Smart Inventory Management

Real-time inventory management for stock availability and automated replenishment using IoT for supply chain optimization.

Client Background

A leading energy utility company with large warehouses for storing and distributing tools and supplies to multiple service centers for the day-to-day maintenance and operations of energy transmission and distribution was tracking and managing its inventory and stock levels using manual methods. They are required to manage more than 1000 SKUs across the supply chain, with millions of inventory to track. The manual methods have significantly reduced productivity and slowed service operations, directly impacting the CapEx & OpEx.

Challenges

The need for constant stock availability will cause depletion at various times of the year
as the demand
fluctuates.

Inventory costs have the most significant operating expenses for companies as they are fixed costs that do not vary with sales volume or transaction value.

Accuracy is the key to streamlining business operations. Accurate records of all the inventory supplies and stock availability effectively streamline the service operations.

The cost of lost inventory, replacing the missing inventory, and restoring the supply chain has a significant impact on both CapEx &
OpEx.

N-Smart Inventory solution monitors and manages the inventory across multiple locations, tracks the stock levels, matches the demand against supply, and generates reports to stay ahead of the supply chain challenges. The solution intuitively and continuously monitors the inventory in real-time for optimal order fulfillment and ensures the availability of supplies for service and maintenance.

N-Smart Inventory solution addressed the challenges by providing the following:

Reducing the manual effort, human errors, and time of the supervisors in restocking the inventory by automating the entire process with the N-Smart solution

Real-Time insights on tracking the inventory to reduce the loss of revenue through pilferage or loss of goods

Accuracy in the availability of the inventory stock

Dynamic reporting to track and manage the inventory

Handling exceptions with stock assignments

53 %

Increase in the accuracy of the inventory records with data automation

48 %

Decrease in manual efforts for verification and activity response

30 %

Increase in delivery reliability by tracking supply flows

20 %

Increase in Operational performance and productivity

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