5 Steps to digitalize Inventory Management
Updated: Jun 29, 2021
Overhauling your inventory management solution is a great way to give your business a competitive advantage. A custom enterprise solution can allow you to take advantage of a cloud-based solution that is easy to use.
It is just as important to have the right processes in place as it is to select the right technology – which is why a custom solution is usually the best option.
Here are the five steps you need to take to start automating business processes and undergoing a digital transformation:
1. Analyse Your Current Inventory Management System
The first step is to complete an analysis of your current inventory management system. What does your current system do well, and what areas could be improved by automation and digitalisation?
This analysis will serve as the foundation of your digital transformation. It will help you determine the kind of technology you need to achieve your business goals, as well as how it must be integrated into existing enterprise solutions.
This deep dive will also help you uncover any data silos or operational bottlenecks that exist so that you can eliminate them in your new digital inventory management process. Evaluate everything from your purchasing procedures and vendor approval system to your warehouse management and manufacturing workflows.
If done properly, you will be able to use this information to design the perfect custom software to digitalize your inventory management system. Partnering with a custom application development agency like Automate Labs can help you ensure that you complete this step properly!
2. Establish a Clear Plan of Action
The next step to digitalize your inventory management processes is to establish a clear plan of action. Based on the analysis you completed in the previous step, you may have several different goals and areas that need improvement.
Before you get started on selecting an enterprise solution or an off-the-shelf application, prioritize your goals and create a roadmap of how you will achieve them.
Be sure to include all relevant stakeholders in this planning process. This means that every department that is involved in inventory management should be part of the discussion – purchasing, sales, accounting, and even marketing.
If you want your digital initiatives to succeed, all departments should have a voice when deciding the important aspects of the new digital solutions. This will encourage all of your employees to embrace your new processes while confirming that you have addressed every bottleneck and process issue that needs to be improved.
The worst thing that could happen is that your top-level executives purchase an off-the-shelf solution that looks like it has all the bells and whistles – only to find that it does not integrate with all of the existing software needed for inventory management.
This is why working with a custom development agency like Automate Labs can give you a competitive advantage. Our experts will work to understand the needs of all of the relevant departments so that your custom database solution will integrate with existing platforms and successfully automate relevant tasks.
3. Ensure the Technology Aligns with Your Operational Goals
The third step is the one that you have been waiting for – selecting the right technology that will align with your operational goals. The analysis completed in the first step, alongside the game plan you designed in the second step, will help you choose the right tools to transform your inventory management system.
Remember that a pre-packaged solution may not be the best fit even if it seems to have an endless list of features and capabilities. Focus on the tools that will help you achieve your inventory management goals and avoid being distracted by functions that seem great but do not provide actual value to your business.
This is where working with a custom development agency like Automate Labs can make all the difference. Rather than paying for an enterprise solution that has unnecessary or overly complex features, you can pay just for what you need – saving you money in the long run.
It will also give you confidence that the digital solution will meet all of your needs and help you work towards achieving all of your operational goals.
4. There Is No Such Thing as a Quick Fix
The fourth step on our list is to develop a long-term approach to digitalization that can be sustained. There is no such thing as a quick fix, and automation and improvement in the inventory management space will be a continuous process.
Take proactive steps to ensure that the solution you choose will not only meet your needs in the short term but will also be able to grow and scale with your business in the future.
Most off-the-shelf solutions provide a quick solution to a current problem. However, they are often too generalized to be able to completely integrate your inventory management systems and automate your unique business processes.
It is essential to look at the big picture, and usually custom development services are the best solution in terms of sustainability and flexibility. Working with an agency that develops custom applications will allow you to create a tailored solution that will give you the opportunity to continuously improve your business processes.
5. Partner with a Digital Transformation Agency
Perhaps the most important thing you can do to digitalize your inventory management systems is to partner with an agency like Automate Labs.
It can be difficult to find skilled employees to help your business go digital and automate processes – and expensive! However, when you work with Automate Labs, you can exponentially increase the success rate of your digital transformation initiatives without breaking the bank.
We will partner with your organization to analyse your current processes so that we can develop a custom application and help you implement and integrate the solution from start to finish.
When you work with Automate Labs, you will be able to automate your inventory management to drive efficiencies improve transparency and visibility, and boost customer satisfaction! Likewise, we will make sure that your employees understand how to use your custom digital solution daily to improve buy-in and long-term adoption.