Unless you found a way to be fully self-sufficient and live off the land, you know that supply shortages have been an ongoing issue for almost everyone during the pandemic.
We all remember the run on toilet paper in 2020, the hand sanitizer price gouging, the numerous mask shortages, lumber mania, the ongoing global chip shortage, and the list goes on and on.
From manufacturing facilities to mega-retail stores to your local corner store, even the e-commerce giant Amazon has had to deal with supply chain issues. Since experts warn these problems aren’t going away anytime soon, knowing exactly how much inventory your business has available is more important than ever.
It’s not just because of the ongoing global supply chain issues; operating and maintaining efficient inventory, warehouse facilities, and systems have always been an essential part of any business.
Failure to have the right amount of inventory can be a costly oversight. According to the IHL Group, inventory distortion costs retailers close to $1.1 trillion a year globally. Further, inaccurate inventory records can lead to customer dissatisfaction and are one of the top reasons businesses fail.
Despite its importance, many companies struggle as their inventory management system isn’t set up to succeed in the continuously changing market environment.
Today, companies need to meet fast-paced demands and fulfill complex orders. However, many still rely on an antiquated manual method, which is tedious, time-consuming, and prone to errors.
One study, published in Management Science, looked at almost 370,000 traditional inventory records from 37 stores and found 65% of them were inaccurate. Another report found that almost 50% of companies report human error as the leading problem in warehouses.
With Danavation’s Digital Smart Label™ technology, you can minimize these costly errors, as well as modernize and streamline your company’s warehouse operations.
Electronic shelf labels can do far more than just display product prices. The warehouse data for each product on the shelf can be translated onto the Digital Smart Label™ and display items like inventory, cost, QR codes, and more. The labels can also be used in a variety of warehousing settings, including climate-controlled warehouses, and they can be set up to be integrated into a Warehouse Management System, allowing you to automate processes from a remote location.
By implementing electronic shelf labels on racks, bins, and products in your warehouse, you can automate and optimize processes, save valuable time, and increase overall profitability. They help draw staff attention to inventory levels and help resolve stock issues before they happen.
It’s not just in the warehouse that electronic shelf labels of benefit. Since Danavation’s Digital Smart Labels™ are cloud-integrated, they can also assist associates in stores and ensure your e-commerce platform accurately reflects stock levels.
Use the example of a customer buying a pair of brand new runners. A customer usually asks a sales clerk for their size in the shoe they want if they’re in-store. Traditionally, the salesperson would have to check the back of the store to see if they have it in stock. Digital Smart Label™ technology can display the stock information on the label, saving the associate from that dreaded hunt in the back for the pair of shoes.
Suppose the shoes aren’t at that location. In that case, the labels could show other stores in the area that might carry the product or allow the customer to purchase them online. The label can display a QR code to expedite the website purchase, offering the customer the option for delivery or return for an in-store pickup.
It’s evident that electronic shelf labels can help staff complete orders, perform stock checks, and accomplish several other activities quicker and more accurately.
While these are just a few of the many ways you can use Digital Smart Labels™ to improve inventory and warehouse management, the possibilities are truly endless.