Warehouse Inventory Management Tips
For any business that runs a warehouse, the adoption of an efficient warehouse management system can be an exciting time. Today we have new technology and solutions that are filled with potential, but they also need some direction to integrate well with the warehouse operations.
So, if you are considering taking your warehouse capabilities to the next level, then improving your inventory control or establishing an entirely new storage unit is crucial.
To prevent inventory shortages and overstocks, you can immensely benefit from inventory control as it ensures that you keep the correct number of parts and products in your stock.
You might want to begin by exploring new abilities and what you can do to save money, curb financial loss, and make the most of your advanced warehouse management system.
Here are a few tips that can improve your warehouse inventory management:
Use Fixed & Movable Tracking Options
Usually, when businesses think about warehouse tracking, they think primarily about their movable tracking options, such as tracking the units and pallets as they get moved around the warehouse and forwarded to the supply chain.
However, this is only one part of the warehouse management process.
As a warehouse owner, you should never forget about the benefits of using fixed trackers. For instance, by tracking the fixed warehouse assets, you are in a better position to assign and manage destinations.
You will also find it easier to arrange strategy protocols as per your needs without mass confusion. You might think of warehouse tracking in two different aspects – one that is fixed and one that is movable.
Re-organize Your Floor Plan
Once you incorporate advanced software for effective warehouse management, you might want to change your floor plan. As your business might go through notable changes that impact how and what products are managed, you might want to change your floor plan to match the new model rather than getting stuck in a rut.
For instance, you might want to identify the heaviest and fastest moving inventory and place it at the front of the pick path.
Make Real-Time Information Accessible
The thing about the older inventory management systems is that these suffer from a certain amount of lag and result in delays between the inventory movement and software updates that would indicate the movement taking place.
However, you won’t be suffering from lag with today’s warehouse systems. All you need to do is use an updated version and the latest technology to receive real-time updates on where your inventory is at all times.
By doing so, you will immensely increase the efficiency of your warehouse management decisions. Besides, it will also eliminate confusion in fast-paced warehouse supply environments. All of your warehouse employees will be on the same page, and everyone will know how and where things stand regarding the inventory.
Furthermore, real-time visibility of your warehouse inventory management and transactions curb the number of phone calls and email verifications.
Improve the Tracking of High Sellers
Did you know that sales volume is one of the biggest factors for creating a minimum and maximum stock level to drive buying decisions?
With the help of robust warehouse management software, you can dynamically factor sales volume, usage, and transitions in market demand to acquire purchasing recommendations.
By incorporating an updated version of the warehouse inventory management system, you will improve your ability to track orders and sales per client for each product. We cannot stress enough that you should never let this kind of information go to waste.
You should effectively use this information to track high-sellers and place them at accessible locations so that your warehouse employees will find it easier to pick and deliver those items. By doing so, you will also make your big business clients exceptionally happy.
In the long run, you will also save loads of time.
Besides, you may also use this information in your inventory counts – faster-moving products are more key to the customer and business, so they should be cycle counted more frequently.
Additionally, more movement in the warehouse makes more opportunities for change, and more crucial to have accurate stocking levels. The slower-moving items have the least chance for variance and are less impactful for the business.
So, you can save loads of time by counting the majority of your inventory.
Incorporate Security Protocols
Sometimes businesses get over-excited about inventory control and inventory tracking that they forget about tracking their employees. If you are getting a new warehouse or inventory management system, you must consider including security protocols to make it easier to track your employees.
This will help you recognize when non-employee people are on the floor of the warehouse. Mobile computers and barcode scanners connect a username, date, and time to every transaction. As a business owner or a warehouse manager, you can use this information to identify and reward the best and most accurate employees.
Security protocols are also useful when helping small businesses go back in time and assess damaged or lost inventory.
