How to Fully Automate Your Inventory Management with Laiye RPA
Businesses that sell physical products need a decisive inventory management department responsible for sourcing, storing, and selling inventory. Managing inventory is no easy feat. Purchasing too many supplies could lead to huge costs, while purchasing too little might not be enough to meet market demands, resulting in revenue losses. According to IHL, $1.1 trillion—equivalent to the GDP of Australia—is lost due to inventory inefficiencies.
To better handle the volatility of supply and demand and reduce the number of manual tasks that inventory management entails, more and more firms are turning to robotic process automation (RPA), software that can emulate human operations on a PC under predefined rules. Here at Laiye, we offer Laiye RPA, an artificial intelligence-powered RPA product that can optimize inventory management and maximize revenues.
Do you face these inventory management issues?
From planning to sourcing and delivering, manual inventory management faces a lot of inefficient, inaccurate, and costly processes. Some of them include:
1. Forecasting demand and supply
Determining the correct inventory levels means keeping a wary eye on historical demand and supply. This means collecting, compiling, analyzing data, and creating a reasonable forecast to guide inventory management decisions. Performing these tasks is not only tiresome—but there's also a lot of room for error and miscalculations. GS1 US reports that inventory forecasting is only 63% accurate.
2. Watching stock levels
Inventory management personnel always need to be aware of current stock levels. They also need to reorder supplies whenever stock levels dip below a set threshold. As stock levels are not monitored in real-time, this results in unnecessary stress as stocks might be prone to delays. For example, Peoplevox reports that 34% of businesses have shipped an order late because the product sold was out of stock.
3. Comparing sourced material prices
A business wants to lower its costs as much as it can. Manually comparing the prices from different suppliers is a tedious process and can mean some viable options slip through unnoticed.
4. Processing orders, returns, and refunds
Ordering supplies means placing the correct order, processing payments, and confirming the order. Similar processes dictate returns and refunds. These tedious processes take up a lot of time and result in inefficiencies.
5. Sending updates
Inventory management teams need to keep the business as well as suppliers informed. This means sending out emails and text messages whenever orders are made, shipments are received, invoices are paid, and so on. Tedious and repetitive, these tasks demand more of a worker's time than they should.
6. Data entry and migration
Manually inputting and migrating data across the company's different systems demands meticulous work, and it is often inaccurate and tiring.
How can Laiye help?
Laiye RPA can significantly improve efficiency, worker satisfaction, and accuracy while lowering labor and logistical costs by automating inventory management. Unaffected by fatigue, stress, or emotions, Laiye RPA robots can work 24/7, all year round. Efficient and offering over 98% accuracy, RPAreduces inefficiencies, inaccuracies, and costs.
Laiye RPA can help forecast demand and supply by keeping track of current supply and demand and compiling historical data. By recording this data and generating reports, RPA robots can help the company make better predictions by analyzing trends.
The robots can also provide real-time monitoring, allowing for even more precise knowledge about market demands. Doing so can significantly improve inventory management's forecasting abilities, saving the company a lot of money that they would otherwise incur due to inaccurate projections.
Laiye RPA robots can also be beneficial in watching stock levels. It is challenging to keep track of supplies manually; robots can monitor how much of an item is in stock and even reorder when it dips below a threshold level. RPA can do this in real-time, meaning inventory is stocked up promptly, eliminating delays. Additionally, as RPA is equipped with screen scraping technology, it can help the business compare different options when purchasing supplies, reducing the time and effort needed to sift through different choices manually.
When it comes down to processing orders, refunds, and returns, Laiye RPA is exceptionally suited for the job. Capable of reading structured and unstructured information, RPA robots can extract information and fill in forms. Even if documents are paper-based, Laiye RPA's optical character recognition (OCR) can scan and create digital files for further processing. These capabilities also make it extremely useful in data entry and migration, seamlessly integrating it with the company's existing digital infrastructure.
Moreover, Laiye RPA is extremely useful in terms of communication. More versatile and cost-effective than traditional email automation services, Laiye RPA can send automated emails whenever products are received, shipped, returned, and so on, reducing the need for manual updates. This innovation keeps everyone effortlessly informed.
Start your Laiye RPA journey today
According to Zebra, eliminating stock-outs and overstocks can result directly in 10% lower costs. With the help of our professional team, you can learn how to build and deploy your RPA robots within a couple of hours. Contact our friendly team to improve your Inventory Management Department today. and get ready for increased savings, higher efficiency, and improved accuracy with the implementation of RPA robots.