Inventory Management with TraceX Solutions

Published
, 7 minute read

Quick summary: Learn how TraceX Inventory Management Solutions can revolutionize your supply chain and enhance traceability. Streamline operations, optimize inventory levels, and make informed decisions with real-time visibility and comprehensive data analytics. Ensure compliance, reduce waste, and build a trustworthy brand with end-to-end traceability. Discover the power of TraceX for inventory management in the food industry.

In the fast paced and dynamic world of the food industry, efficient inventory management is crucial for success. It ensures that businesses have the right products available at the right time, minimizes waste and maximizes profitability. But with numerous stages in the supply chain, ever-changing stock level and the need for traceability can become a daunting task. TraceX is revolutionizing the way food businesses handle their inventory with its innovative solutions. 

According to the Food Marketing institute, 10 % of perishable food items are lost due to poor inventory management, leading to significant financial losses for businesses. 

By harnessing the power of blockchain traceability solutions, TraceX simplifies the inventory management process and provides seamless control on a centralized platform. In this blog post, let us delve into the aspects of inventory management, the challenges and the solutions that TraceX offers and what makes TraceX a differentiator in the Traceability market. 

Inventory Management in the Food industry 

What is Inventory Management? 

Inventory management in the food industry encompasses the essential processes of ordering, receiving, storing and distributing food products within a commercial setting. It plays a vital role in ensuring the availability of fresh and safe food items while minimizing waste and increasing operational efficiency. 

Proper inventory management involves keeping track of stock levels, monitoring expiry dates, maintaining a healthy balance between supply and demand, lot and serial number traceability and order management to ensure food quality and safety. Inventory management systems provide a comprehensive approach to recall management, visibility and efficiency.

Necessity for Inventory Management 

  • Recall Management 

Effective recall management is a critical aspect of food processing operations. Food recalls pose significant risks to businesses , carrying substantial costs and potentially impacting the  entire operation. Automated inventory management gives complete visibility of inventory from raw material receiving to finished goods transportation, thereby facilitating quick identification and isolation of affected products. 

  • Enhanced Sales and Order fulfillment process 

Having detailed and real-time insight into inventory for sales and order fulfillment is important in the food and processing industry. An automated inventory system with robust back-end software helps in real-time data of inventory that helps in generating sales orders and executing them. 

  • Improves efficiency and Productivity. 

With the right inventory management software, procurement managers are able to integrate their inventory data with their supplier’s availability. Having an accurate inventory will reduce waste and prevent delays in production due to inventory being out of stock. 

  • Gaining full visibility 

Achieving complete visibility into the movement of every inventory item throughout the supply chain creates a domino effect, resulting in enhanced efficiency and value at every stage. This visibility encompasses demand forecasting, purchasing, manufacturing, distribution and sales, enabling seamless coordination and optimization across the  entire supply chain. 

TraceX Inventory Management Solution 

TraceX Inventory system, a part of the Trace Pro module of TraceX solution, provides businesses with a user-friendly inventory tab that serves as the central hub for managing their inventory. This tab offers a comprehensive overview of stock levels, movements and details of each product within the system. The products in the warehouse go through different stages.  These stages include raw produce, onboarding, semi-processed and final packed products. Each stage represents a specific phase in the production and processing journey, allowing businesses to track the progress and transformation of their inventory. 

Raw produce- This is the initial stage of the product, before any processing or packaging takes place. 

Onboarding – Once the raw produce is received and verified, it is marked as onboarded in the system. This implies that the products have been added to the inventory. 

Semi-processed- Products in this stage have undergone some level of processing such as cleaning, or packaging but not in their final form. 

Final packaging- This stage represents the finished, packaged products that are ready for distribution or sale. 

TraceX Solutions provide various filters to facilitate efficient inventory management. The product filter allows users to search for specific products within the inventory. It enables businesses to quickly locate and access information about particular products. The stage filter enables users to filter products based on their current stage in the inventory which helps businesses to take relevant decisions based on analysis and tracking. The data filter allows businesses to narrow down the inventory view based on specific dates or date ranges. It enables users to view historical data, monitor trends and generate reports.

