Lately, warehouse inventory management has undergone a transition and constant improvement. The need for increased visibility and accuracy has necessitated the updation of processes to make them more efficient and cost-effective. How these things pan out is what decides the fate of a business in the long or short term.
However, it can get difficult for the business owners to implement this transition as it involves various complexities.
Nonetheless, we’ll take you through five tips that can help you in achieving exemplary warehouse inventory management.
Table of Contents
Assess the current layout of your warehouse
While running a warehouse, business owners are required to incur a variety of costs like electricity, insurance, maintenance, taxes, etc. And as it involves a significant cost, it is important for the business owners to utilize the available space efficiently and evaluate the current plan to see if there are any areas that can be used in a better way or if there is any abandoned area that can be used, etc.
Analyzing and making better use of the available space can also help in optimizing costs and increasing productivity. The idea is to ensure that all the processes are carried out quickly, smoothly and efficiently.
Organize the space better
One of the best ways of efficient warehouse management is to plan your space better and organize it. Make sure to label all the stocks. This process is known as SKU (stock-keeping unit). You can sort the products as per various categories which will ensure that the pick-up is faster – and therefore, the packing and delivery timelines are also sorted. For instance, items that are fast moving and high in demand can be closer to the packing areas.
The key is to plan ahead and organize well so that your stock levels do not diminish when the demand is high. Another effective strategy is to use lean inventory practices. For instance, distinguish between products that are high in demand and the ones that do not get picked up often. Eliminating the poor performers will ensure that your inventory costs are optimized, and employees perform their tasks efficiently.
Use technology as an enabler
Technology is the answer to many things today and can become an enabler for efficient warehouse inventory management. This is where an advanced warehouse management system, which can be configured according to the requirements of the business, plays a crucial role. It can optimize and support warehouse functionality by offering real-time visibility across the chain.
Another salient feature of these advanced warehouse management systems is their business intelligence capabilities. This will ensure that warehouse data is analysed into actionable insights thereby providing higher ROI.
Moreover, a few of these systems offered by well-established companies like Ramco systems also have an integrated transport management system which enables multi-faceted visibility, planning and optimization, as well as better location and navigation intelligence.
Automation of logistics processes
Another important step is to automate all the essential workflows in the warehouse. This includes everything from data collection to scanning, picking and packing, delivery, and tracking. For instance, robots can streamline fulfillment, increase efficiency and save time and labor cost.
Thanks to technology you can now turn on machines with a simple click on your phone and various sensors would ensure that the supply chain processes run efficiently. For instance, RFID helps businesses track their inventories and process data faster.
Care for your employees
While it is important to streamline operations and processes, ensuring the health and wellness of your human resources is also imperative. A business that invests time, money, and effort in its employees can ensure long-lasting success while also protecting them from any potential hazards. Training them on various aspects of warehouse software and systems can also help them avoid any errors and delays. When your employees are in good health and empowered, they can help take your business to greater heights of success.
While warehouse inventory management can seem challenging, understanding how to advance your business processes to stay in tandem with future trends can help you improve efficiency and reduce costs.
