Accurate, high-speed stock counting, tracking, and tracing to improve stock replenishment, while reducing unnecessary manual counting, shrinkage, and high safety stock levels costs.
Stock is the "lifeblood" asset of many industries. It's what generates revenue, but also incurs substantial operational costs and risks in the process of storing and moving it through the supply chain before it is sold. Optimal stock management is key to not only minimising these operational costs and risks but also to maximising the sales and overall client experience.
WHAT IS STOCK OPTIMISATION
Stock optimisation can be separated into two main areas:
Achieving 99% stock accuracy regularly, and with minimal human effort or intervention, results in a substantial improvement in freeing up cash flows while increasing sales. It is well documented that for every 3% increase in stock accuracy in the retail industry, you can expect a 1% increase in sales alone. This is even more impressive knowing that the average for stock accuracy using barcodes hovers between 60% and 70%. Imagine if you could take this to 99% and know that you will achieve approximately a 10% increase in sales as a direct result. This is possible while also freeing up significant cash flow, through an optimised stock holding, to invest more wisely in your business and people.
Stock Track & Trace
Any supply chain is complicated in that thousands of different products usually move daily from your suppliers/factories to your warehouse/s, and then to your various clients, stores, and final destinations. What makes this even more complicated is the additional requirement of inter-branch transfers and returns. Keeping track of what products have moved to where, at what time, and by whom, becomes a critical part of your operations. Being able to achieve this with as little human intervention as possible is ideal. The operational cost and risk benefits of achieving this are substantial! This includes significant reductions in shrinkage and inter-branch transfer costs while improving your on-time delivery and related customer experience.
FLEX digital is the market leader in employing the latest RFID technologies to assist you to achieve optimal stock management. This includes identifying the most appropriate RFID labels, choosing the optimal hardware infrastructure model, and finally deploying the most suitable software architecture for your business. It's all about providing the right output (dashboards, reports, and alerts) to the right person just in time. It's "Real-Time Excellence (RTE)" at its best.
An example of our smaRTE Stock solution architecture can be seen below: