As the world becomes more interconnected, modern retail businesses need to move with the times and integrate new inventory tracking tools into their business plans. One of the main areas that has seen several substantial improvements is inventory management, due to modern changes in the field of image recognition.
In the past, companies relied primarily on using either manual counting processes or barcode-based systems to track their stock. Whilst these approaches are still utilised by some brands, manual tracking methods are no longer sufficient, due to the rapid data-based technological changes that have appeared in recent years.
Enter the world of image recognition:Â When paired with modern inventory management software, image recognition tech can take your brand to new heights, enabling you to capture a range of impactful data insights in an instant.
As experts in the retail industry, we’re here to guide you through modern image recognition inventory software and how it works, outlining the key features you should look for when choosing a new system for your brand. We also have our own image recognition tools that can help you track inventory levels and boost your e-commerce business in no time.
Want to get started with Tactical Solutions? Get in touch with our team here.
Combining cutting-edge image recognition tech with modern inventory tracking software
Merging modern image recognition technology with your inventory tracking systems can change your business for the better, creating an inventory management solution that can meet customer demand, all year round.
Manual tracking systems are often inefficient and time-consuming to use on a regular basis, which is where AI image recognition steps in to help. Instead of wasting time on manual entry tasks and barcode scanning, retail staff can instead use an automated system in real time. Your AI software and cameras can identify and categorise products based on their appearance and availability, giving you innovative insights immediately.
This combination of technologies offers several different benefits that can transform your day-to-day business operations, enabling e-commerce companies to track stock in real time and reduce the need for human intervention. As an example of this, your image recognition retail inventory tracking system can be programmed to capture multiple products at once by scanning a warehouse shelf. This approach speeds up your lead times considerably when compared to an employee manually scanning every item by hand, ensuring accuracy is improved throughout.
By integrating image recognition technology into your organisation, you gain the ability to monitor your inventory across multiple channels and locations seamlessly, without having to physically visit each place in person. Image recognition software offers a level of precision and flexibility that is not available with more conventional tracking services, regardless of the place your inventory items are located. Industries with complex supply chains or high inventory levels may find this approach more suitable, as it enables greater inventory control across various stages of the tracking process.
Top features to look out for in your new inventory tracking system
As modern retailers and brands move towards implementing image recognition technology into their inventory management software, it’s important to choose the right kind of system for your business.
Every organisation is different, so it’s not a one-size-fits-all deal – you may find that the stock tracking approach used for one business requires a vastly different proposition than the methodology used by a different company.
Choosing the right combination of features will ensure that your current operational needs are met, also providing the flexibility and scalability required for future business growth. Let’s take a look at the main features you should consider when picking out a new inventory tracking system for your business:
Real-time data monitoring –Â Real-time inventory management and data monitoring are two of the most important features of any modern inventory tracking system, providing a live view of stock levels when required. This is particularly important when dealing with seasonal demands or inventory items that have a high turnover, enabling you to take action when needed.
Multi-location tracking systems – If you’re an e-commerce business, it’s likely that you’ll have multiple locations based around the country (or even globally), including warehouses, retail stores and distribution centres. Being able to track stock in each location is a must, enabling the easy distribution of products when required. You can also integrate zone-based inventory management into your business, allowing you to manage your inventory much more efficiently than before.
Barcode and RFID tag integration –Â Despite the recent rise of AI and image recognition, many e-commerce businesses still rely on barcodes and RFID (radio frequency identification) tags to manage their inventory and identify products. This means that it’s important to choose inventory management systems that also support these technologies, combining multiple tracking methods to create a versatile shopping system.
Mobile device compatibility – In the digital world, many people now do their shopping online, with Statista reporting in 2023 that 80% of the UK population regularly bought items online. Mobile devices are particularly popular at the moment, so having a system in place that is compatible with these devices is essential. Warehouse staff can use mobile devices and apps (such as our very own Reapp!) to scan products, update inventory levels, and track stock on the go, streamlining your retail operations.Â
An automated ordering process – Whilst tracking stock is a crucial part of the warehouse management game, having the ability to reorder products on the go is also important. Automated inventory management software helps you to accurately forecast demand and reorder your stock automatically. You can even trigger automated purchase orders when stock levels drop to a certain threshold, minimising the risk of stock shortages.
All these elements are crucial to selecting an inventory tracking system that can help your brand maximise the benefits of modern image recognition technology,
If you’d like to see how we can manage your inventory more efficiently, don’t hesitate to get in touch.Â
Why are image recognition tools so crucial for inventory tracking?
AI-powered image recognition technology has emerged as a crucial component of the modern retail industry, particularly useful in the field of inventory tracking. Having the ability to automatically detect and identify objects, products, and patterns from visual sources (such as videos or photos) can help to streamline your lead times, without relying on manual counting or barcode scanning.
Image recognition technology is an indispensable tool for businesses that have large, complex inventories, which could be almost impossible to handle manually. This process is vastly simplified when using image recognition tech, ensuring your inventory data is always up-to-date and accurate if supply chain disruptions or unexpected changes in demand occur.
Read on to find out more about the main benefits of using image recognition to track stock within your business.
