industry is faced with environmental concerns over carbon emissions caused by shipping.
As a service that utilises IIoT, PROPELLER is specifically designed to address these industry-specific challenges. We offer tailored solutions that cater to the unique needs and operational contexts of different sectors, including maritime, oil and gas, warehouse, and mining.
Through an onboarding and training process, we ensure that our digital solutions are installed on worksites and vessels, and that crews are comprehensively trained by our experts. The carbon footprint of maritime shipping is reduced by our data analytics, which display opportunities to reduce transportation costs and maintain efficiency.
By providing real-time tracking, efficient spare parts management, and AI-driven demand forecasting, PROPELLER helps industries keep up with advanced solutions, lower their carbon footprint, and ensure accuracy of their inventory management.
PROPELLER – The Future of Inventory Management through IIoT
In the rapidly evolving world of inventory management, keeping pace with emerging trends and technological developments is a necessity. IIoT solutions like PROPELLER are at the forefront of this digital transformation, helping businesses stay efficient, sustainable, and competitive.
We offer an array of benefits, from real-time tracking and predictive analytics, to cloud-based access and industry-specific solutions that address the critical needs of businesses in the modern age.
The importance of efficient inventory management will only continue to grow. Leverage the power of IIoT and solutions like PROPELLER to stay ahead, and step into the future of inventory management today.
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