How are you automating manual processes for inventory reduction? The inventory, during its life cycle, might trigger accruals ("reserves") to promote the inventory reduction to minimize losses or eventually scrap them (complete loss of the inventory balance).
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Program Manager II in Healthcare and Biotecha year ago
There are a number of ways to automate manual processes for inventory reduction for example;Use automated inventory counting systems. Automated inventory counting systems can help you to save time and improve the accuracy of your inventory counts. These systems can be used to count inventory in real time or on a scheduled basis.
One might remember the functions of Inventories. I will focus here on one Use Case: Inbound of international shipments, i.e. Imports.
For Inbound, in general, the goal is to assure manufacturing capacities can be fulfilled, with continuous availability of inputs. In this regard, Manufacturing is the customer of Procurement, and the Procurement goal is to safeguard the interest of the organization with streamlined upstream operations (at best cost-to-procure).
In an ideal world, manufacturing demand is fulfilled with inputs on-time, with zero inventory. However, the risk is that upstream operations face exceptions: raw materials, subparts, parts may arrive late due to disruptions.
For international shipments, one of the many disruptions is the volatility of Trade & Customs regulations. The manual and repetitive process of screening those regulations, understanding them, making them actionable internally, is time-consuming, energy-consuming, hence money-consuming.
Another disruption can be errors in shipment documents. Creating them, checking them, sharing them is time-consuming, energy-consuming, hence money-consuming too.
Many other disruptions can occur (strikes, climate catastrophe on trade lanes, congestions,...) for which organizations often lack agility and flexibility to mitigate them due to lack of visibility. Being always on the look of what is happening or what can happen is time-consuming, energy-consuming, hence money-consuming too.
While those examples are taken care by seasoned professionals, this does not mean they are not prone-to-errors. Organizations still remain at risks.
Today, new technologies like artificial intelligence allow taking over those manual and repetitive tasks, transforming them to digital and automated ones. AI can track regulations volatility, understand them, make them actionable, create-check-share data and documents automatically, and monitor internal and external processes.
What AI cannot do?
Making decisions, solving problems, interacting and negotiating with stakeholders. This evolution transform import, procurement and supply chain roles with less admin tasks and more of the above-mentioned tasks. Not working harder, but working smarter, thanks to AI-driven tools. Making their jobs more interesting, don't you think so?