IT BEST PRACTICES

Subscribe to
IT Best Practices.

STAY CONNECTED

    Inventory Management: A Problem Of Big Data

    Large companies have vast inventories of products, product components, raw materials, and tools. Often these inventories are located in multiple geographic regions. Many companies keep track of their inventories through the use of barcodes and databases that store information which might include an item’s location, price, quantity, serial number, the vendor, date of purchase, date of manufacture, maximum shelf life, etc.

    Inventory management is a complex process. Too much inventory ties up capital and risks loss of that capital if the inventory can’t be moved before the end of its shelf life. Most products do have a shelf life. Even products not subject to degradation eventually become obsolete or unfashionable. Too little inventory risks loss of customers when products have to be back ordered.

    Knowing how to order from vendors in an optimal manner requires lots of information and analyses of one’s supply chains. It also requires an ability to do reasonably accurate demand forecasting. The more uncertainty there is in your demand forecasts, the bigger your inventory stock must be to compensate for this.

    Inventory management is yet more complex when inventories are spread out among different locations. Should one purchase new inventory from a supplier or transfer stock from an inventory in a different location? If transferring from another location, which location should that be? This complexity increases still further for international companies.

    As the size, complexity, and logistics of a company’s inventory increase, so does the challenge of its management. It’s a challenge of dealing with a multitude of interrelated variables. The answer to improving profits lies buried in your inventory data. The more you know about your inventory, the more control you potentially have but this also increases the size of your inventory database. In short, your inventory management is a big data problem. The companies that most effectively cope with the problems of big data will be the leaders in their industry.

    Big data management starts with your data storage. We have the data storage knowledge, expertise and resources to help you with your needs. Contact us today for more information.

    Inventory Management: A Problem Of Big Data

    Large companies have vast inventories of products, product components, raw materials, and tools. Often these inventories are located in multiple geographic regions. Many companies keep track of their inventories through the use of barcodes and databases that store information which might include an item’s location, price, quantity, serial number, the vendor, date of purchase, date of manufacture, maximum shelf life, etc.

    Inventory management is a complex process. Too much inventory ties up capital and risks loss of that capital if the inventory can’t be moved before the end of its shelf life. Most products do have a shelf life. Even products not subject to degradation eventually become obsolete or unfashionable. Too little inventory risks loss of customers when products have to be back ordered.

    Knowing how to order from vendors in an optimal manner requires lots of information and analyses of one’s supply chains. It also requires an ability to do reasonably accurate demand forecasting. The more uncertainty there is in your demand forecasts, the bigger your inventory stock must be to compensate for this.

    Inventory management is yet more complex when inventories are spread out among different locations. Should one purchase new inventory from a supplier or transfer stock from an inventory in a different location? If transferring from another location, which location should that be? This complexity increases still further for international companies.

    As the size, complexity, and logistics of a company’s inventory increase, so does the challenge of its management. It’s a challenge of dealing with a multitude of interrelated variables. The answer to improving profits lies buried in your inventory data. The more you know about your inventory, the more control you potentially have but this also increases the size of your inventory database. In short, your inventory management is a big data problem. The companies that most effectively cope with the problems of big data will be the leaders in their industry.

    Big data management starts with your data storage. We have the data storage knowledge, expertise and resources to help you with your needs. Contact us today for more information.

    Subscribe to
    IT Best Practices.

    STAY CONNECTED

      ALL ARTICLES

      Cloud Services

      Component Highlight: Palo Alto Firewalls and Edge Security Services

      READ MORE
      Cloud Services

      How the right cloud platform can reduce your RTO and RPO

      READ MORE
      Cloud Services

      The Military Recognizes the Advantages of Cloud Computing

      READ MORE
      Cloud Services

      Don’t Gamble on Hyperscale Providers

      READ MORE
      Cloud Services

      Meet the team: Q&A with Jared Villalobos, VP of Operations

      READ MORE
      Cloud Services

      CloudKey, paired with our enterprise-class data centers, creates the ideal platform to grow and develop your business

      READ MORE
      Cloud Services

      The paradox of how a bespoke cloud platform can save you money

      READ MORE
      Cloud Services

      Cloud platforms are providing the key to the future of network computing

      READ MORE
      Cloud Services

      Industry Focus: Why the Cloud means “more green” to the financial industry

      READ MORE
      Cloud Services

      These companies are unaware of the inevitable shift the Cloud is making for their business

      READ MORE

      You Have The Momentum. We Help Keep It Going.

      At Global IP Networks, our mission is to keep your net working. Our team of dedicated, certified IT experts is 100% committed to your success. For over 20 years, we’ve relentlessly helped companies like yours tackle their IT challenges to maximize the security, uptime and performance of their networks.

      That’s tenacity. That’s Global IP Networks.

      wLearn More