Improving inventory accuracy with modern tech tools
Inventory inaccuracies pose significant challenges for small businesses and warehouse managers. These can often lead to lost sales, surplus stock, and disrupted workflows. A key hurdle in achieving accurate inventory records is human error, compounded by outdated or inefficient tracking systems.
Additionally, inventory discrepancies can result from logistical errors during the goods in/out processes, incorrect stock placement, and theft or damage. Adopting modern tech tools can streamline these processes, ensuring data accuracy and reducing error rates significantly. Keep reading as we explore more ways to improve inventory accuracy with the help of modern tech tools.
The role of RFID technology in inventory management
RFID technology streamlines inventory management by providing real-time data on product movements and storage conditions. By implementing RFID tags, small business owners and warehouse managers can greatly reduce manual counting errors and time spent on inventory audits.
These tags store and relay information to RFID readers, allowing continuous inventory tracking without physical handling. The adoption of RFID can lead to substantial improvements in inventory accuracy, helping businesses manage stock levels more effectively and respond swiftly to market demands.
Enhancing inventory management with technology
Supply chain technology, particularly supply chain management software, enhances inventory accuracy. These systems offer tools that consolidate data across various points in the supply chain, providing a single source of truth for inventory management.
Warehouse management software solutions from companies like Balloon One exemplify how integrating sophisticated software can optimise logistical operations. These solutions offer automated stock updates, demand forecasting, and detailed reporting features, empowering businesses to maintain accurate stock records and streamline their supply chain operations.
AI and machine learning: revolutionising stock levels
Of course, artificial intelligence and machine learning transform inventory management by enabling predictive analytics and automated decision-making. These technologies analyse historical sales data to forecast future demand, helping businesses optimise their stock levels and reduce holding costs.
For instance, AI can identify patterns indicating a surge in demand for certain products, prompting timely reordering to avoid stockouts. Warehouse managers can implement AI-driven tools to refine their inventory practices, ensuring they meet customer demands efficiently without overstocking.
Integration tips: making technology work for you
Successfully integrating new technology into existing systems requires careful planning and execution. Businesses should start with a clear understanding of their inventory challenges and desired outcomes.
Training staff on new software and reviewing system performance can ensure the technology delivers its intended benefits. Additionally, choosing technology that seamlessly integrates with existing systems reduces disruption and enhances user adoption, improving inventory accuracy and efficiency.
Future trends in inventory management technology
Emerging technologies continue to shape the future of inventory management. Innovations such as blockchain for enhanced transparency and security, drones for automated stock-taking, and augmented reality for warehouse navigation are rising.
Staying informed about these developments and considering their potential application in your business can position you ahead of the competition. Forward-thinking managers will look to these technologies for improvements in accuracy and as opportunities to redefine their operational processes.
Optimising your inventory for better business outcomes
Embracing modern tech tools is essential for optimising inventory accuracy and, by extension, improving business outcomes. Each technology, from RFID to AI and cloud-based solutions, offers unique benefits that can address specific inventory challenges.
As businesses continue to navigate the complexities of inventory management, adopting these tools can lead to significant gains in efficiency, accuracy, and competitiveness. Managers should assess their needs and invest in technologies aligning with their strategic goals, ensuring sustained growth and success.
Building work well underway on Nottingham’s Green Heart
Building work is well underway to create the new wildlife-rich Green Heart in Nottingham, which is part of the Broad Marsh area and the site of the former shopping centre. This is a key element of the wider Broad Marsh Vision developed by Heatherwick Studios.
The new green space will be a place to enjoy nature with 38 trees, 34 of them newly planted, plus areas of colourful planting, a new ‘marsh’ area and several footpaths and places to sit.
Sandstone, which is the same rock on which Nottingham Castle was built and the city’s unique cave system was cut, is being used to create pathways and new large boulders for seating. Plus, there is a long new bench that arcs through the planting and marsh allowing people to sit, enjoy and experience nature.
