Location-Aware Inventory Management
Organizations of all kinds face the constant challenge of ensuring the right inventory is in the right place at the right time.  The goal is to maximize service levels while simultaneously minimizing inventory carrying costs.  Current inventory tracking systems attempt to address this problem, but for many supply chain managers, tracking inventory means more than just knowing which facility or mode of transport is currently holding the inventory.  They need to know the exact location of that inventory within a plant, warehouse or yard.  Providing relevant, timely and useful location information to the people and systems responsible for inventory management provides a number of significant benefits:

• Make quick, informed decisions based on real-time business information
• Reduce costs associated with searching for misplaced or lost inventory
• Reduce inventory holding costs
• Improve fulfillment service levels
• Improve overall productivity and throughput

Location-enabled inventory management can benefit supply chain processes across many vertical markets.  Examples include:

Healthcare
Many hospitals over-procure medical inventory (equipment and supplies) by as much as 20-30 percent to ensure the right levels are on-hand and ready when it is needed.  By location-enabling their inventory and materials management processes, hospitals can drastically reduce their reliance on “buffer” inventory and save hundreds of thousands or even millions of dollars per year in inventory expense.

Manufacturing
Manufacturers often have difficulty locating work in-process or finished goods inventory in large indoor and outdoor facilities.  Wasting time searching for the right inventory, or worse, slowing down production because inventory is missing, is a major problem in today’s fast-moving supply chains.  A location-enabled inventory management solution puts accurate, real-time inventory location information at the finger tips of those who need it.

Warehousing/Transportation
Logistics operators often have to manage inventory across huge warehouse or outdoor yard facilities.  Location-enabled inventory management provides real-time information about the location and status of inventory. Knowing its exact location helps reduce logistics bottlenecks and expedites shipping and handling processes.

Whether you are an organization needing to location-enable your inventory management processes or a vendor looking to integrate location information from best-in-class RTLS and RFID technologies into your inventory or warehouse management system, InnerWireless can help.