What does John Mayer have to do with inventory management? Not much actually, but that song got me thinking about how technology has changed inventory management. Early merchants managed inventory with pencil and paper. They may have kept a list of stock and then crossed items off as they were sold. They relied on their own memories and lists to know when an item was running low. As their level of experience increased they were better able to predict how much product they needed and when they should order but it was still largely a guessing game. While this system probably worked just fine in the beginning it surely had its challenges. Now where did I put that list?
Since the Industrial Revolution in the late 18th century manufacturing and the methods used to track goods have been rapidly changing. From punch cards to barcodes to RFIDs the availability of product information is ever increasing. Inventory management software has been keeping pace, allowing vendors to track this information and harness it to improve product flow. Having real-time information about inventory allows merchants to make better ordering decisions. Technology allows businesses to share information across locations and provide feedback to their suppliers. It has also improved the ability to not just track buying trends but to predict them. Technology isn’t infallible though. Not only can the predictions be wrong if something unexpected occurs in the marketplace, but software malfunctions can also cause glitches in the system. However most retailers find that the benefits do outweigh the challenges.
Back to that whole world changing idea..... as Hericlitus said “The only thing constant is change.” Technology will continue to advance and we will continue to adapt. With each new system there will be advantages and challenges. Typically the latest and greatest is also the most expensive. That’s what makes Canvus different. Stockpile is constantly being upgraded and updated and it’s still available free of charge.