The Green Heart is also a key pedestrian route, so there will be a main path creating a clear and direct route from the train station to the city centre. This pedestrian route will be well lit at night and will be the route to all the other seating areas during the day and a place for people with limited mobility to stop and rest.
This new space, which is just the start of the green transformation and is due to be completed this Summer, will enhance biodiversity by creating green, natural habitats and food for wildlife. A key aim is to put the ‘marsh’ back to the Broad Marsh.
Plus, this year a new law made it so that all new developments in England must be “nature positive.” This is to help the country meet our target to stop the decline in wildlife by 2030. This means that developers must increase the natural habitat by 10% (Biodiversity Net Gain BNG). The Green Heart has smashed this target and has increased the natural habitat by 438% (BNG).
The design of the Green Heart is unique to Nottingham and has been developed by Townshend Landscape Architects along with Nottinghamshire Wildlife Trust, with Heatherwick Studio retained as a strategic design advisor, with contractor Willmott Dixon carrying out the construction work.
The Green Heart project is being delivered using grant funding secured from Central Government through the Transforming Cities programme.
While the Section 114 report means that money Nottingham City Council can spend is currently strictly controlled, because external grant funding has previously been specifically allocated and approved for this scheme it can go ahead.
Cllr David Mellen, Leader of Nottingham City Council, said: “It’s great to see this area of the Broad Marsh being transformed into a hugely important green space, which is right in the centre of our city. Public feedback in the Big Conversation consultation made it clear that green space was what people wanted – we listened, and we are now delivering.
“Anyone who has visited the area recently will see how much it has changed with lots of greenery, pedestrianised areas and seating. I am particularly pleased that Collin Street is now a family friendly space that people can enjoy right outside the new Central Library. The creation of the Green Heart will take the transformation of Broad Marsh a major step further and will be a beautiful addition to the city centre which is unique to Nottingham.”
Nick Heath, director at Willmott Dixon, said: “It’s a privilege to be involved in the transformation of such an important site in Nottingham, a city which many of our own employees live and work in.
“We have been involved in this regeneration since the demolition of the former Broadmarsh Centre in 2021, so it will be rewarding to deliver a vision we helped begin. Our aim is to always leave a lasting legacy in the communities that surround our work and this project embodies that spirit given the significant social benefits it will bring.”
Chair appointed at BakerBaird
BakerBaird, the East Midlands communications and engagement business, has appointed an experienced management consultant as its new company chair.
Nic Newall, who has worked with global brands such as Jaguar Land Rover and L&G, has been advising the Nottingham-based business since 2017 on strategy and business development.
She joins BakerBaird as chair at a time when it has become established as one of the leading communications and engagement businesses in the region, delivering projects for major regional bodies like the East Midlands Combined County Authority, local government, NHS, universities and private sector businesses.
Alongside founders Richard Baker and Stuart Baird, BakerBaird’s team of specialists includes account director Gaby Taylor, former director of communications at Birmingham Women’s and Children’s NHS Foundation Trust.
Besides Jaguar Land Rover and L&G and government departments such as the DfE, Nic is also passionately committed to encouraging entrepreneurship, having been appointed Midlands Ambassador for Young Enterprise in 2023 after seven years as a voluntary advisor.
Nic said: “I’ve been advising BakerBaird informally since it was launched. Stuart, Richard, Gaby and the team have made significant progress as the communications and engagement supplier of choice for many of the East Midlands’ major initiatives and local authorities, and they’ve delivered award-winning projects regionally, nationally and internationally. I’m delighted to be alongside them as they start the next phase of their growth.”
Co-founder Stuart Baird added: “Personally and professionally, Nic has been an inspiration to us, providing a mix of technical guidance, strategic insight and strong challenge.
“She will help us grow as a team, grow as a business but also drive progress in what matters most – the quality of what we do for clients. We’re taking BakerBaird on to the next level and Nic’s sheer drive will help us build that momentum.”
