Take Control of Inventory Sorting with Smart Software

How to utilise smart technology to streamline efficiencies.


Take Control of Inventory Sorting with Smart Software

Why Inventory inefficiencies matter

Inventory control issues plague many businesses across the Middle East and, indeed, the globe. A 2018 PWC study revealed that Days Inventory Outstanding has been one of the main drivers weakening working capital efficiency - in 2016-17 this equated to AED 6bn of additional cash tied in inventory. Major challenges surround poor demand and production planning, resulting in excess inventories or incorrect inventory stocking.

Adequate and appropriate inventory control can help lower costs, speed up fulfillment and prevent fraud. Most companies with inventory rely on it to balance accounts and provide accurate financial reporting. If your inventory sorting is lagging, so too will your fiscal reports and assessments.

Fortunately, there are smart software solutions that can take control of elements of the inventory sorting process. IRIS Powerscan and IRISXtract offer user-friendly features, multi-stream architecture and highly intelligent classification to streamline your inventory. Scientific inventory control results in the reduction of excess stocks on one hand and substantial decline in critical shortages on the other.

PwC Middle East Working Capital Study 2018

Why Inventory inefficiencies matter

Keep moving forward

Instead of spending time inputting printed invoice numbers, order sheets and stockists into your digital system, use a capture solution to transform your paper-based documents into valuable digital assets.

IRIS Powerscan captures, sorts and indexes documents as searchable files using barcodes and other custom forms of differentiation. This fast process allows you to consistently update your inventory, eliminate stock errors, reduce costs and boost fulfillment productivity.

How do you ensure you can mitigate loss and theft? When using a smart software, there is no room for human error. You can rely on up to the minute data - which prevents over ordering, under ordering and financial blockages. Smart inventory control ensures timely availability of the right inventory, preventing loss of business.

Inventory fraud, the act of misrepresenting goods, items or cash, is also mitigated by outsourcing the documentation process to a streamlined technology. In retail, for example, inventory numbers are only correct 63% of the time - that’s a lot of potentially avoidable loss.

Flexis: 5 inventory Management Stats 2019

Keep moving forward

Data recognition is the solution

IRIS form and invoice automation allows data to be inputted into any desired format, from documents in 137 languages. The collected data is then transmitted for further processing into the desired enterprise applications such as ERP, CRM, ECM, BPM, DBMS etc.

Using an intelligent data recognition system removes human error, mis-invoicing and disorganised filing systems that may disrupt the process chain. The IRISXtract can also be connected with digital communications, quickly sifting through scan documents, emails and other data sources.

There are many ways in which using inventory sorting smart software is economically efficient. Firstly, time is money - time spent doing anything manually is often time wasted. Secondly using programs such as IRIS Powerscan allows a company to keep a very close eye on popular items.

Thus, when the time comes to order in new inventory, a tactical decision can be made to order enough quantities to receive supplier discount. Regularly optimising the ordering process will have a drastic impact on the bottom line, over time.

Our fully integrated document management solutions enable intelligent routing of inbound documents to the right department and seamless connection with back-end systems, for businesses that run more efficiently and effectively than ever before.

On the journey to becoming a ‘smart-office’, it’s the background streamlining and optimisation that often makes the biggest difference. Our array of smart tools and data capture software bring the smart office into 2019.

Find out how to optimize your office for success.

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