Please share for further discussions their comparative advantages and limitations.
Due to the value and investment associated with inventory, companies seek to track the movement of their inventory as closely as possible.
Companies use various methods to track inventory. Inventory tracking methods can be:
---- using tags to monitor inventory movement
---- active radio frequency identification (RFID)
The policies set in place to manage inventory tracking have more importance than the actual method used to perform the tracking.
http://smallbusiness.chron.com/inventory-tracking-methods-3965.html
My approach is
Due to the value and investment associated with inventory, companies seek to track the movement of their inventory as closely as possible.
Companies use various methods to track inventory. Inventory tracking methods can be:
---- using tags to monitor inventory movement
---- active radio frequency identification (RFID)
The policies set in place to manage inventory tracking have more importance than the actual method used to perform the tracking.
http://smallbusiness.chron.com/inventory-tracking-methods-3965.html
Dear Dr Krishnan Umachandran,
Your contribution is very comprehensive and useful for movements inside the manufacturing unit. What may be ways to track movements of inventory outside the premises of manufacturing unit i.e from supply chain perspective?
Best Regards.
Dear Dr Subhash C. Kundu,
Thank you very much for suggesting an article of high utility.
Best Regards.
Professor Barbara Sawicka,
Thank you for suggesting use of ICT.
Best Regards.
The convergence of lean initiatives and interoperability efforts will significantly reduce the time it takes to communicate information to trading partners. In just a few years, interoperability and the latest lean supply chain solutions will cut the time it takes for information to flow through the supply chain from six weeks to six hours. This will further enable build-to-order, JIT manufacturing, communicate "real-time" changes in customer demand through the supply chain.
https://www.qad.com/Public/Documents/streamlining_for_success.pdf
"Inventory tracking and control is a key element of operating a successful business. Carrying too much inventory ties up capital that otherwise could be used to invest in your business or to pay bills. Too little inventory can mean you do not have enough products to sell and you lose revenue. In order to keep just the right amount of inventory on hand, you need a system that will let you track your inventory."
6 Most Important Techniques of Inventory Control System is attached.
Top 30 Inventory Management, Control and Tracking Apps are given also!
http://smallbusiness.chron.com/methods-used-companies-track-inventory-25449.html
http://www.yourarticlelibrary.com/inventory-control/6-most-important-techniques-of-inventory-control-system/26159/
http://www.camcode.com/asset-tags/inventory-management-apps/
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