Rolls-Royce offers £100,000 contract prize for nuclear reactor transport innovation
A contract worth up to £100,000 with Rolls-Royce is available for the winner of a contract to monitor and collect data during the transport of modules used to construct Small Modular Reactors, and it comes with an opportunity to supply systems, techniques, technology and services to the programme, which will deploy a fleet of the company’sSMRs around the globe.
Rolls-Royce SMR’s unique ‘factory-built’ nuclear power plant is a British solution to a global energy crisis – with each plant producing enough stable, affordable, emission-free electricity to power a million homes for at least 60 years.
UK factories will produce hundreds of prefabricated and pre-tested modules ready for assembly on site into a complete power station – drastically reducing cost and time when compared to large ‘gigawatt’ scale nuclear power plants.
The challenge, launched in partnership with Innovate UK Business Connect via its Innovation Exchange programme, will seek proposals on how to track the modules throughout their journey from the factory and monitor changes in real time.
Greg Wilkinson, Rolls-Royce SMR’s Research and Technology Manager, said: “Our modular approach is unique within the nuclear industry but is widely used and well proven across the oil and gas and renewables sectors. We want to use the latest digital technology to ensure the quality of our prefabricated and pre-tested modules as they arrive on site for assembly into the finished power station.
“This is a chance for specialists in the nuclear industry, and much further afield, to come on board and use their expertise on our ‘once in a generation’ project… We are looking for the best innovation that the UK has to offer.”
Plans to find buyer for Boots revived
The owner of Boots has reignited its plans to find a buyer for the pharmacy-led health and beauty chain.
Walgreens Boots Alliance is working with advisers to start talks with interested bidders, according to reports from Bloomberg.
It comes after a previous attempt to sell Boots in 2022, before Walgreens Boots Alliance decided to keep the business under its existing ownership, marking the conclusion of a review that saw multibillion pound bids put forward for the company. At the time Walgreens Boots Alliance said that despite being encouraged by productive discussions with a range of parties, as a result of market instability severely impacting financing availability, no third party was able to make an offer adequately reflecting the high potential value of Boots. The decision to retain the business was also supported, according to Walgreens Boots Alliance, by ongoing strong performance and growth, which exceeded expectations. The Nottingham-based business had an asking price of £7bn, with the owners now seeking a similar price. There is also a consideration of listing Boots on the London stock market.‘Could do better’: FSB verdict on HMRC’s customer service performance
“The long delays, troubles getting through, and struggle to speak to someone who can actually help rather than read from a script compound the stress for small business owners who have received letters from the tax authority saying there is a problem with their taxes.
“We have previously criticised HMRC’s ‘guilty until proven innocent’ approach to its communications with small firms, which can leave business owners in a state of panic. Every minute they’re unable to get through to someone who can help them sort things out means more worry and more alarm, which is why investment in HMRC’s customer service resources is so vital.
“Digital avenues for support certainly have their place, and many small business owners are perfectly happy to use them. But there are some times when speaking to a real person is the only way to get something sorted, especially for queries which are anything other than totally straightforward.
“The UK tax code is 10 million words long, and it’s impossible for small firms to match the in-house tax and finance expertise of their larger rivals. As well as improving customer service levels, HMRC should focus on ensuring that the guidance it provides is clear and as simple as possible to digest.
“We welcome the NAO’s report, with its emphasis on the need for HMRC to make ‘realistic plans’ and take a ‘more customer-focused approach’. Small firms come in all shapes and sizes, but they all need to know they can get tax queries sorted without delay – something that HMRC needs to ensure is the case for everyone.”
Firms urged to continue carbon reporting in the wake of Government’s regulatory rule change
East Midlands accountancy and business advice practice Duncan & Toplis is urging employers to continue carbon reporting after proposed regulatory changes come into effect.
In March, the UK government published suggested changes to company size limits that will impact 131,000 companies nationwide by changing auditing thresholds and other reporting requirements, including carbon reporting obligations.
