Consumer Returns Management 2019

October 21 - 23, 2019

Hyatt Regency Austin, TX

Perpetual Inventory System

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As digital techniques integrate record keeping and other business procedures, inventory management becomes even simpler. Where there were once a horde of steps involved in tracking a single product, nowadays anyone can scan and go without a moment’s pause. A technologically-enabled perpetual inventory system relies on minimal separation between real-world inventory changes and corresponding record entries to deliver an increased number of benefits.

The modern perpetual inventory system helps manage returns with greater accuracy. Employees no longer need to keep extensive manual records, as data is automatically generated whenever a product is returned and scanned back in. Easy to operate, replicable software allows each worker to schedule shipping for repairs or flag defective products. This data is immediately sent to originating facilities like warehouse and factories. In all, return processing becomes nearly automatic and avoiding future product issues is made easier.

Naturally, perpetual inventory systems have been around for years, but only modern variants offer such a wide range of benefits. Technology is increasing connectivity. Digital procurement and asset management techniques allow fast communication between departments headquartered hundreds of miles away from each other. It is only with the aid of computers that the real boons of perpetual inventorying become apparent.

Computer inventory systems use modern interfaces that allow each user to customize the data they see. In the retail center, this means that managers will always know where separate shipments are, so they can prepare their in-store promotions in advance, planning out printing, preparing showroom floor space and ordering new displays all at once. In the distribution hub, custom data flags instantly identify stock damages, making it easier to instantly correct order quantities as well as eliminate loss-prone procedures.

Newer versions of perpetual inventory programs are often open-source. This extends customization to a whole new level, where one can actually change software settings to increase specific functionality. In addition to creating custom alerts, users identify assembly line conditions that ought to generate company-wide notices via email.

The ease of communication modern inventory systems provide also helps out on the retail end, where employees at the point of sale can instantly notify warehouses up the supply chain about their upcoming stock needs. Perpetual inventorying that uses intelligent tools increases data accessibility to the benefit of all departments, increasing cooperation and efficiency.