International Webinar 2022 - Recession Proof business Strategies for 2023 – Part 11

Malaysian academics explained that one way to withstand a recession is to cut inventory. Managing inventory requires knowing where each product is in the supply change process. Technology has advanced to provide greater clarity and accountability in these operations to increase competitiveness.


Inventory management technology involves tracking the flow of products in and out of your warehouse. This lets you know what stock is on the shelves, the quantity of product in stock, and the sales order process as the product is picked up and packed for shipment. Warehouses can ensure that products are not lost or damaged during the supply chain by having an efficient inventory management process.


This process also helps update inventory records in data network systems. Sales reps can view the data to know instantly how much inventory is available to customers and at what price. It also allows the right amount of inventory to be ordered to replenish stock without ordering too much or too little.


Warehouse operations are constantly changing to satisfy the way customers shop and order products. As a result, the inventory management process has also changed. Today, new technologies streamline processes to make them more accurate while reducing repetitive tasks.


Technology plays an important role in how versatile inventory management processes are for companies. This offers a competitive advantage for every business model, including e-commerce companies where customers may not speak to an actual sales representative during the order process.


The types of inventory technology management features available will depend on the vendor. Some vendors may offer the basics, while others allow integration to other systems. In addition, some technologies can be customized for specific industries or business models, such as e-commerce or food sales.


The technology used today has changed quite drastically since it was first implemented in the supply chain. Manual counting was the norm during the Industrial Revolution, as this slow process led to inaccuracies and hindered business growth.


The main benefit of an inventory management system is that it uses advanced technology to promote more visibility and accuracy in the supply chain. This technology allows you to know where each product is in the warehouse.


This technology also enables better order fulfillment and procurement. Sales reps know what inventory is available at all times to fill orders and can make adjustments when product runs low. In addition, many inventory management systems automate the procurement process when product levels reach certain thresholds so that shipments can arrive on time without delaying orders.


Finally, inventory management helps provide cost savings and increases operational efficiency by automating redundant processes. Fewer inventory counting errors are likely to cause problems and increase costs.


The above material was presented by a presenter from Malaysia in an international webinar held by STEKOM University in collaboration with Universities from Malaysia, PRC and various other parties. The title of the presentation brought by the presenter from Malaysia was "Recession-proof business strategies 2023: Malaysia's Economy Perspective." The presenter's name is Hafizah Abdul Rahim who is a senior lecturer and research fellow at the center of excellence for social innovation and sustainability, faculty of business and communication at Universiti Malaysia Perlis.


This international webinar activity is part of the implementation of STEKOM University's commitment to increase various international activities. This was done in order to realize the vision to become an international-class university. Various international activities carried out by STEKOM University continue from year to year. There are international activities that are sustainable and there are also some international activities that are not sustainable. All types of international activities are accommodated and regulated by the International department of STEKOM University.