5 Essential Inventory Management Best Practices in 2023

Inventory management best practices in 2023

Inventory management plays a critical role in the overall success of heavy industries.

In recent times, more businesses are going digital with their inventory management process. Companies are now leveraging advanced technologies such as Radio Frequency Identification (RFID) and Industrial Internet of Things (IIoT) devices for real-time tracking of inventory. Moreover, methods such as predictive analytics are being used to forecast demand and optimise inventory levels, helping to ensure that resources are efficiently allocated.

In order to keep up with these developing technologies, businesses need to remain up-to-date and ensure they carry out these best practices.

Standing at the forefront of this is Magellan X, a company that offers purpose-built DeepTech solutions to help companies in heavy industries that are struggling to digitalise. By harnessing the power of IIoT devices and AI-powered analytics, we help businesses gain real-time insights into their inventory levels. This allows them to make data-driven decisions that optimise their supply chains while minimising their environmental impact.

What is Inventory Management?

Managing inventory through inventory management software

Inventory management is the process of ordering, storing, tracking, and accounting for a company’s goods. The intent is to meet customer demands efficiently and effectively. Industries such as maritime, petrochemical, mining, and offshore operations rely heavily on effective inventory management for smooth operations.

Benefits of Inventory Management

  1. Cost Reduction: Effective inventory management allows companies to reduce carrying costs, avoid running out of stock, and minimise lost margins from markdowns and expedited shipping. These cost savings are crucial in heavy industries like oil & gas, maritime, chemicals, and mining.
  2. Enhanced Efficiency: With proper inventory management, companies can streamline operations. In industries like offshore facilities, timing is critical, and properly managed stock will prevent disruptions. This ensures the efficiency of high-value operations.
  3. Improved Customer Satisfaction: In maritime and petrochemical sectors, effective inventory management ensures prompt fulfilment of customer orders, thus enhancing customer satisfaction. Better satisfaction leads to increased customer demand, and larger profits for a business.

Challenges of Inventory Management

  1. Demand Forecasting: Accurate demand forecasting is essential to avoid stock shortages or an excess of inventory. In industries like mining and offshore operations, this can be especially challenging due to volatile market conditions or weather disruptions affecting the demand and supply chain.
  2. Maintaining Inventory Visibility: Maintaining real-time visibility into inventory levels is critical for industries that operate globally. Shipping internationally can complicate tracking goods as they are moved across facilities. Inventory visibility is a constant issue among suppliers, but this can be solved using best practices and modern technology systems.
  3. Supply Chain Management: Ensuring efficient supply chain management is vital for heavy industries like mining, where disruptions in the supply chain can lead to delays in production and increased costs. Effective inventory management plays a significant role in mitigating these risks.

What are the Best Practices for Inventory Management?

Good inventory management practices in a warehouse space

Best practices in inventory management enable companies to have accurate stock records, improve efficiency and become more competitive, reducing unnecessary expenses. It also helps to track inventory figures and enables easy warehouse management, as long as you make the right software investment choices.

1. Invest in Inventory Management Technology

PROPELLER tablet and dashboard software

Investing in robust inventory management technology is essential for successful inventory management. Using tools to eliminate paper processes and increase efficiency can lead to huge returns for your business.

PROPELLER by Magellan X is a mobile and Real-Time Location System (RTLS) inventory management solution that brings Intrinsically Safe portable scanning tablets to your warehouse. Our AI/ML-powered cloud solution provides near real-time inventory data and actionable insights, allowing for inventory to be tracked remotely.

2. Use Inventory Management Tools that Integrate with Your Other Solutions

Seamless integration with your existing business tools is a necessity for effective inventory management. This allows you to improve your systems with minimal disruptions to your business operations.

PROPELLER’s RFID Mobile Scanner is compatible with a range of Enterprise Resource Planning (ERP) solutions, enabling standardisation across inventory management platforms. In addition, our mobile tablet synchronises data with your PMS automatically, facilitating smoother and more efficient inventory tracking.

Your existing infrastructure doesn’t become obsolete with PROPELLER. Instead, our inventory management software adds to the groundwork you have already laid.

3. Track All Product Information

PROPELLER RFID tablet

Accurately tracking product information is necessary for effective stock control.

