STOCK MANAGEMENT SYSTEM
Stock or Asset control systems track and trace your business 'assets' (items, people, vehicles, animals or items) using a computer software based system.
Computerised systems help businesses to manage their stock data in real time, with speedy access to collected data and supply chain recordings - whether that be numbers, prices, location details or much more complex readings.
A modern stock management system can also smooth business activities by automating standard or mundane processes. An integrated asset control system can link to your accountancy practices, as well as being able to automatically aid re-ordering, or notifying workers of desired actions (e.g. a drop in temperature or stock levels).
One of the main benefits of a newly adopted system is that it should improve your business processes and refine supply chain management activity. It does this by making systems less labour intensive, more efficient, automated and more productive. It can do this while supplying more usable management data, allowing for combined scope to improve businesses operational procedures and drive profits.
Of course, to realise the benefits from better stock management technology the system needs to a) be carefully specified to reflect your specific business drivers, and b) implementation via your software vendor closely managed to ensure the business objectives are realised cost effectively.
We know exactly how to do this.
There are several options for a business when considering which type of system to adopt. The key is to research, create a strategy and plan such a system – utilising competent consultancy and outside help when developing such a complex 'architecture'. The system must help you to manage your business activity “better”, however that is defined in your situation.
There are many software systems available, many of these are boxed 'off the shelf' solutions and thus cover a multitude of options (mainly aimed at larger companies). These can be surprisingly expensive and time consuming to implement and use. The much more sensible option may be to deploy some bespoke software development to customise your software to match the exact needs of your business, and to supply the correct tools for managing a data collection system.
Here are some general options facing most businesses:
1. Stick with a labour intensive manual system
2. Use a Barcode based system
3. RFID
Barcode
The Barcode system is a simple, well established 'label' and scan method based system. Business Assets are labelled and then require manual physical scanning to count that item. Each item has a product line code and so any multiples of this item are repeated or manually entered.
Barcoding is relatively cheap and simple. However it is manually labour intensive, very limiting and only productive for retailers with many small low value items. It does not help protect against losses and codes are restrictive and minimal in stored data. The data collected in a barcode system is only correct as of the last stock take and is really only a way to provide a manually accounted for business manage its stocks.
RFID
RFID is so much more than an advanced bar-coding system. Radio Frequency IDentification applies tags to any item which are then read automatically by RFID hardware. Tagged items can send data readings, and far more product data, than a barcode and can be very complex and self powered in nature, making them active if required. An RFID tag is individual to an item or batch and becomes part of an automated system within a businesses premises.
RFID allows a business to have a complex and thus rewarding data collection management system. RFID is now the choice for an automated, real-time data collecting and controlled business management system solution – for any business with valuable assets, be they items, people, vehicles or animals. We have case study examples for applications of the technology, so talk to us.
RFID has evolved from an emerging to an established technology since the Millennium, and now costs are considerably lower than when it first became adoptable by business. RFID has now moved from the point where it was viable only for larger businesses and is now in the SME take-up stage. With careful planning and RFID architecture, many businesses could now utilise the many benefits to see positive ROI and impressive commercial gains.
Main RFID benefits
RFID is easy to use, secure, clever, highly accurate, quick, durable, versatile, interoperable and provides many business benefits.
For many businesses RFID systems can
• reduce labour costs and helps improve profits
• increases accuracy and data amounts
• speeds information flow and improves access
• security and accountability
• increase efficiency and productivity
• manage the supply chain and improve business processes
• fuller management control and audit tools
RFID readings are filtered and processed by software, which provides the end-user data and controls on screen and its required reports. RFID can also be used to trace assets, utilising GPS, as well as for controlling Access through NFC.
Of course, a stock management system driven by RFID can be a complex technology solution. However, if the architecture of a system and its planning is conducted proficiently and a system is adopted by a business thoroughly it can transform and modernise both the operation of the business and the quality of its management information.