These changes could see 5,000 large companies reclassified as medium-sized, 13,000 medium-sized companies reclassified as small and 113,000 small companies reclassified as micro-entities.
While the reforms aim to reduce the non-financial reporting obligations for businesses, Duncan & Toplis is warning that companies could be at substantial risk if they don’t maintain existing obligations around sustainability.
Stuart Brown, Director and Head of Technical and Compliance at Duncan & Toplis said: “At first glance, businesses may think that the government’s changes to company size are an easy win that would simplify auditing and annual reporting – but there’s more to it than initially meets the eye.
“The proposed reclassification would mean that thousands of currently ‘large’ companies can take advantage of eased requirements to cut their admin spend, but it also means that thousands of businesses will no longer be required to report their carbon emissions to the government – as this only applies to large companies. This could prove especially problematic for companies that are effectively downsized by the move, potentially extending as far as limiting their access to loans if they cease their carbon reporting.”
The move has been projected to save £150 million per year for UK companies and while, on the surface, this will reduce the regulatory burden on thousands of companies, there may well be unintended consequences. The company highlights that the potential fallout from the reduced regulatory need to report carbon emissions could mean that they no longer appear committed to environmental sustainability – something that lenders, customers, suppliers and employees are increasingly invested in.
A recent study by the Journal of Banking & Finance found that banks in 30 countries globally are more likely to offer lower loan rates to companies that show clear environment and sustainability concerns – increasing their rates to companies that fail to do so. There are also concerns about the impact this may have on recruitment and retention.
Sally-Anne Hurn, Sustainability Champion at Duncan & Toplis, explains: “With figures from DWF showing that almost two-thirds of businesses are already losing out on recruiting new staff and tender agreements due to poor environmental, social and governance performance, further loosening the current requirements could put businesses at risk of losing customers, suppliers and emerging talent – ultimately impacting on the profitability of the company.
“Environmental and social responsibility is an increasing concern for jobseekers and there has been a pronounced shift in focus towards seeking out sustainable, environmentally-friendly employment opportunities in recent years. Employers should prioritise investing in continued carbon reporting and being transparent about their emissions.
“My advice to businesses is to continue diligently monitoring your carbon emissions and the environmental footprint of doing business, even if the legal mandate to do so is removed when your company is reclassified as a medium entity.
“You may well find that failure to do so means that banks are less likely to lend you finance and you may struggle to win tenders against more socially responsible competitors. Importantly, larger suppliers may still require businesses to undertake calculations in order to trade with them. This will be as larger corporations will be considering their Scope 3 emissions – so it’s vital this isn’t overlooked.”
Nottingham City Council’s Chief Executive to leave for new role
Mel Barrett, the Chief Executive of Nottingham City Council, is leaving to take up a new role as Chief Executive of Metropolitan Thames Valley Housing, one of the largest housing associations in the country.
Mel joined the Council in September 2020 at a time when it faced significant challenges. These included ensuring citizens were protected and supported during the Covid-19 pandemic, dealing with legacy issues which reduced the council’s financial resilience and modernising the council with the support and challenge of a Government-appointed Improvement and Assurance Board and most recently Commissioners.
He said: “The job is not yet done and we know that the pace of improvement will increase, however progress made in a number of key areas including supporting vulnerable children, becoming a more open and transparent organisation and continuing to work with others to support the vibrancy and dynamism of our city and improve the life chances of our citizens despite the continuing financial challenges faced by local government.
“Metropolitan Thames Valley Housing is one of the largest and most innovative housing associations in the country, operating in London, the South East, the East Midlands and the East of England. The organisations that now form MTVH were founded in the 1950s to provide safe and affordable homes for the Windrush Generation of Caribbean people who came to rebuild Britain after the war.
“This is the generation of my parents who both have recently passed away, and this founding purpose of MTVH has provided strong personal motivation for me to join the organisation and to be part of shaping its future, being mindful that I will be standing on the shoulders of those that have gone before.”
