Managing and tracking inventory is one of the most crucial aspects of CSPs operations. In today’s world, businesses demand real-time information about production, distribution, logistics, reconciliation, and valuation. Inventory modernization is the process of upgrading your inventory management system to a more efficient and scalable solution. It can provide CSPs with real-time visibility into your inventory levels, track shipments in transit, and reconcile inventory discrepancies. This information can help businesses make better decisions about production, distribution, and pricing.
Asset Resource Management can help CSPs identify and correct problems in the inventory management system. For example, businesses can constantly run out of a particular item and may need to adjust their reorder points. Overall, asset resource management is a critical part of inventory modernization. By effectively managing assets, CSPs can improve the efficiency of their inventory management system and save money. 6D Technologies ARM (Asset Resource Management) module is a power-packed and feature loaded Inventory Management tool that supports important Inventory KPIs:
- Inventory Valuation including COGS (Cost of Goods sold)
- OOS (Out of Stock)
- Stock Ageing
- Stock in Hand
- Count and percentage of Full Shipment and Partial Shipment
- Average Order Fulfillment Time
Transforming Inventory Modernization with ARM
Ventas, an AI-powered Sales and Distribution platform, includes ARM that is increasingly being used in inventory modernization projects that offer several advantages over traditional systems. ARM-based systems are becoming increasingly powerful, making them ideal for demanding inventory management applications while systems have become highly scalable, making them ideal for large-scale inventory management deployments. Inventory Modernization has been revolutionary in helping CSPs transform their systems digitally:
Streamlining SKU Management with Hierarchical Structures
In the dynamic world of retail, effectively managing Stock Keeping Units (SKUs) is crucial for business success. 6D Technologies Stock Keeping Unit (SKU) is a unique identifier for a product or service. It is used to track inventory levels, pricing, and other information about a product. A hierarchical structure can be used to manage SKUs. This means that SKUs can be grouped into categories, subcategories, and so on. With a vast array of products and pricing variables, CSPs require a robust hierarchical structure to ensure seamless management from start to finish. This can make it easier to track and manage SKUs, especially for businesses with a large number of products.
Comprehensive Pricing Management
A well-designed hierarchical structure enables organizations to manage different levels of pricing effortlessly. From the Landing Cost, Distributor Purchase Price (DPP), and Retailer Purchase Price (RPP), to the Maximum Retail Price (MRP), Ventas allows each level to be effectively tracked and controlled. This allows businesses to set competitive pricing strategies, maximize profitability, and stay ahead of the competition.
Seamless Tax Management
The complexity of tax regulations can be overwhelming, but a hierarchical structure by 6D Technologies Ventas simplifies tax management for SKUs. It empowers businesses to handle various types of taxes, such as Value Added Tax (VAT), Goods & Services Tax (GST), Withholding Tax, and more. By integrating tax calculations and compliance by Ventas within the hierarchical structure, organizations can ensure accurate tax calculations, maintain regulatory compliance, and minimize the risk of penalties.
Complete Lifecycle Management
SKUs have a lifecycle that extends from “Available for Sale” to “Product Retirement.” With Venta’s hierarchical structure in place, organizations can effortlessly manage every stage of the SKU lifecycle. From initial creation and product categorization to tracking inventory, sales, and even product retirement, businesses gain full visibility and control over their SKUs. 6D Technologies ensures efficient inventory management, reduces the risk of stockouts or overstocking, and enables informed decision-making throughout the CSP’s SKU lifecycle.
Seamless Inventory Modernization with Ventas
In the rapidly evolving world of telecommunications, CSPs must transform their operations and unlock new levels of efficiency and profitability. Ventas offers a comprehensive suite of tools and features specifically designed to streamline inventory management for CSPs. With real-time visibility into stock levels, product availability, and order processing, CSPs can optimize their inventory management processes, reduce stockouts, and ensure the timely delivery of products and services to their customers.
In the rapidly evolving world of telecommunications, CSPs must transform their operations and unlock new levels of efficiency and profitability. Ventas offers a comprehensive suite of tools and features specifically designed to streamline inventory management for CSPs. With real-time visibility into stock levels, product availability, and order processing, CSPs can optimize their inventory management processes, reduce stockouts, and ensure the timely delivery of products and services to their customers.
In the rapidly evolving world of telecommunications, CSPs must transform their operations and unlock new levels of efficiency and profitability. Ventas offers a comprehensive suite of tools and features specifically designed to streamline inventory management for CSPs. With real-time visibility into stock levels, product availability, and order processing, CSPs can optimize their inventory management processes, reduce stockouts, and ensure the timely delivery of products and services to their customers (Source).
Ventas equips CSPs with the tools they need to maximize profitability and make data-driven decisions. The platform offers comprehensive reporting and analytics capabilities, enabling CSPs to gain deep insights into sales performance, inventory trends, and customer behavior. Armed with this actionable intelligence, CSPs can identify opportunities for revenue growth, optimize pricing strategies, and proactively address market demands. 6D Technologies’ Ventas supports modern inventory management that covers:
- Multiple Units of Measurement (UOM)
- Special Pricing
- SKU Enrichment
- Multi-Currency
- Complete Reverse Logistics
- Vendor Ordering including RFP Management
- Real-time Inventory Information
- Hub and Spoke Model of Warehouse Management
- Bin and Rack Management of a Warehouse for Easy Pick-up of Stocks
- Reserving Stocks for a particular Business line to an Entity
- Physical (SIM Cards, Paper Recharge Vouchers, Handsets, CPE devices, Accessories, etc. and Logical Inventory (IMSI, MSISDN, ICCID, IP v4, and IP v6)
Empowering CSPs Through Inventory Modernization to Unlock Efficiency and Drive Growth
Ventas’ Inventory Mordenation with ARM solutions provides a holistic approach to inventory management, empowering businesses with streamlined processes, improved efficiency, and enhanced profitability. By adopting ARM technologies, businesses can unlock a wide range of benefits to gain real-time visibility into their inventory, enabling them to optimize stock levels, reduce stockouts, and meet customer demands with greater accuracy.
6D Technologies Ventas enables businesses to automate manual processes, minimize errors, and free up valuable time and resources. In a rapidly evolving business landscape, CSPs cannot afford to rely on outdated inventory management practices. The implementation of ARM through Inventory Modernization solutions is a strategic move that enables businesses to stay ahead of the curve, drive growth, and maintain a competitive edge.
Thought Leadership Insights: Manoj Jain, Global Head Marketing