Inventory Management is one of the most important processes for every business that has a stockroom. The current “real-time inventory systems” in the market are ERP-based software, which will deduct the inventory when a product is sold. In theory, the calculated numbers should be correct.
However, this method doesn’t take human errors or theft into consideration. Companies still have to do periodical physical inventory counts. A real-time physical inventory counting system is needed to save time and trace errors.
How does RTICS work?
•The system is using weighing + counting functions of the scale and load bars.
•Each floor scale holds one pallet of products of a single SKU.
•Each two load bars holds one pallet of products of a single SKU.
•The readings of each scale will be sent to the Real-time Inventory Software (hereinafter called the Software) through WiFi. Each scale (or scale set) is assigned a unique IP address.
•Before counting, the software needs set up the system:
1. Assign scale(s) IP to certain SKUs (this can be removed or replaced by the admin any time in the future)
2. Input the unit weight of the SKUs (manual input, sample or bulk download)
3. Setup the tare weight (such as skid weight, box weight etc)
•Once the setup is done, the software will start monitoring the count of the SKUs.
Count=(Gross Weight – Tare Weight)/Unit Weight
•The software will record any changes of the weight / count once they occur. The record includes date/time, change of the weight/count.
•If the signal of the scale is lost, the software will lock down the according inventory count and record the signal loss as well as the back-on-line date/ time. At the same time, the software will set off the alarm for the operator’s attention.
•If the software finds out the creeping weight of a certain load bar /scale, it will lock down the inventory count and set off the alarm for the operator’s attention.
•If the software finds out the discrepancy of the unit weight of the same SKU, it will set off the alarm for the operator’s attention.
•The software can generate inventory reports of any point of date/time
•The software syncs the data with its cloud server so users can access them from anywhere.
RTICS will be available in September, 2021.
US Patent Pending.