PROPELLER offers AI-powered analytics that monitors consumption and usage. Our service also provides a mobile and Real-Time Location System (RTLS), allowing you to ensure transparency throughout the ordering process.

By monitoring your inventory and remaining aware of your products, you can avoid losing track of items and causing inefficiency.

4. Audit Inventory

Regular inventory audits are essential to maintain accurate records and detect potential discrepancies in your inventory.

PROPELLER has a range of features that simplify the auditing process. Our RFID Mobile Scanner helps you keep track of parts and prevents misplacement. Through IIoT technology, parts can be reliably found within minutes.

For shorter-range operations, QR tags are available to be placed on items. These provide unique IDs and storage locations for 100% of your inventory, ensuring that your next audit goes on without a hitch.

For even longer-range usage, PROPELLER has long-range RFID beacons that can monitor cargo when it is in transit. These tools can help you remain aware of your own stock, and you can manage inventory without any fuss.

5. Comply with Best Environmental Practices

In today’s eco-conscious world, adhering to environmental best practices is more important than ever. The International Maritime Organisation (IMO) is making efforts to battle climate change, and global efforts are underway to curb emissions in the shipping industry.

With PROPELLER, you can participate in carbon-conscious inventory management by reducing the need for unnecessary transport and orders. Our system reduces an average of 30% of excess stock when used, and our AI analytics are constantly on the lookout for bulk-order opportunities, saving you an extra shipment that might enlarge your carbon footprint.

How to Choose the Right Inventory Management System

Warehouse management to track inventory and meet customer demand

When selecting the right inventory management system for your business, it is important to consider several factors that align with your industry-specific needs. Here are a few tips to help you make the best choice.

  1. Assess whether the system is scalable and customisable to your sector. Various industries have different needs, so be sure to pursue a solution that can fit your requirements. For example, PROPELLER has various functions that can benefit the petrochemical, maritime, offshore, and mining sectors, using different combinations of its scanners, RFID tablets, and analytics Dashboards.
  2. Prioritise functionality. Ensure that the inventory management system offers features that directly address the emerging trends and pain points within your industry. In the case of PROPELLER, it includes features that aid in general inventory management, such as real-time stock visibility, order consolidation, and smart procurement. These capabilities prioritise efficiency, cost optimisation, and compliance with industry regulations.
  3. Ensure it can integrate with existing systems and data sources. Verify that the inventory management software is compatible with your current technology infrastructure and can be integrated into your workflows without much hassle. PROPELLER, for instance, is designed to be compatible with various systems in the maritime sector, so integration becomes a seamless process.
  4. Lastly, consider the quality of customer support and future upgrades provided by the system vendor. A responsive and knowledgeable support team will help ensure that any issues encountered with the software are resolved promptly. Furthermore, regular software updates addressing new industry trends and requirements play a vital role in maintaining the long-term effectiveness of the system.

By keeping these factors in mind, you can select an inventory management system like PROPELLER, which offers a range of features tailored to meet the unique challenges of this sector.

Elevate Your Inventory Management with PROPELLER by Magellan X

Modern inventory management efforts to maintain inventory control in warehouse processes

In an ever-changing world, businesses operating in heavy industries face increasing challenges in inventory management. The need for up-to-date, efficient, and sustainable solutions is undeniably crucial. By adopting innovative technologies that align with best practices, organisations can streamline their inventory management processes and enhance overall performance.

Platforms like PROPELLER can help companies improve their efficiency, reduce waste, adhere to these best practices, and promote environmentally responsible operations. Don’t let your inventory management fall behind—find out more about PROPELLER to elevate your organisation’s inventory management practices today.

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    All information on this website is provided “as is” with no guarantee of completeness, accuracy, timelines or of results obtained from the use of this information and without warranty or representation of any kind, expressed or implied.

    Magellan X provides no warranty, representation or indemnity that the use of material displayed on the website will not infringe the intellectual property rights of third parties.

    Magellan X and/or its associated companies, directors, officers, employees, agents or representatives shall not be liable for any viruses or other malicious activities of whatsoever nature that may infect your computer, any other hardware, software or IT systems or other property on account of your accessing, browsing and/or using this website and any of its services or downloading of any material, data, text, images, video or audio from the website.  Magellan X shall not be liable for any damages whatsoever due to a third party’s unjustified access to the website, passwords, data or information on the website.

