Business Process Management and corporate governance
Business Process Management and corporate governance Linkedin Youtube Facebook Instagram A company is a group of people with a common
luis.chicaiza
2023-05-05
Dexon BPM
All companies must periodically allocate a budget to renew and update their assets, both physical and software. This means reviewing how the company’s elements are doing, checking if they are still functional, deciding if some should be moved or permanently eliminated. From that, decisions are made as to how much needs to be invested in order to continue with a set of assets that are truly useful to the business. What many organizations don’t realize is that these budgets are often out of sync and more is spent than necessary. With automation tools, inventory optimization makes all the difference.
One of the most practical functionalities of process automation solutions is to have clarity on the true state of the company’s assets and what they are actually being used for. With this feature, the budget will be truly adjusted to the needs and will not be an overspend that can be invested in other key aspects of the organization.
We want to share some of the main benefits of achieving automated inventory management through IT solutions. With this, you will see that what appears to be an expense in technology, becomes an investment that produces significant gains and differential value for employees and partners of organizations.
Online inventories can be effortlessly updated with the sales and delivery process with the help of an automated inventory management system. In addition, the software will inform and provide options to replenish or terminate product when out of stock, based on request and manufacturing. (understandingecommerce.com)
The first major benefit is the time savings that occur when using tools for automated inventory management in the organization. A manual inventory procedure requires a great deal of time, probably days, to record all the company’s items with proper care and then a detailed analysis to know what to leave, what to remove and what to update. In addition, after that you have to start the whole process of purchasing licenses for software or physical asset upgrades.
With an automated inventory system, the solution keeps track of everything in use in the organization and does so in real time. Thus, when a system is no longer in use for a certain period of time, the tool alerts you that the program is obsolete and should not be purchased again.
If the inventory review is done on a regular basis, this task can be done in a few minutes and you will have a clear picture of what should or should not be maintained. Thus, investment-saving decisions are made more quickly and economic waste is almost completely eliminated.
If you also choose to have the tool automatically perform the updates as it decides that there are programs that can be removed, without the need for specific permissions, you will save even more time:
Live updates let retailers get the latest information about the inventory and plan the timing to bring in new goods. This would be highly advantageous as sellers won’t require to log into various systems countless times daily and ensure steadiness in stocks. (understandingecommerce.com)
Another factor that is frequently encountered in the inventory activity in organizations is human error. As our minds are not as quick as technology and are fallible due to distractions, fatigue, lack of clarity in information or memory capacity that we have as humans, then inventory lists can have errors that are reflected in the company’s accounts.
With software solutions this is greatly minimized and the company will see benefits in the management of their money, because information technology has a very high percentage of reliability when keeping records and optimizing resources.
Manual stock management in online retailing not only requires a significant fraction of your time, but it is challenging too. Having software for the task removes human errors and decreases the time, effort, power, and money spent. (understandingecommerce.com)
Therefore, an automated management to optimize the company’s inventory is a way to contribute to the company’s competitiveness and better management of resources. With this, the organization will work with exactly what it needs to deliver to its customers.
The Dexon Business Process Management solution has as part of its functions the automated management of inventory for its optimization. With this we have seen time and time again how companies keep in use a huge number of obsolete systems that can be omitted and thus recover a significant percentage of money that can be invested in process improvements or new product development. With this, technology is put at the service of the business at levels that were previously unthinkable.
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