Boost Productivity with Modern Warehouse Inventory System
Importance of warehouse and inventory management
For a prosperous eCommerce business, organizations need an excellent warehouse and efficient inventory management software. Significant elements like conversion, sales and income do not fully determine the success of online sales. Smooth product movement through the warehouse inventory system is significant for the growth of a business.
Inventory management
It can include any process that helps companies maintain a better flow of products into the fulfillment warehouses. Inventory management tools are designed to optimize inventory levels so that the business can be sure of sufficient merchandise to meet all orders. Good inventory management aims to avoid tying up the cash flow with products that rest on the shelves for a long time. Inventory management software covers:
- Inventory forecasting
- Maintaining safety stock and reordering stock levels
- Demand planning
- Inventory tracking through automatic inventory counts, spot-check inventories and other popular ways.
- Dealing with backorders
Inventory management tools need to cover the whole supply chain. You have to ensure enough stock to meet the customer orders so you have to maintain manufacturers, material suppliers and transporters.
Warehouse management
It embraces all the procedures of fulfillment warehouses. In this method, most warehouses optimize warehouse inventory management systems. It is an advanced software solution offering a dashboard to deal with warehouse functions.
Tips to boost productivity with your warehouse inventory system
Use exceptional software for strong analytics
Warehouse inventory management software is significant for better and more efficient inventory management. With this software you can automate inventory tracking such as what new products arrived and which products are sold. It also offers elaborate reporting to support inventory forecasting. Forecasting is not practical to track stock and reorder levels for hundreds of SKUs manually in a spreadsheet. It is too time and energy-consuming process. warehouse inventory system powered by exceptional quality software can provide real-time data on your stock levels. This will help you customize your marketing strategies and concentrate more on production.
Re-check inventory levels frequently
Inventory forecasting helps a business to know the sales velocity of SKUs. Manufacturing lead time involves the period taken to make an order and receive a new shipment of stock. If companies reach the expected number of SKU units to sell during the manufacturing lead time then they should order more to meet customer demands. This is the reorder number. However things may go worse during manufacturing or transport or you may experience an immediate hike in demand for particular products. In that time you will need some additional stock as a buffer which called safety stock.
You have to update the reorder and safety stock levels as you receive new data or when the circumstances change. Regular inventory level adjustments will help you ensure that sufficient stock is available but not in too much quantity.
Tracko designs and develops warehouse inventory system and software for everyday management. We develop innovative solutions for the perfect order fulfillment experience. We work hard to improve things from the warehouse shelves to the customers’ hands.
FAQs
Q. What is the importance of accuracy in a warehouse inventory system?
Ans: 99.89% is the best accuracy for warehouse inventory. Companies can consider integrating direct picking solutions with their warehouse inventory management system to ensure the customers get the right product.
Q. What is the best way to track warehouse inventory?
Ans: To track warehouse inventory companies need to develop internal SKUs for the items in their inventory. SKUs that are integrated with barcode scanners help you track inventory levels and locations easily.
Q: What is the importance of inventories used in warehouses?
Ans: It is done for stock accumulation and storage. These are significant for a business because stock removes product shortages. More units mean decreased unit cost of the product and if the product stored in a warehouse companies can stay immediately available to meet their customer demands.
Q: What are the responsible elements for inventory accuracy?
Ans: The inventory manager is the most important person responsible for inventory tracking. He/she records inventory levels along with the location and status of products. They carry out inventory audits to ensure that their physical stock levels meet the number recorded in the system.
