INVENT at “CeBit 2014” in Hanover, Germany.
The RFID based system attracted a lot of interest from many potential customers and partners from around the globe – Germany, Brazil, Italy, Turkey, UAE, Sweden, Malaysia, Romania, Greece, Russia and others, and as a whole there were conducted around 40 meetings to discuss possible partnerships and adoption of the inventory system INVENT.
5 myths in inventory managementAmazingly, there are so many myths about Inventory Management. Some of them sound idiotic but they do really happen in the “Real World” of business.
Sometimes, it’s best to learn from other people’s (business people?) mistakes or misunderstandings and incorporate our findings in our own business.
MYTH 1: The “SALES” data that we have in our company records, is all we need for inventory management”
WRONG!: Inventory management systems do not use sales data. They must be supported by accurate demand information-which is totally different!
MYTH 2: The more expensive a software system is, the better it will help us control our inventory.
WRONG!: The BEST inventory forecasting and planning system available today, is automated inventory system and its work is more accurate and precise than others system in the market.
MYTH 3: “Our real problem is our people- they just don’t do their jobs the way they should!”
WRONG!: In working with thousands of inventory managers, no one is that stupid or lazy! The problem is that most managers have received NO training, and/ or have the wrong tools (systems) to work with, or none at all. This is rarely their fault!
MYTH 4: We keep all of our sales histories by month, and this data is all we need to make good forecasts for inventory planning.
WRONG!: Using monthly sales data is one of the major contributors to poor inventory forecasting and planning. It inevitably leads to inaccurate safety stock calculations and other projections and, thus, not having the inventories that our companies need when we need them!
MYTH 5: Our company’s accounting system includes an “Inventory Control” module and, therefore, if our people would only use it right, our inventories should be fine.
WRONG!: The GREATEST MYTH of all! No accounting system - no matter how good it may be at performing acconting functions, and most are very good - can ever provide the data and/or analysis required to precisely manage any company’s inventories!
Your company or business needs (No! MUST Have) an inventory management system.