    Magellan X advises you to take the necessary measures to ensure that your computer, any hardware, software or other IT systems or other property are adequately protected from viruses or other malicious activities.

    Magellan X and/or its associated companies, directors, officers, employees, agents or representatives shall not be liable for any decision made or action taken in reliance on the information on the website or for any loss, damage or claims of whatsoever nature (including but not limited to indirect and consequential loss) arising out of access to or use of this website, or its services, even if Magellan X is expressly advised of the possibility of any loss, damage or claims.

    6. Law and Venue

    This website, including these Terms and Conditions, shall be governed by the laws of Singapore and subject to the exclusive jurisdiction of the Courts of Singapore.

    7. Unlawful Activities

    Magellan X views seriously any unauthorised access (whether malicious or otherwise), alteration or modification of its website and/or the contents therein and will not hesitate to initiate and pursue appropriate legal action (civil or criminal) under the applicable laws.

    8. Contact

    If you have any questions or comments about the use of this website or your dealings with this website, you can contact: info@magellanx.co

    Last Updated: 29 June 2022

    MAGELLAN X PTE. LTD.
    PRIVACY POLICY

    Magellan X Pte. Ltd., its subsidiaries and affiliates (“Magellan X”, “we”, “our” and/or “us”), are committed to safeguarding the Personal Information of our customers, vendors and users (“User” and/or “you”) who visit our website (“Website”). This privacy policy (“Privacy Policy”) sets out the ways in we collect your Personal Information, the purposes for which we use it and the instances where we share it with other individuals and organisations. “Personal Information” means any information relating to an identified or identifiable individual.

    If you are an existing customer or vendor of ours, or a representative of an existing customer or vendor of ours, further details about how we use your Personal Information are set out in your/your employer’s customer/vendor contract with us. We may provide further notices to you at the point we collect your Personal Information, which will highlight any further information relating to our use of that Personal Information and, where applicable, provide you with the ability to opt in or out of selected uses.

    This Privacy Policy is intended to explain our privacy practices and covers the following areas:

    1. What Personal Information about you we may collect;
    2. How we may use your Personal Information;
    3. How we protect your Personal Information;
    4. Contacting us and your rights to access and update your Personal Information; and
    5. How changes to this Privacy Policy and the Cookie Policy will be made.

    This Privacy Policy applies to the activities for which Magellan X is a “data controller” which means that Magellan X decides why and how Personal Information is processed. Magellan X may also process User’s Personal Information as a “data processor” in the context of the services we provide to our customers. When we process Personal Information on behalf of our customers, customers determine “why” and “how” the Personal Information is processed. To learn more about the processing of your Personal Information in this context, please refer to their respective privacy policies.

    If you are based in the European Economic Area (“EEA”) or the United Kingdom (“UK”) during your interactions with us (other than solely for travel purposes), the laws in those countries require us to provide you with additional information about our processing activities. We have included this information in the European Appendix.

    1. Personal Information we may collect about you

    We will collect and process all or some of the following Personal Information about you:

    1.1 Personal Information you provide to us ► Personal Information that you provide to us, such as when using the contact form on our Website, including your name, email address, other contact details;

    1.2 Personal Information you provide when applying for a role at Magellan X► if you apply for a role at Magellan X through the Website, we may collect, where permitted by law and appropriate, your CV or résumé and contact details. We may also undertake criminal records or financial probity checks or other independent searches to assess your suitability for the position where permitted by, and in accordance with, applicable laws;

    1.3 Our correspondence ► if you contact us, we will typically keep a record of that correspondence;

    1.4  Your feedback ► we may ask you for feedback from time to time, that we use to help us to improve our service; and

    1.5 Website and communication usage ► details of your visits to our Website and Personal Information collected through cookies and other tracking technologies including, but not limited to, your IP address and domain name, your browser version and operating system, information about your device, traffic data, location data, web logs and other communication data, and the resources that you access.

