Tech in supply chains

September 4, 2024
By Ben Johnson | Three decades in supply chain

Technology is entering every part of our lives. For better or worse, you can order groceries on your phone, while listening to a book on your earbuds, as your Roomba cleans your house. Yes, technology is everywhere. Including your supply chain … right?

If not, it’s time to make a move.

Now, I’m clearly biased toward the devices that Fastenal offers, but any technology you can use to upgrade your inventory management is something you need to look at.

There are opportunities for improvement in every supply chain, and technology can help you capitalize on each one. Let’s break it down via a few different types of tech.
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Want to learn more?

Build efficiency with vending

Around the world, thousands of facilities put vending in place to gain insight into how products are used. Why? It’s a competitive advantage. Using vending as an inventory management strategy allows teams to improve access, reduce consumption, and drive productivity.
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What people are saying
"The beauty of the vending machines is that the guys will have the materials that they want
when they need them. They walk up and put in their employee number and their job number,
and they get exactly what they want. It’s extremely helpful because we do not write POs for that. It’s all done electronically." - Ian Footer, Warehouse Manage for UMC 

Opportunities for improvement

1. Streamline Inventory Control: Vending provides precise control over your inventory, ensuring critical supplies are always available when you need them. This reduced downtime and keeps your operations running smoothly. 
2. Cost Management: With detailed reporting, you can track usage and connect costs to specific departments or individuals. This helps you manage budgets more effectively and avoid overspending on unnecessary items. 
3. Enhance Productivity: By automating inventory management, vending frees up your team's time, allowing them to focus on more critical tasks. 

Takeaway 
A vending program helps you eliminate inefficiencies. Running out of critical supplies? Not an issue for you. Overspending on inventory? No need. Lack of supplies leads to downtime? That’s a thing of the past.
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Right-size inventory via FASTBin

Looking to remove risks and blind spots from your supply chain? FASTBin technology can be a part of the solution. Infrared bins, RFID tags, and electronic scales that can tell when one bolt has been removed. These devices monitor your bin stock locations 24/7.

What people are saying
"The technology, the RFID and the IR bins, that was just above our expectations. It might be the biggest change for us. The data we receive – the min/maxes, the amounts, the restocks – all of it helps us know what’s happening in the process. And Fastenal already knows what they need to restock because they have that data." - Mike Carroll, Operations Manager for Gorman-Rupp

Opportunities for improvement

1. Real-Time Inventory Monitoring: FASTBin provides continuous, real-time visibility of inventory levels, reducing the risk of stock-outs and overstocking. This means your team always has the critical parts they need, exactly when they need them. 
2. Automated Replenishment: You can automate replenishment orders when inventory levels fall below a certain threshold. This seamless process ensures a smooth supply chain and minimizes downtime. 
3. Data-Driven Insights: FASTBin offers current inventory levels and reporting on inventory usage. These insights help your team optimize stock levels and reduce waste.

Takeaway
With FASTBin, inventory management isn’t what it used to be. Why just manage inventory when you can optimize your entire operation?
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Simplify your supply chain

Looking for an expert partner to manage your bin stock inventory? That’s smart. The right partner can drive cost, risk, and labor out of your supply chain.

When I talk to people about inventory, I hear some common themes. They want less of it on hand, fewer touches, and a lower total cost of ownership. Increasingly, they’re also looking for greater visibility and less risk in the supply chain.

A FASTStock program uses technology and local service to help you achieve each of those.

What people are saying
"At the end of the day, what’s important for us is making sure our customers and students are taken care of. But another important piece is taxpayer money. Community members are always asking us to run the school district like a business. Well, we are running it like a business. We focus on what we do best, and we bring in partners like Fastenal to do what they do best – efficiently distributing parts and supplies so we can make repairs at a very low cost." - Jody Dumas, Executive Director of Facilities Planning and Construction for the School Board of Sarasota County in Florida 

Opportunities for improvement

1. Local Inventory Management: FASTStock simplifies supply chain management by providing local inventory solutions tailored to your specific needs. This ensures your team always has the critical components they need, exactly when they need them. 
2. Cost Reduction: It's possible to decrease spend through vendor consolidation and efficient category management. By optimizing your inventory, you can significantly reduce costs and improve your bottom line. 
3. Organization Upgrade: To easily find parts, bin stocks have labels with product images and clear descriptions. Plus, the program is a great way to make just-in-time inventory fit your work. You can reduce inventory with confidence and improve working capital. 

Takeaway 
FASTStock is a combination of high-tech devices and local people you can trust. The program is designed to streamline your operations and boost productivity.
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How your business benefits

• Decrease spend: Through vendor consolidation and efficient category management. 
• Reduce freight expenses: Through careful inventory planning and utilization of Fastenal's logistics network. 
• Improve working capital: Rely on our service to reduce inventory with confidence. 
• Increase productivity: We take care of your inventory so your team can focus on core activities. 

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Tools for a competitive edge

In today’s fast-paced world, technology isn’t just a convenience – it’s a necessity. From vending
machines that streamline inventory control to bin systems that provide real-time monitoring, these tools can transform your supply chain.

By embracing these innovations, you’re not just keeping up with the times – you’re setting the pace.

Drive total cost savings through vendor consolidation, effective category management, freight reduction, and controls on purchasing and consumption. Increase productivity and top-line revenue with solutions that automate processes and eliminate delays, steps, and waste.

So, take the leap. Invest in the technology that will simplify your inventory management and elevate your operations. Because in the end, it’s not just about managing inventory. It’s about optimizing your entire supply chain for success.
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