Inventory management is the process of ordering, storing, monitoring and optimising stock levels as per business needs. It also involves having inventory visibility in the supply chain and understanding the relation between inventory availability and the demand, to achieve efficiency and meet sustainability best practices. This management ensures right product is provided at the right time at the right place. Additionally, it helps businesses minimise data discrepancies between physical and system inventories.
Better inventory management results in increased sales and customer satisfaction. If you are unable to meet the demands of your customers in a timely manner, your business will suffer. Efficient management of resources and inventory translates to –
GS1 barcodes provide the required interoperability for global trade. They are standardised and structured, streamlining businesses’ inventory management process by facilitating accessibility to product data by all stakeholders. 1D barcode is used commonly while use of 2D barcodes is recommended for better inventory management, visibility, and detailed product information. At point-of-sale, retailers scan barcodes to access product data and reorder or run discounts on products, when required, resulting in an efficient inventory management process.
Register for GS1 barcodesIn this video, you'll discover how GS1 India’s DataKart Trace service can enhance inventory visibility. Watch as Nitish, the COO of ABC Agro Food Limited, addresses the challenges of a limited supplier inventory awareness and utilizes DataKart Trace service to gain real-time insights and achieve end-to-end visibility of products across the supply chain.
