Automating Inventory Management with RPA
Inventory management is all about procuring, storing and utilizing a company's inventory: raw materials, components, and finished products. It ensures that a company always has the needed materials and products on hand while keeping the costs as low as possible. It supervises the flow of goods from manufacturers to warehouses and from these facilities to the point of sale.
- Dealing with Dead Stock
- High storage costs
- Higher lead times
- Lack of visibility in the supply chain
- Inefficient tracking
- Misplaced inventory items
- Decreased customer loyalty
Inventory Management Workflow and Image
At the core of supply chain lies the process of inventory control. Manufacturers and suppliers need to be able to carefully supervise their inventory levels in order to ensure they have enough products in stock to meet demands. RPA is valuable in this case because the software bots can monitor inventory, generate notifications when levels are low, and reorder products when levels go low below a threshold. In addition, real-time reporting provided by RPA determines optimal inventory levels based on previous needs and modify levels based on patterns in demand. RPA makes it convenient and well organized for providers to retrieve inventory levels at all times and assess current needs.