Inventory management is a system of instruments that help firms detect what kind of stock and when they need to order. Thanks to its mechanisms, owners get better prepared for customer demands, control the costs, and keep track of possible losses or waste. Inventory management practices enable companies to know precisely, how much stock they should buy, how to maintain raw materials flow, and what distribution channels could be the best for the finished goods or work-in-progress items.
Before we start discussing the latest trends in inventory management, let us consider the most common types of inventory. These are raw materials (such as wood, sand, grains or vegetables), works still in progress (fabric or window frames, these items can’t be sold yet), and ready or finished items (you can sell these products anytime). Besides, inventory management also deals with repair and operations stock (it refers to different tools and equipment that keep the business up and running). To inventory-based industries belong food, retail, manufacturing, wood industry, etc.
Making warehouses more automated
When it comes to warehouse management, the active application of technologies is a must. COVID-19 made us understand the need to look for new ways of interaction. As a result, wire-free technologies gained even more popularity. They are also a good way to boost workers’ productivity and customer satisfaction.
Let’s consider automating the process of receiving raw materials or other items by applying the barcode scanners. Thanks to them, you also faster update the inventory records. Batch picks let workers pick necessary products for multiple sales orders while managers are walking around the warehouse. This practice spares time and boosts productivity. Here we drew only one example of how automation increases the performance of warehouse managers. How about warehouse robots? Or other autonomous vehicles that help managers around the large warehouse. They don’t just save time for the workers but also improve their safety. Warehouse management software is gaining popularity since it contains location tracking systems and other tools that decrease warehouse costs.
Multifunctional inventory management software
Speaking of inventory management software, we can’t but mention how crucial it has become for eCommerce businesses. Nowadays, to become competitive and attract potential customers in this sphere, it has to be multichannel. In other words, this software should fulfil many tasks, such as order and inventory management. On top of that, it should contain shipping and accounting integrations. Multifunctional software with a user-friendly interface has to fit any size of business, too. It makes inventory control easier and allows you to work with various vendors. The software can also manage the orders you received, for instance, by printing invoices or even labels for the goods.
Another must for modern inventory management software is integration. Inventory-based business interacts with various partners. Logistic companies are one of them. Many industry leaders integrate their services into the software, so companies could easier track the shipping process. Managing your vendors is another crucial point for eCommerce. The software that helps you keep track of all interactions is valuable for modern business. The last but not the least significant feature is the ability to analyze the workflow and make detailed reports on the business activity. If the software can provide you with analytics tools and make strategically correct decisions, it’s a big advantage for the platform.
Therefore, having an all-in-one software that lets users synchronize data from various resources and consolidate information on one platform, is essential. Check
as the perfect reference of what you can install for your business.
Inventory control diversifies
What is omnichannel inventory control? It’s when you align all the channels among you, vendors, logistic companies, and other players to make sure your customer gets updated and accurate information on the price and availability of the product. For example, when the person can easily figure out if an item is in stock, detect where the nearest shop is, and buy the necessary goods for the price the buyer paid.
To be more precise, providing omnichannel inventory control means coordinating the store and distribution centres to harmonize both, online and offline inventory. To stay competitive, businesses have to diversify inventory. Successful companies ensure a continuous supply chain and almost a real-time inventory reconciliation process. It helps provide the necessary visibility and accurate and well-timed fulfillment of the orders.
Keep an eye on the inventory trends. They can help your business become more flexible and efficient. Get the opportunities, modern inventory management platforms can give you, and stay competitive.