Inventory Collaboration solutions involve automation of a
company’s replenishment processes as well as the connection of buyer and supplier communities with real-time forecast, inventory on-hand, and shipment information to reduce inventory and eliminate unnecessary expenses. While these solutions have been widely adopted in industries such as automotive and general manufacturing where economic factors have driven automation, there are still many industries within developed economies, such as medical device and telecommunication manufacturing, as well as most industries in emerging economies, which have not taken full advantage of these solutions.
Many manufacturers now spend excessive time and resources managing orders to their suppliers. Labor-intensive processes of tracking disparate forecast and consumption spreadsheets, emails and faxes result in unreliable parts availability. The resulting mismatch disrupts production, causes inventory levels to rise, and ultimately raises costs for buyers and suppliers. These problems are compounded when suppliers go out of business or are unable to provide the needed product.