#factoryworx MES software

[digitalmanufacturing]

How can AI help in Improving Inventory Management?

Artificial intelligence appears to have grabbed everyone's interest. Retailers and other e-commerce enterprises, particularly their inventory management system, are the best examples of successful use of cutting-edge technology. AI provides firms with valuable insights, such as trends identified from massive volumes of data processing, so that business leaders and their warehouse staff can easily handle inventory management duties daily.

Artificial intelligence (AI) can help with inventory control because AI delivers important insights for businesses by identifying intriguing trends from massive amounts of data, allowing procurement and warehouse teams to better manage the day-to-day tasks of inventory management.

In this post, we'll look at how artificial intelligence inventory management can help businesses in various ways. The greater the size of an inventory, the more valuable a trained AI gets.

Is Artificial Intelligence a Must-Have Asset for Inventory Management?

Artificial intelligence in inventory management aids in automating warehouse, stocking, and other procedures. It can help with physical tasks like transferring and tracking objects and more complicated circumstances like error-free planning or consumer demand forecasting requiring high intelligence. The number of operations and data to track rises, manually managing inventory management systems and protecting the organisation from errors becomes more difficult. That's when AI comes in place.

AI is also beneficial and cost-effective in the operational department, allowing human workers to focus on other tasks by transferring regular functions to machines. In addition, they can extend an automated warehouse without the need to hire additional workers.

Inventory management is a fundamental element of any comprehensive MES solution, such as FactoryWorx MES, because it is one of the essential operations of manufacturing and its supply chain. Inventory management systems are primarily concerned with the accuracy and control of goods stock, the placement of inventory at any given time, and cost optimisation.

From component arrival at the loading dock to product traceability through the whole Supply Chain to the Customer, FactoryWorx Inventory Management automation and real-time inventory visibility deliver superior efficiency and accountability of inventory management in the manufacturing process.

The advantages of using AI to improve inventory management

Reduced Costs of storage and shipment

Inventory management errors result in more than $300 billion in revenue loss. Businesses can reduce expenses and boost cash flow by using AI to improve inventory management. The vital feature of AI inventory management software is prioritising important activities to resolve bottlenecks, mitigate costly risks, and fulfil ever-changing demands.

As a result, the technology aids in the reduction of additional costs associated with excess storage space rent, unsold products, and low customer satisfaction rates. Simultaneously, AI enables you to make fast changes to your inventory or product line-up at little or no additional expense.

Inventory replenishment planning

Demand forecasting, perhaps more so than supply forecasting, is challenging. Because each data set contains errors and anomalies, data science is a vital application for predicting allocation in past supply and demand. Tracking of Abnormalities in supply and demand statistics is possible due to AI. This customer-behavior-centric strategy must address where, how, and when customers want their items delivered.

By studying consumer fulfilment choices and purchasing behaviors, inventory management solutions may increase store inventory levels using AI. 

Waste management

Managing optimal stock levels to minimise stock-out or overstock situations is difficult for businesses. It is feasible to Apply Machine Learning to business and uses intelligent inventory management systems to:

Product identification and tracking

Take action when items are overstocked or under-stocked beyond a predefined threshold

Maintain the appropriate levels of inventories for each product.

Produce reports that can assist you in avoiding product deterioration and waste, among other things.

As a result, your business can make better use of limited physical space, operate more sustainably, save money on storage and ultimately manage waste.

Hyper-Personalised manufacturing

According to a recent poll, 20% of consumers said they would be prepared to pay a 20% premium for customised products and services. Companies can now take personalisation to the next level by creating products and services that are highly relevant to specific customers because of advancements in AI and software intelligence. Hyper-personalization, based on Big Data, combines curation and customisations to provide personalised user experiences tailored to a specific customer's needs.

Predictive analytics

Predictive analytics assists logistics and supply chain organisations in effectively meeting rising demand. For more than a decade, the industry has regarded predictive analytics as the most influential technology. The majority of decision-makers in the arena are enthusiastic about the trend. According to a report, data-driven decision making is critical to supply chain activities for 93% of shippers and 98% of third-party logistics providers.

This cost-effective solution uses predictive AI algorithms, which allow businesses to recognise failure patterns and anomalies, learn from them, and anticipate future machine component failure. It helps to avoid downtime by assisting in replacing machine components before they break, maximising uptime.

Supports data accessibility

The lack of visibility, which leads to gaps or inconsistencies in essential data, is one of the most typical data-related inventory difficulties. Since 43% of small businesses rely on old systems or manual processing, this can lead to data silos and human error.

On the other hand, AI management systems may automate the collection, storage, categorisation, and transmission of all inventory-related data. It includes product tracking, supplier delivery times, item locations within the storage facility, and product information. Furthermore, in an AI system, all of this data is available from any site.

Optimised stocks

Shortages, delays, over/under-stocks, and other business revenue issues can occur because of planning errors and inadequate stock monitoring. You may avoid such problems and optimise stockpiles by using AI-based inventory management solutions, which provide accurate forecasts, demand analyses, and other critical insights.