    2. How We Use Your Personal Information

    In this section, we set out the purposes for which we collect, process, store and use Personal Information described above:

    2.1 To communicate effectively with you and conduct our business ► to conduct our business, including to respond to your queries, to otherwise communicate with you, or to carry out our obligations arising from any agreements entered into between you and us;

    2.2 To assess your application for a role at Magellan X ► to assess your application prior to entering into an employment contract with us and pursuant to laws to which Magellan X is subject (e.g. in relation to equal opportunities). This processing is a necessary pre-condition of entering into any future contract with you and for Magellan X to fulfil its employment duties with respect to other employees and you (should you be employed by Magellan X). If you are unable to provide us with the Personal Information we request for this purpose, we may be unable to assess your appropriateness for the job applied for or to communicate with you.

    2.3 To provide you with marketing materials ► to provide you with updates and offers, where you have chosen to receive these. We may also use your Personal Information for marketing our own products and services to you by post, email, and phone and, where required by law, we will ask for your consent at the time we collect your data to conduct any of these types of marketing.  We will provide an option to unsubscribe or opt-out of further communication on any electronic marketing communication sent to you or you may opt out by contacting us as set out in the “Contacting Us” Section 4.2 below.

    2.4 For research and development purposes ► to analyse your Personal Information in order to better understand your and our clients’ business and marketing requirements, to better understand our business and develop our products and services;

    2.5 To monitor certain activities ► to monitor queries and transactions to ensure service quality, compliance with procedures and to combat fraud;

    2.6 To inform you of changes ► to notify you about changes to our services and products;

    2.7 To ensure website content is relevant ► to ensure that content from our websites is presented in the most effective manner for you and for your device, which may include passing your data to business partners, suppliers and/or service providers;

    2.8 To re-organise or make changes to our business ► in the event that we: (i) are subject to negotiations for the sale of our business or part thereof to a third party; (ii) are sold to a third party; or (iii) undergo a re-organisation, we may need to transfer some or all of your Personal Information to the relevant third party (or its advisors) as part of any due diligence process for the purpose of analysing any proposed sale or re-organisation. We may also need to transfer your Personal Information to that re-organised entity or third party after the sale or reorganisation for them to use for the same purposes as set out in this Privacy Policy.

    2.9 In connection with legal or regulatory obligations ► We may process your Personal Information to comply with our regulatory requirements or dialogue with regulators as applicable which may include disclosing your Personal Information to third parties, the court service and/or regulators or law enforcement agencies in  connection  with  enquiries, proceedings or investigations by such parties anywhere in the world or where compelled to do so.  Where permitted, we will generally direct any such request to you or notify you before responding unless to do so would prejudice the prevention or detection of a crime.

    3. Transmission, storage and security of your Personal Information

    3.1 Security over the Internet

    No data transmission over the Internet or website can be guaranteed to be secure from intrusion. However, we maintain commercially reasonable physical, electronic and procedural safeguards to protect your Personal Information in accordance with applicable privacy and data protection laws.

    All Personal Information you provide to us is stored on our or our subcontractors’ secure servers and accessed and used subject to applicable security policies and standards.

    3.2 Sharing Your Personal Information

    We may disclose Personal Information for the purposes we explain in this notice to service providers, contractors, agents, advisors (e.g. legal, financial, business or other advisors) that perform activities on our behalf and to other third parties in connection with our legal and regulatory obligations (as described above).

    Our Website may contain links to other third-party websites. If you follow a link to any of those third-party websites, please note that they have their own privacy policies and that we do not accept any responsibility or liability for their policies or processing of your Personal Information.  Please check these policies before you submit any Personal Information to such third-party websites.

    3.3 Export to other countries

    Your Personal Information may be accessed by staff or suppliers in, transferred to, and/or stored at, a destination outside the country in which you are located, whose data protection laws may be of a lower standard than those in your country. We will, in all circumstances, safeguard Personal Information as set out in this Privacy Policy.

    3.4 Retention of Personal Information

    Our retention periods for Personal Information are based on business needs and legal requirements. We retain Personal Information for as long as is necessary for the processing purpose(s) for which the Personal information was collected, and any other permissible, related purpose. For example, we may retain certain transaction details and correspondence until the time limit for claims arising from the transaction has expired, or to comply with regulatory requirements regarding the retention of such data. When Personal Information is no longer needed, we either irreversibly anonymise the data (and we may further retain and use the anonymised information) or securely destroy the data.

