Past

1. Technologies Used 

Manual calculations – The company maintains a minimum and maximum threshold for an item or item sub-record. Minimum and maximum quantities can be manually updated.

Physical verification of stock – The closing stock at the end of the financial year shall be taken up for verification by physical counting, weighing, or measuring, as the case may be, in the presence of the custodian.

Maintenance of physical files – Maintaining physical files helps as a backup in case digital information or data gets deleted by mistake.

2. Process Followed

Stock counting – Check how much stock a store or company has at a given time.

Inspection – Inventory control of incoming and outgoing goods results in the rejection and approval of goods.

File management – The process and act of creating an organized structure to store information for easy retrieval.

Present

1. Technologies Used 

Visibility Indicators – Key Performance Indicators (KPIs) are goals that help you measure progress against your most strategic goals.

Inventory control software – Inventory control software optimizes the economic order quantity (EOQ) of businesses.

VMI software – Inventory management software where a retailer places orders for its customers based on the demand information it receives from the customer.

2. Process Followed

Generation of performance reports – Performance management reports are measurements of logistics and supply chain activities.

Forecasting sales – The need for parts is calculated by the customer who purchased the item and added to the forecast periods according to the agreed terms.

Projecting inventory balance – The balance expected in the future or the available balance of inventory in stock.

Future

1. Technologies Used 

Motion control – The process of tracking the movement of parts in a machine or device to ensure that they move correctly and accurately so that the device functions properly.

Robotics – Automate the process of storing and moving goods as they move through the supply chain.

Blockchain – Blockchain allows warehouses, manufacturers, suppliers and production sites, distribution centers, and retail partners to connect with each other through a permanent record of every transaction that takes place.

2. Process Followed

Automation – Software that can perform many repetitive inventory management tasks on its own with minimal human effort.

Blockchain agreements – Programs stored on a blockchain that run when predetermined conditions are met.