AI can send quick alerts about delivery delays, low inventory, and incidents, as well as collect and analyse data that might aid businesses:

Utilise and respond to changing demands promptly.

Plan your stockings carefully.

Locate and plan adequate transportation.

Improve the efficiency of your delivery by streamlining them.

It can automate stocking and fulfilment procedures.

Stock optimisation can cut expenses, but it can also improve departmental collaboration, increase efficiency, and improve customer happiness. As a result, the company's revenue increases.

As external partners read data from an inventory database, they need to know how much of their inventory is still at the retailer to better plan their production. They can use data to predict the propensity to buy with accurate insights. This vital data is used to complement projections for future inventory requirements based on previous sales, contextual data, and promotional plans. It enables critical executives to plan inventory purchases from suppliers based on demand planner projections and shifting supply and demand.

For those industries looking to bring AI into their business operation, inventory can yield a profound impact.

[digitalmanufacturing]

Manufacturing Dashboard Your Companion to Optimise Production Unit

The importance of analytics in the manufacturing industry is increasing rapidly. Hence, many units are looking for software like FactoryWorx manufacturing dashboard to provide critical information in real-time. It helps manufacturers optimise most of their processes and boost the safety and efficiency of the unit.

The modern production monitoring software helps collect the raw data and present it as easy-to-understand format that the stakeholders can use for other important operations.

What is a manufacturing dashboard?

A manufacturing dashboard can be defined as a real-time visual representation of various manufacturing processes. The graphical representation shows KPI that indicate performance.

What does the manufacturing dashboard display?

Certain apps like FactoryWorx manufacturing dashboard display critical data. This information helps supervisors monitor the production process. It allows them to take necessary actions to boost quality and efficiency, and reduce production costs. It also provides analytics, allowing manufacturers to compare various KPIs.

How Does Dashboard Help Optimise Manufacturing Process?

The traditional dashboard consisted of paper reports and spreadsheets that were supported by MES and ERP systems. The management got the data from the previous shift. The professionals would summarise the data to report to the top management. By the time it reaches the owner’s table, the data is a few days old and not the present status. It poses tight situations for the management.

The present scenario is quite different. The manufacturers are expected to meet high-level demands of market, and floor managers are forced to look for new alternatives to handle technological disruption.

Access to a production monitoring software provides manufacturers with a real-time visual representation of the entire process, highlighting the KPIs. The application collects all the necessary information to organise and represent it in an easy-to-understand format. The added benefit is that the presentations are easily accessible by all the stakeholders.

The Factoryworx production monitoring software can collect various process variables, which help in analysing the production process and find bottlenecks. Further, it helps integrate factors like production rates, quality control and machine availability.

Streamlining of production The real time production monitoring software helps leverage vital analytics that helps manufacturers track and optimise quality. Additionally, it allows measuring rate of return, which can be related to the supply chain and low-defect rates throughout the supply chain. Easy availability of data across all departments helps in better handling of jobs, customised and timely alerts and reporting.

Complete visibility of production lines Efficient operations call for real-time line visibility. The digital manufacturing analytics dashboard provides a clear and real-time picture of the production line at any given time. Optimising a single machine or production line is not enough to meet tight deadlines. Including certain operations like scheduling, budgeting, operational performance and logistics in the dashboard and integrating them will help find the best solution.

Provide information instantly A custom-made dashboard provides information instantaneously. The stakeholders can pull it up to access authorised data quickly, such as inventories and line performance information. Availability of such critical data helps in quick decisions and reduces the chances of faulty production output.

Actionable information Access to instant information helps identify areas that need improvement. The charts and graphs provide a clear picture of grey performance areas. It becomes easy for the manufacturer to find the bottleneck of the process.

Reducing manual tasks The software reduces the need for data collection and manual reporting. It also allows easy access to KPIs and other information in real-time if a dashboard is deployed. The automation of the complete process filters data and eliminates duplicate data.

Customisable production monitoring software can prove to be the backbone of a manufacturing unit as it provides many benefits. Refer to the blog How Production Dashboard Helps a Manufacturing Industry? to know the key benefits of dashboard which helps manufacturers in critical decision making and running the organisation smoothly.

[digitalmanufacturing]

FactoryWorx Robotic Process Automation with Paperless Manufacturing Software

FactoryWorx paperless manufacturing software platform comes with essential functionalities, best practice processes, professional support, and a myriad of valuable MES, ERP, and IIoT integrations that make your digital, paperless transformation with FactoryWorx paperless comprehensive, fast, easy and cost-effective. It helps manufacturers automate the answers to increasingly more challenges and decisions they face on a daily basis.

[digitalmanufacturing]

FactoryWorx Real-time Production Reporting System | Production Monitoring Software

FactoryWorx production reporting module provides valuable and timely insights to the manufacturing, warehousing and distribution operations that drive pre-emptive actions and reliable, accurate decisions. It drives agility and effectiveness in manufacturing operations and enables you to produce reports without or with minimum cost by using equipment you already have.