    4. Your Rights and Contacting Us 

    4.1 Updating Personal information

    We will use reasonable endeavours to ensure that your Personal Information is accurate. In order to assist us with this, you may notify us of any changes to the Personal Information that you have provided to us by contacting us as set out in the “Contacting Us” Section 4.2 below.

    4.2 Contacting Us

    If you have any questions in relation to this Privacy Policy, please contact our data protection officer at info@magellanx.co or write to us at: 83 Clemenceau Avenue, #17-05/08, UE Square Singapore 239920.

    4.3 Changes to our Privacy Policy

    We may change the content of our Website and how we use your Personal Information from time to time. If we change this Privacy Policy, we will update the date it was last changed below.  If these changes are material, we will indicate this clearly on our Website.

    European Appendix

    The European Appendix to this Privacy Policy applies if you are based in the EEA or the UK during your interactions with us (other than solely for travel purposes) and Magellan X processes your Personal Information as a data controller.

    It sets out the additional information that we are required to provide you under European data protection law (“EU DP Law”), including information about rights that you have in relation to your Personal Information that we handle.

    Why we collect your data, and who we disclose it to

    Under EU DP Law, we are required to inform you of the “lawful bases” on which we rely to process your Personal Information. Below we set out the purposes for which we collect and use Personal Information and the “lawful bases” that we use for each of the purposes mentioned in Section 2 of this Privacy Policy. You can find an explanation of each of the grounds relied on below:

    EU Use Bases Table

    Processing activity

    Reference to Privacy Policy

    Lawful bases

    Purpose for which we collect and use personal information

    To communicate effectively with you and conduct our business

    2.1

    –  contract performance

    –  legitimate interests

    (to enable us to perform our obligations and provide our services to you)

    To assess your application for a role at Magellan X

    2.2

    –  contract performance

    –  legal obligations

    –  legitimate interests

    (to enable us to fulfil our employment duties with respect to other employees and you (should you be employed by Magellan X))

    To provide you with marketing materials about Magellan X’s products and services

    2.3

    –  consent

    –  legitimate interest

    (to keep you updated with news in relation to our products and services)

    For research and development purposes

    2.4

    –  legitimate interests

    (to allow us to improve our products and services)

    To monitor certain activities

    2.5

    –  legal obligations

    –  legal claims

    –  legitimate interests

    (to ensure that the quality and legality of our services)

    To inform you of changes

    2.6

    –  legitimate interests

    (to notify you about changes to our products and services)

    To ensure website content is relevant

    2.7

    –  legitimate interests

    (to allow us to provide you with the content and services on the websites)

    To re-organise or make changes to our business

    2.8

    –  legitimate interests

    (in order to allow us to change our business)

    For compliance, including enforcing our rights, or as may be required by applicable laws and regulations or requested by any judicial process or governmental agency

    2.9

    –  legal obligations

    –  legal claims

    –  legitimate interests

    (to defend, prosecute or make a claim against you, to cooperate with law enforcement and regulatory authorities)

     

    Use Bases

    These are the principal legal grounds that justify our use of your Personal Information:

    Consent: where you have consented to our use of your Personal Information (you will have been presented with consent language in relation to any such use), You have the right to withdraw any consent you previously provided to us regarding the processing of your Personal Information, at any time and free of charge.  We will apply your preferences going forward and this will not affect the lawfulness of the processing before your consent withdrawal. You may withdraw your consent by contacting us as set out in Section 4.2 (Contacting Us) of this Privacy Policy.

    Contract performance: where your Personal Information is necessary to enter into or perform our contract with you.

    Legal obligation: where we need to use your Personal Information to comply with our legal obligations.

    Legitimate interests: where we or a third party have a legitimate interest in using your Personal Information. We only rely on our or a third party’s legitimate interests to process your Personal Information when these interests are not overridden by your rights and interests.

    Legal claims: where your information is necessary for us to defend, prosecute or make a claim against you, us or a third party.