The Leader of Nottingham City Council, Councillor David Mellen, said: “I would like to thank Mel for all of his work and dedication since he joined the council in 2020. He became Chief Executive at a difficult time, in the middle of the Covid pandemic and when we faced significant challenges as a council.
“He has used his knowledge and experience of local government to lead our journey of improvement and make important changes to the way we work. I am confident that he has created the right foundation for us to continue to build on in Nottingham. I wish him every success for the future.”
Lead Commissioner Tony McArdle said: “Since arriving at the council a few weeks ago, the Commissioner team has had a very positive relationship with Mel, working together with him to plan the further improvements needed at the council. We all wish Mel well for the future as he continues his long and distinguished career in public service.”
Discussions will take place between the Commissioners, Executive councillors and senior officers on what arrangements will be put in place in relation to the Chief Executive role.
Local authorities to be given power to offer empty shop leases at bargain basement prices
New powers are being given to local authorities to secure empty high street properties and auction off their leases to local businesses.
Under the new High Street Rental Auctions scheme, by this summer local authorities will have been given the power to combat high street vacancy by allowing local leaders who know their area best to take control of empty properties blighting their high streets and rent them out to local businesses that want use them.
The new powers will help councils level up their high streets and tackle wide-ranging issues stemming from prolonged high street emptiness exacerbated by the pandemic, such as low footfall which leads to struggling businesses, increased unemployment and anti-social behaviour.
Where a high street shop has been empty for over a year, High Street Rental Auctions will allow local leaders to step in and auction off a rental lease for up to five years. Auctions will take place with no reserve price, giving local businesses and community groups the opportunity to occupy space on the high street at a competitive market rate.
To help get High Street Rental Auctions up and running as soon as possible, the government is launching new ‘trailblazer’ programme so it can work with a number of communities who are keen to lead the way in quickly implementing the new powers. There will also be a £2 million support pot to help them and other local authorities to get started across the summer.
The Minister for Levelling Up Jacob Young said: “We want to bring high streets back to life and these new levelling up powers will help do just that.
“A lively high street brings an irreplaceable community spirit – one that is unique to its own area – along with new jobs and opportunities for local people.
“These new powers will enable local communities to take back control, backed by over £15 billion of levelling up funding which is transforming towns and left-behind communities across the UK.”
Leicester paper producer gets Government help to reduce energy use
Leicester-based Sofidel plans to replace its current natural gas steam boiler with one that can run on green hydrogen at its paper mill in the city, helping to transform their energy intensive manufacturing process.
The change has been made possible thanks to a share in more than half a billion pounds in funding to help reduce their energy bills and carbon emissions across a range of businesses and public buildings.
Down the road in Loughborough funds £2m is being given to Loughborough University to decarbonise its Olympic-size swimming pool by replacing old gas-fired boilers with more efficient, cleaner heat pumps.
These and other energy efficient upgrades are being made possible with more than £557 million government investment. The new projects will help reduce emissions and cut bills, as part of the government’s plan to reach its world-leading net zero targets in a sustainable, pragmatic way.
Heat pumps, solar panels, insulation and low-energy lighting will be rolled out to reduce the use of fossil fuels across the public sector and strengthen the UK’s energy independence, helping save taxpayers hundreds of millions of pounds.
This follows significant progress already made towards reaching net zero – with the UK becoming the first major economy to halve emissions. Decarbonising the public sector is expected to save an estimated £650 million per year on average to 2037.
Minister for Energy Efficiency and Green Finance Lord Callanan said: “From school corridors to the businesses that power up our economy, we want to make sure buildings of all shapes and sizes are supported to deliver net zero.
“By allocating over £557 million today, we are standing steadfast behind our public sector and local businesses, providing the help they need to make the switch to cleaner, homegrown energy.
“This will not only help cut bills in the long term, but ensure we keep reducing our emissions – having already led the world by halving them since 1990.”
