Prepared by-

Technology and Innovation

Management
Process Innovation In Group 10
Ankan Podder(1802029)

Prof: Ruchita Gupta Inventory Management Anjaneya Jha (1802028)

Ankit Chack (1802030)
Abhishek Kanaujia (1802010)
Abhishek Singh (1802011
 What is Inventory
Management?
• Inventory management refers to the process of ordering,
storing and using a company's inventory: raw materials,
components and finished products.
• A company's inventory is one of its most valuable
assets. A company's inputs and finished products are the
core of its business, and a shortage of inventory when
and where it's needed can be extremely detrimental.
• At the same time, a large inventory carries the risk of
spoilage, theft, damage, or shifts in demand. Inventory
must be insured, and if it is not sold in time it may have
to be disposed of at clearance prices – or simply
destroyed.
• For these reasons, inventory management is important
for businesses of any size. Knowing when to restock
certain items, what amounts to purchase or produce,
what price to pay – as well as when to sell and at
what price – can easily become complex decisions.
Evolution Of
Inventory
Management
Over The
Years
 • In most warehouses, the days of
pens, paper and spreadsheets are
coming to a close.
• Manual data entry is arduous and
subject to human error. Doing a
stock take with manual
mechanisms took a substantial
amount of time.
• Very few processes were
automated and sharing
information was difficult.
• Version control was risky because
different spreadsheets got saved in
different locations and old data
could fall into a team member’s
Manual Inventory hands.

Management
 • Kanban is an inventory scheduling
system that allows companies to
stock only needed components and
arts in the production or
distribution process.
• The Kanban system provides a signal
for reordering or replenishing stock.
A company can use one of several
methods to signal stock
replenishment with a Kanban
system.
• For example, colored bins or reorder
cards are methods that signal it is
time to repurchase materials or
parts.
• In a Kanban system, when a worker
reaches the end of a bin, he orders
stock internally or passes the
The Kanban System information to purchasing for a
stock purchase, but no material
moves if the bins remain full.
 The Introduction of
the Barcode
• Inventory management has seen a shift towards more
automation during stock take procedures.
• Barcode scanning and tracking is a swift and efficient
way of tracing products and has helped change the way
a business managed the stock take process in a
warehouse.
• Moreover, it is relatively inexpensive and easy for
businesses, small and large, to adopt into their
processes.
• Barcode scanning made inventory tracking more
streamlined. However, the information from the
barcode was still entered into computers manually for
quite some time.
Benefits of Barcoding
• Accurately records all aspects of every transaction
• Eliminates time-consuming data-transcription errors common 84% of inventoried items are
expected to be barcoded by 2020
with paper records
• Eliminates manual data entry and mistakes for parts checkout,
return, receipt, and reorder
• Is popular among craft technicians because of the ease and
speed with which they can check out parts, compared with
written transactions
• Enhances parts checkout and their timely reordering
• Updates on-hand quantities automatically
• Uses transaction histories to help determine minimum levels and
reorder quantities
• Records transaction histories for parts movement, cost, and
charge-back
• Streamlines PO receiving practices
• Provides a rapid return on investment (ROI) — generally less
than a year. Types of Codes Used for Inventory Management
Use of Barcoding in
Inventory Management
Scanning barcodes can be used in many ways for inventory control,
including:
• Conducting inventory counts
• Receiving inventory
• Order picking
• Warehouse transfers
Using a handheld unit and barcodes expedites these processes by removing
the manual actions needed to fulfil these duties.
Barcode inventory control works through the utilization of handheld mobile
units that have been synchronized with an inventory management system.
For effective inventory management using barcoding follow the steps as
listed below:
• Labelling the Right Item
• Choosing the Best Barcode Symbology
• Use Standardised Barcodes
• Use Supplier Barcodes Wisely
 • Radio frequency identification (RFID)
came into the inventory
management game in the early
2000s.
• RFID uses a microchip to send
information about a specific product.
• It sends data about the product type,
which manufacturer it came from,
and the serial number code. The
data collected from an RFID gets sent
to a data collection centre. It
eliminated the need for manual
input from staff.
• The data lives in a live data centre
where products can be tracked in
real-time. This lets warehouse
Adoption of Radio managers can ensure that products
are available. This technology also
makes for a more accurate stock take
Frequency Identification in the warehouse.
 The global Radio Frequency
Identification (RFID) Technology
market size was valued at USD 10.53
billion in 2015.
The systems, deployed in the industry
are composed of three major
components, namely tags, readers,
and middleware.
The industry is marked by the
presence of many global vendors,
such as Alien Technologies,
Honeywell International, NXP
Semiconductors, Smartrac, and
Zebra Technologies, among others.
Some other prominent players
Global Radio Frequency include Checkpoint Systems,
RFID4U, Tibco Software, Mojix,
Identification Technology Impinj, and Acreo Swedish.

Market
 • The RF technology operates on the
lower end of the electromagnetic
band and usually operates in the
range from 10 kHz to 100 MHz. The
RFID tags’ and interrogators’
operational frequencies are
segregated into low frequency (125-
134 kHz), high frequency (13.5 MHz),
and ultra-high frequency (433, 860-
960 MHz).
• While high frequency tags hold the
largest revenue share, the ultra-high
frequency tags are expected to gain
rapid market adoption in the coming
years owing to their growing demand
in inventory management,
pharmaceutical applications, and
wireless device configurations. The
Frequency Insights on RFID ultra-high frequency Devices has
overtaken the high frequency tags in
Technology Market terms of volume
 • When pondering about the future of
RFID, you’ll be daunted by the facts.
RFID technology is contributing to
some remarkable advancement in
healthcare, retail, food safety, and
other industries as well. The growth
of RFID’s future relies on how much
companies are willing to invest in such
technologies. Consequently, RFID is
becoming more cost-effective than
ever for solving real-world business
challenges.
• Within the past few years, it has been
said that there will be an eruption of
adopting RFID technology in the
market where it is expected that the
global acquiring of RFID tags will
reach a compound annual growth rate
of 22.4% through 2018.
• Other expects that the passive RFID
tag market alone will grow to almost 7
billion tags in the next year. That
Insights on Future RFID number is expected to reach up to 25
billion tags by 2020 just for retail
Technology through a video apparel and shoes.
 • The cloud has provided an entirely
new platform for inventory
management.
• Not only can data be accessed in
real-time, but it can be accessed
from any location, on any device,
with internet.
• Team members can readily access
more information and
communication across departments
is enhanced with the cloud.
• Online inventory management has
optimised data management and
helped maintain inventory levels.
• Since the stock can be tracked in
real-time, the computers can
identify when stock levels are low
and place automatic orders to

Leveraging the cloud suppliers. This keeps systems

running smoothly and prevents
delays.
 • Traditionally, inventory management
has been one of the most time-
consuming and least popular tasks
carried out by eCommerce businesses
to keep their business running. It can
be painstakingly boring and diverts
resources from more important facets
of the business, like growing the
brand, improving efficiencies and
adding new product lines.
• Why is Cloud-based inventory
management important?
• Instant stock level updates
• Error reduction
• Automation
• Safety and security
• In-built reporting and analytics

New way of Inventory

Management
 • The era of automation and
optimisation is just beginning.
• Drones and robots in the warehouse
are starting to conduct basic
warehouse tasks.
• This is a rapidly changing sector of
inventory management and it will
likely be adopted and become
mainstream over the coming years.
• Drones and robots can do the
monotonous work that were
previously delegated to humans.
• They can locate products, conduct a
stock take and send data directly to
the online inventory management
system.

Drones and robots • The applications of drones and robots

will certainly evolve with the rest of
the inventory management industry.