    Where applicable, we indicate whether and why you must provide us with your Personal Information, as well as the consequences of failing to do so. If you do not provide Personal Information when requested, you may not be able to benefit from our service if that information is necessary to provide you with it or if we are legally required to collect it.

    Export outside the EEA

    Your Personal Information may be accessed by staff or suppliers in, transferred to, and/or stored at, a destination outside the country in which you are located, including Singapore, whose data protection laws may be of a lower standard than those in your country. We will, in all circumstances, safeguard Personal Information as set out in this Privacy Policy.

    Where we transfer Personal Information from inside the EEA to outside the EEA, we may be required to take specific additional measures to safeguard the relevant Personal Information. Certain countries outside the EEA have been approved by the European Commission as providing essentially equivalent protections to EEA data protection laws and therefore no additional safeguards are required to export Personal Information to these jurisdictions (please see the full list here: https://ec.europa.eu/info/law/law-topic/data-protection/international-dimension-data-protection/adequacy-decisions_en). In countries which have not had these approvals, we will establish legal grounds justifying such transfer, such as EU Commission-approved model contractual clauses, or other legal grounds permitted by applicable legal requirements.

    Please contact us as set out in Section 4.2 (Contacting Us) of this Privacy Policy if you would like to see a copy of the specific safeguards applied to the export of your Personal Information.

    Your Additional Rights

    If you have any questions in relation to our use of your Personal Information, you should first contact us as Section 4.2 (Contacting Us) of this Privacy Policy. Under EU DP Law, you may have the following additional rights in relation to your personal information to those set out in this Privacy Policy. Under certain conditions, you may have the right to require us to:

    • provide you with further details on the use we make of your information;
    • provide you with a copy of information that you have provided to us;
    • update any inaccuracies in the Personal Information we hold (please see Section 4.2 of this Privacy Policy);
    • delete any Personal Information the we no longer have a lawful ground to use;
    • where processing is based on consent, to withdraw your consent so that we stop that particular processing (please see Section 2.3 of this Privacy Policy in relation to marketing);
    • to ask us to transmit the Personal Information you have provided to us and we still hold about you to a third party electronically;
    • object to any processing based on the legitimate interests ground unless our reasons for undertaking that processing outweigh any prejudice to your data protection rights; and
    • restrict how we use your Personal Information whilst a complaint is being investigated.

    Your exercise of these rights is subject to certain exemptions to safeguard the public interest (e.g. the prevention or detection of crime) and our interests (e.g. the maintenance of legal privilege).  If you exercise any of these rights, we will check your entitlement and respond in most cases within a month.

    If you are not satisfied with our use of your Personal Information or our response to any exercise of these rights you have the right to lodge a complaint with a data protection regulator in your country of residence, place of work or where an incident took place.

    Contacting Us

    If you have queries about any part of this European Appendix, please contact us as set out in Section 4.2 (Contacting Us) of this Privacy Policy.

    If after contacting us you do not feel that we have adequately addressed your concerns, you may contact the data protection regulator in your country (the EEA data protection regulators are listed here: https://edpb.europa.eu/about-edpb/about-edpb/members_en).

    Last Updated: 29 June 2022

    MAGELLAN X PTE. LTD.
    COOKIE POLICY

     1. Use of Cookies

    By browsing or using the Magellan X Website (“Website”), you consent to our use of cookies to collect information on your Website usage data and improve your online experience when browsing or transacting using the Website.

    A cookies is a small file placed on your computer’s hard drive that helps to analyse web traffic or let you know when you visit a particular site, and can include information about the way you use a website, your choice of internet browser, the type of device you are accessing from, and where you are in the world.  In particular:

    • Cookies allow web applications to tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences, but a cookie does not give us access to your computer or any information about you, other than the data you choose to share with us.
    • Traffic log cookies enable us to identify which pages are being used and help us to analyse data about webpage traffic to tailor services to your needs.  The information is used for statistical analysis, and the data is removed from the system thereafter.

    You can choose to accept or decline cookies in the course of browsing the Website.  Most web browsers automatically accept cookies, but you can usually modify your browser settings to decline cookies if you prefer.  However, this may prevent you from taking full advantage of the Website.

    2. Contact

    If you have any questions or comments about the Magellan X’s cookie policy, you can contact: info@magellanx.co