Warehouse inventory management is not just about organizing your products. It’s also about using technology systems to create inventory visibility and accuracy, facility and process engineering, and employing the correct alignment of network strategy. A mixture of these elements allows you to deliver to your customers efficiently using a sales channel they prefer, with a cost-to-serve that serves your purpose. Cloud Inventory helps you with cloud based warehouse inventory management. We also provide you with a cloud based inventory management tool and a cloud based inventory system. Proper inventory management is indeed tricky but not impossible. How to properly manage your inventory, you might ask? Here are some useful tips:
Invest in Technology
Get a warehouse management software that can aid you in supporting and optimizing warehouse functionality. By doing so, you can have your systems and workflows integrated, your execution systems strategically organized, and the risk of demand volatility mitigated. Investing in systems with business intelligence (BI) capabilities is wise too. This information can be utilized to put together fill rate reports, reduce excess inventory, and also implement real-time inventory tracking.
Automate Everything
Investing in technology comes with another benefit in association with managing your warehouse inventory, which is having the ability to automate essential workflows, such as barcoding, scanning, data collection, inventory tracking, shipping, picking and packing, and beyond. When your warehouse inventory management is automated, it saves you time and money on manual labor, boosts efficiency, and also decreases the risk of human errors. Reevaluate your automation strategy to ensure that it meets all your business standards.
Reassess Your Warehouse Design
The layout of your warehouse has a vital connection to facilitating logical inventory flow. Reassessing your warehouse layout enables you to accommodate increases in company sales, which in turn contribute to amplified space requirements.
While revising your warehouse design, there are certain questions you need to ask yourself. These questions include whether your current layout utilizes the space efficiently, whether your employees have enough space to do their jobs, and whether you want to incorporate any specific inventory logistics strategies into your layout.
Reorganize Your SKUs
In order to ensure proper warehouse inventory management, reorganize your stock keeping units or SKUs so that they’re accessible to the inventory management personnel. Sort out your SKUs strategically and make use of slotting to group items together based on seasonality, velocity, size, and various other features to limit the time spent by employees looking for specific items.