What is an inventory control system?
An inventory control system lets enterprises better manage their inventory by providing end-to-end visibility. This helps to streamline supply chain operations across multiple locations and minimizes the need for manual intervention to receive, issue and deliver goods.
Why Are Inventory Control Systems Important?
Inventory control systems are critical for businesses to efficiently manage their inventory. Such systems not only provide visibility into stock levels, inventory turnover, and item locations, but they also help businesses to meet customer demand while avoiding excess stock or stockouts. Proper inventory control systems minimize tied-up capital, reduce carrying costs, prevent losses from spoilage or obsolescence, and improve cash flow. Furthermore, automated inventory control systems provide real-time data to support supply chain planning and identify trends or issues early. Overall, implementing strong inventory management procedures and utilizing inventory control systems ensure significant strategic and financial benefits.
Advanced AI-based unified inventory control systems such as GEP NEXXE™ employ an API-driven approach to seamlessly integrate with third-party systems for real-time updates. The system unifies master data and transactional data to optimize inventory management, allowing users to perform tasks on the go with a user-friendly mobile application.
World's Leading, Unified Source-to-Pay Platform for Direct and Indirect Spend Management
GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.
Next-Gen, End-to-End Supply Chain Management Platform for the Connected Enterprise
GEP NEXXE is a unified and comprehensive supply chain platform that provides end-to-end planning, visibility, execution and collaboration capabilities for today’s complex, global supply chains. Built on a foundation of data, artificial intelligence and cognitive technologies, GEP NEXXE helps enterprises digitally transform their supply chains and turn them into a competitive advantage.
