9 Tips For Effective Warehouse Inventory Management
Nevertheless, 43% of small businesses still don’t keep track of their inventory, and on average, U.S. retail operations have a supply chain accuracy of just 63%, meaning many retailers don’t use available inventory management software. Inventory management, a crucial part of supply chain management, is the process of tracking inventory levels and the movement of goods, whether it’s delivering raw materials to manufacturers or fulfilling orders for finished products. Integrations with your online stores ensure that everything runs smoothly, from sending individual tracking information to customers to tracking sales trends to support demand. By feeding your sales channels, the warehouse management system generates selection lists that optimize each picker’s workflow based on logic that matches your warehouse design and ordered items. As they perform these tasks for you, you can track their performance and use the data they provide to grow and make better business decisions. There are also reports related to people’s activities, including inventory forecasts to understand labor management and staffing needs.
Effective warehouse management is essential to deliver products on time, keep operating costs low and increase profitability. But there are dozens of ways to optimize warehouse operations and improve business outcomes, from considering warehouse organization and design to choosing the right picking strategies and KPIs to track. With the right WMS, the productivity and efficiency of your supply chain can be greatly improved. By giving you all the tools you need to achieve world-class warehouse practices, a WMS goes far beyond tracking inventory levels and their locations.
Picking up or collecting products in shipments can take a lot of time from your employees. However, you can make changes to your collection process BlueYonder Corporate Training to speed it up. For example, if you regularly ship large orders to a few key customers, consider organizing selection lists to group similar items.
This can be challenging for companies unfamiliar with inventory management, but this top-level strategy will lead to some of the most important savings for your business. Let your inventory management software eliminate unnecessary inventory and shift orders to more accurately meet demand and really see the results. Warehouse management systems help warehouse managers optimize fulfillment processes. A WMS includes key features that manage receipt and storage, inventory management, and order fulfillment, as well as real-time visibility and control over warehouse processes. Basically, warehouse managers turn to their WMS to design the best workflows for everything that happens in their warehouses and similar facilities.
Gaining better supply chain visibility enables warehouse managers to take quick action to mitigate potential risks, such as activating secondary suppliers when an increase in demand or supply shortage is likely. Effective management of warehouse operations can increase operational efficiency and reduce costs, while increasing customer satisfaction. The main purpose of warehouse operations is the efficient use of space, labor and equipment, while meeting customer expectations.