The Benefits of Real-Time Inventory Management

Real-time systems have become very mainstream these days. Now, when we say real-time we are talking about a system in which input data is processed within milliseconds so that it is virtually immediately feedback on the process from which it is coming. Real-time systems are being used everywhere from tracking inventory in business to guiding a missile. 

A real-time inventory management system makes the use of barcode scanners, inventory software, and a few other tools to record inventory transactions, orders, purchases, and sales in the blink of an eye. It then stores it in a digital inventory system indefinitely. While it may take some time and money to introduce a new real-time inventory management system in a business, it has an exponential number of benefits.

Immediate Updates:

The first and foremost benefit of it is in the name ‘real-time’. In a real-time inventory management system, people working at different levels of inventory will have access to this system. While someone who is in the warehouse has a barcode scanner and is logging everything in the system, the operator in the IT department is seeing all that data on his computer from finished goods inventory to new orders and deliveries, all of this is happening at the exact same time in the system. The whole process will reduce wasted downtime.

All of this data is available to executives and is only one click away. They don’t have to spend their time calling someone in their office every once in a while to get a report of what’s going on, instead, they can see all of it at the same moment it is happening. 

Highly Automated Processes:

One of the biggest benefits of using a real-time inventory management system is the extent of automation that it adds to the processes. With the real-time information of your inventory down to a second, you can use that information to do whatever is needed. Inventory management systems have now added options of giving you alerts when inventory is low or a new order is placed or when a delivery is due. Another advanced option that you can add to it is an automated ordering of more inventory if you’re running low on the supply, the system will do it for you and you won’t have to worry about anything. 

Avoid Double Data Entry:

If you have ever dealt with inventory you know one of the most common types of error is when two employees do double data entries or don’t do a data entry at all assuming the other person has done it. This can cost a lot of money to businesses, and this is where a real-time inventory management system will help you a lot. All an employee needs to do is log in to the system to immediately know immediately if the data has been entered before or not- saving a lot of money and time. 

Data Accuracy:

Most advanced inventory management systems have now programs that can detect if someone forgot their data entry or mistakenly typed in something abnormal for the program. When this happens, the system can notify the worker at that moment so that he/she can reconfirm it. This and avoiding double data entries leads to a digital inventory storage system that has highly accurate information present in it thus preventing over-ordering and overspending.

In sum, you can see why inventory management is needed in most present business operations, no matter the scale. We at OHEL technologies take comfort in providing you with one of the best, most accurate, and highly automated real-time inventory management systems for all your inventory management needs.