How can we design a sustainable technology solution to solve inventory management issue
Project Introduction:A product that will help workers to swiftly do inventory management. Evolution Hub helps facilitates swift remote count of inventory in factory. Our goal is to promptly count and notify personnel, enabling efficient in management and ensuring accuracy.
Data Analysis:Cost of poor inventory management:
- Inventory Errors: According to a 2020 report by The National Association of Wholesaler-Distributors (NAW), nearly 60% of inventory management errors are related to inaccurate counts and human mistakes.
- Stockouts and Overstocking: A study by McKinsey & Company revealed that companies experience an average of 10-20% in sales losses due to stockouts, while overstocking leads to excessive inventory holding costs (sometimes up to 20% of the total value of inventory)
- Inventory Management Costs: According to APICS, the cost of carrying inventory can be as high as 30% of the total inventory value in some industries due to warehousing, insurance, depreciation, and obsolescence
Temperature monitoring in inventory:
- Cold Chain Compliance: World Health Organization (WHO) reports that the global cold chain market is valued at approximately $17.4 billion and is growing at a CAGR of 10.5%. This emphasizes the increasing need for temperature-sensitive products like pharmaceuticals and perishable foods to be closely monitored.
- Impact of Improper Temperature: Studies have shown that temperature fluctuations can reduce the shelf life of perishable goods by up to 50%. For example, a study by the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) showed that temperature variations in warehouses significantly reduce the quality and value of sensitive inventory.
TOF:
Purpose of TOF: Check the amount of inventory
Benefits of TOF: Count of inventory
Env II:
Purpose of ENV II: Check the temperature of the inventory room
Benefits of ENV II: Ensure temperature is suitable for inventory
RFID:
Purpose of RFID: Check in/out for employees
Benefits of RFID: To know who is in the room when inventory is missing
Pa Hub:Purpose of Pa Hub: Connection between TOF, ENV II, M5Stack
Benefits of Pa Hub: Connection
Conclusion:Our project aims to equip business with a system that helps them check their inventory without being physically there as they could check their inventory count, temperature, clocked in employees inside the app.
- Our project aims to equip business with a system that helps them check their inventory without being physically there as they could check their inventory count, temperature, clocked in employees inside the app.
It would cut down the business labor cost as there is no need to hire a worker to count the inventory daily
- It would cut down the business labor cost as there is no need to hire a worker to count the inventory daily
- Presentation Slides on the purpose of our project
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