How does TraceX Inventory Solution work? 

  • Onboarding Inventory 

Businesses can easily add raw materials or products to their inventory with these solutions. This involves entering relevant information such as product names, quantities and descriptions, ensuring that there is an accurate record of all entries. It also allows the capture of important supplier information, including vendor names, contact details and purchase order details. This ensures transparency and traceability throughout the supply chain. 

  • Adding Product Details 

TraceX enables businesses to enhance traceability by attaching product-specific details such as batch numbers, production dates and expiry dates. This information helps to track the journey of each product, ensuring accurate inventory management and timely identification of issues. Organizations can record quality parameters and certificates associated with each product. This ensures the quality standards are met and helps to maintain compliance with industry regulations. 

  • Inventory activities 

The solution enables attachment of certificates or quality assurance documents to specific batches of products that simplify the compliance and audit processes. Businesses can generate labels for their products, providing accurate identification and ensuring proper labelling compliance. TraceX enables assignment of unique identifiers to individual batches of products that helps in tracking the batch movement and traceability within the inventory system. 

  • Sales 

The robust inventory management fosters easy sales transactions. It enables businesses to manage inventory allocation, track stock availability and streamline sales process, ensuring accurate order fulfillment. 

  • Retire 

When products become outdated or expired, TraceX enables businesses to remove them from inventory through the retirement feature. This helps in maintaining accurate stock levels and prevents sale and use of expired items. 

Benefits of TraceX Inventory Solutions 

  • Enhanced Traceability 

By capturing detailed information about each product, including batch numbers, production dates, supplier details, businesses can easily track and trace the journey of their inventory. This promotes transparency ensuring the origins, handling and movement of products are accurately documented. 

  • Quality Control for Compliance 

The system allows for inclusion of quality parameters, certifications and quality assurance documents associated with each product. This ensures that products meet required standards and reduces risk of non-compliance. 

  • Streamlined Operations 

Businesses can efficiently manage stock levels, track product movements and monitor inventory across different stages. This helps to optimize inventory levels, reduce stockouts and improve order fulfillment. Automated workflows enable streamlining of tasks and ensure smooth operations. 

  • Resource allocation and Reduced Waste 

Accuracy in inventory data optimizes resource allocation. Real-time insights helps businesses to make informed decisions regarding procurement, production and distribution. Better visibility into inventory reduces product obsolescence, minimizes waste and helps sin effective management of expiry dates of products.

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How TraceX helped GEFP to achieve End to End Traceability in their Lettuce Supply Chain 

Green Earth Fresh Produce (GEFP) is a contract farming company in Nilgiris, partnering directly with smallholder farmers in the production of iceberg lettuce. As a major supplier of Iceberg lettuce to M/S Vista process foods (P) Ltd, who in turn supply to consumer giants Mc Donald’s and KFC, GEFP sought to streamline their supply chain, enhance traceability and build a trustworthy brand.  

Through the implementation of TraceX Inventory management solutions, GEFP successfully achieved end to end traceability in their lettuce supply chain. With the digitization of their supply chain processes and access to real-time data analytics, GEFP could make informed decisions, ensure food safety and  deliver a high quality product. 

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Conclusion 

In conclusion, implementing TraceX Inventory Management solutions offers numerous benefits for businesses in the food industry. By utilizing the blockchain platform, companies can streamline their supply chain, enhance traceability and optimize their inventory management process. With features like real-time visibility, accurate tracking and data analytics, businesses can make informed decisions, reduce waste and improve operational efficiency. These solutions also empower brands to maintain compliance and meet consumer demands and build a trustworthy brand through end-to-end traceability.

Gain a competitive edge, drive growth and pave way for a efficient and sustainable future by embracing Inventory management feature of Trace Pro.

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