Reduce errors and improve accuracy
Human error can be a common occurrence across the entire employment spectrum, so eliminating opportunities for mistakes is essential for any modern e-commerce business. Using powerful image recognition technology can help brands eliminate some of the issues caused by human error, including
- Data entry mistakes
- Missed inventory items
- Incorrect barcode scans
Of course, no matter how much you try to reduce the risk, mistakes will always occur – it’s also important to remember that computer systems are not completely error-free either.
However, implementing an image recognition-based inventory tracking system can reduce the risk of oversights occurring, as these tools can accurately and automatically detect products based on their built-in algorithms. For example, if you have a busy warehouse, an entire pallet/shelf of goods can be scanned immediately, before your actionable data is automatically analysed and processed. This process is much more reliable and efficient than the traditional method of using your staff to scan each item individually, ensuring there is no room for error.
You can also benefit from real-time inventory visibility when integrating image recognition into your business. Your inventory can be updated in an instant, instead of relying on periodic updates that may leave data gaps and discrepancies between recorded stock levels and your actual inventory. This approach also means you can react quickly to stock issues, helping you to avoid overstocking or stockout events, which can be extremely costly and have a negative impact on customer satisfaction.
This visual data enables your field team to instantly identify and categorise products, ensuring any mismatches and discrepancies are flagged up immediately. If errors have transpired and they’ve been overlooked at a manual level, your AI software can both identify and correct them, fixing mistakes before they become a problem. These tools can also be utilised alongside your barcode and RFID systems to add an extra layer of accuracy to tasks still involving human interaction.
Efficiency, efficiency, efficiency!
Efficiency is the key to ensuring a successful business operation and your inventory and warehouse management is no exception. Image recognition tech can massively improve the efficiency of your inventory tracking tasks, reducing the amount of time it takes to perform complicated tasks that might once have required hours of manual labour.
For instance, employees working in a warehouse setting previously needed to manually scan or count each product to update their stock levels. However, modern image recognition technology enables workers to conduct a simple scan of a shelf edge or storage unit, which can identify every product within seconds, making the stocktaking process much more efficient. Not only are your internal processes made much faster, but the real-time insights gained allow you to respond quickly to demand or stock level changes.
The faster you can respond to these shifts, the more competitive your business becomes. This ultimately enables you to free up more of your valuable resources and time, so your employees can focus on other important business tasks.
Streamline your business operations
This section ties into the previous point a little – image recognition tools have a significant role to play in streamlining your retail operations. If you regularly deal with large volumes of inventory, tracking and updating your stock levels can be difficult and time-consuming.
Repetitive tasks that are more likely to feature errors can be automated, such as:
- Inventory and product counting
- Shelf and share of shelf monitoring
Ultimately, this approach should lead to a smoother workflow for your entire team, enabling them to instead put their much-needed time into other matters.
In-store shelves can also be continuously monitored, making sure that your items are always properly displayed and priced correctly. Perishable grocery goods must be rotated regularly to bring older products to the front of the shelf – this is another avenue in which image recognition tech can help your brand, reducing waste and loss due to expired products.
The ability to track your inventory in real time is also useful from an e-commerce logistics perspective, giving you greater control over the way your goods are moved through the supply chain. You can gain access to accurate, up-to-date information about your stock by using data analytics, before putting these razor-sharp insights to use by optimising your supply chain operations. Not only does this lead to a streamlined delivery schedule, but the process of getting your products to market should also be faster.
Enhanced supply chain management
In addition to improving your internal processes, image recognition tools also have a crucial role to play in enhancing your supply chain management. Modern supply chains can be complex and complicated to follow – particularly if you’re new to the retail sphere.
Your product supply chain may involve numerous stakeholders, locations, and transportation modes – it may even involve trips that span across the borders of several nations! Keeping track of your inventory as it moves through your supply chain network can be a daunting task to handle, but modern image recognition technology makes the process much easier by far.
Real-time retail insights into the movements of your inventory can be analysed, giving you the data needed to always know the exact location of your products at any point in time. You’ll get greater visibility into the overall supply chain, showing you which areas are working well and which need to be improved, so you can put your plan into action when required.
Potential bottlenecks of inefficient parts of your supply chain can be identified easily with image recognition, informing you of the need for further investigation. Problem areas can be pinpointed, enabling you to take proactive steps to improve efficiency and push your brand forward to the brink of success. Forecasting accuracy can also be improved, giving you the knowledge needed to meet customer demand expectations effectively.
Amplify your inventory tracking system with Tactical Solutions
If you want to improve your internal inventory tracking processes, image recognition technology has a host of advantages, all aimed at transforming your business for the better.
But how can you capitalise on the benefits of image recognition? The answer lies in two words:Â Tactical Solutions.
As part of the Dee Set Group, it’s fair to say that we’re experts in the world of retail, using our innovative technology for the better. We can help both brands and retailers improve their business operations, maximising your chances of breaking out into mainstream success. We use our talented image recognition technology across each of our service offerings, so you’re not just limited to our inventory tracking software either!
By partnering with Tactical Solutions, you can benefit from our comprehensive and innovative approach to the world of retail, backed by our powerful technological tools. Of course, all our solutions are flexible, meaning we can tailor our image recognition software to your own desired needs and requirements.
Want to get started? Get in touch with a member of our expert team today.
