How to Fully Automate Your Inventory Management Department with Laiye UiBot
Businesses that sell physical products need to have a decisive inventory management department, which is responsible for sourcing, storing, and selling inventory. Managing inventory is no easy feat, as 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!
Because of how fickle supply and demand can be, and because of the number of manual tasks that inventory management entails, more and more firms are turning to RPA (robotic process automation), software that can emulate human operations on a PC under predefined rules. Here at Laiye, we offer Laiye UiBot, an RPA+AI product that can optimize inventory management and maximize revenues.
Has your Inventory Management Department faced these issues?
From the planning to the sourcing to the delivering phases, manual inventory management faces a lot of inefficient, inaccurate, and costly processes. Some of them include:
1. Forecasting demand and supply.
Determining the right levels of inventory means keeping a wary eye on historical demand and supply. This means collecting, compiling, and analyzing data, and then creating a reasonable forecast to guide inventory management decisions. Performing these tasks is not only tiresome — 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 needs to be aware of current stock levels. They also need to reorder supplies whenever stock-levels dip below a set threshold. This is not only stressful but also prone to human-caused delays, as stock levels are not monitored in real-time. For example, Peoplevox reports that 34% of businesses have shipped an order late because they sold a product that was out of stock.
3. Comparing sourced material prices.
A business wants to be able to lower its costs as much as it can. Manually comparing the prices from different suppliers is a monotonous process and can mean some viable options slip through unnoticed.
4. Processing orders, returns, and refunds.
Ordering supplies means placing the right order, processing payments, and confirming the order. Similar processes dictate returns and refunds. These tedious processes take up a lot of time and so 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 UiBot is an RPA+AI product that can greatly improve efficiency, worker satisfaction, and accuracy while lowering labor and logistical costs by helping automate inventory management. Unaffected by fatigue, stress, or emotions, Laiye UiBot robots can work 24/7, all year round. Efficient and with over 98% accuracy, RPA means reducing inefficiencies, inaccuracies, and costs.
Laiye UiBot can help with forecasting 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. Meanwhile, the robots can also provide real-time monitoring, allowing for even more precise knowledge about market demands. Doing so would greatly improve inventory management’s forecasting abilities, saving the company a lot of money that would otherwise be incurred due to inaccurate projections.
Laiye UiBot robots can also be extremely useful in watching stock levels. As it is difficult to manually keep track of supplies, robots can monitor how much of an item is in stock and even reorder the item when it dips below a threshold level. RPA can do this in real-time, meaning inventory will be stocked up in a timely manner, eliminating delays. Moreover, equipped with screen scraping technology, RPA can even help the business compare different options when purchasing supplies, reducing the time and effort needed on manually sifting through different choices.
When it comes down to processing orders, refunds, and returns, Laiye UiBot is extremely suited for the job. Capable of reading both structured and unstructured information, RPA robots can extract information and fill in forms. Even if documents are paper-based, Laiye UiBot’s OCR (optical character recognition) can help 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 UiBot is extremely useful in terms of communication. More versatile and cost-effective than traditional email automation services, Laiye UiBot can send automated emails whenever products are received, shipped, returned, and so on, reducing the need for manual updates. This keeps everyone effortlessly informed.
Start your Laiye UiBot 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 own RPA robots in just one or two hours. Improve your Inventory Management Department today, where you will witness increased savings, higher efficiency, and boosted accuracy with the implementation of RPA robots.
About Laiye
Laiye, founded in 2015 by Ivy League Ph.D. graduates, is committed to being a leading Smart Robot platform with global influence in the era of human-robot collaboration.
Our portfolio of high-quality, secure products and services covers RPA+AI Solution, including Laiye UiBot (An RPA product), Wulai (An enterprise chatbot platform), and Xiaolai (A companion robot). Join us on LinkedIn, follow us on Facebook, or visit us at www.ui.bot.
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