Any small-to-medium sized business follows a core business practice of monitoring inventory levels accurately. But when it comes to supplying products through multiple channels on time, businesses do find it challenging. The constant pressure from several buyers and various store locations makes it difficult for businesses to keep up with the market demands while monitoring the needs of their customers and the process of inventory. This is why businesses need to have a proper warehouse inventory management practice in place.
A proper warehouse inventory management system is the key to deliver efficiency and maintain a competitive position in the marketplace effectively. Businesses must focus on following best practices for warehouse management in order to move towards an effective inventory optimization approach and eliminate labor-intensive traditional methods.
At Quantzig, we understand the importance of effective warehouse inventory management and the difference it can create in driving optimum business results. And to help companies deal with inventory management challenges at the deepest level, our team of experts has highlighted some of the warehouse inventory management best practices that can guide in expanding product portfolios and supply chains. Also, these practices can assist organizations to boost their service levels and free up time for employees to concentrate on value-adding tasks.
Are you looking for ways to optimize your warehouse inventory? Speak with our analytics experts to know how our inventory management analytics solutions can help you.
Warehouse Inventory Management Best Practices
Best Practice #1: Use Wave Picking and Cross-Docking Options to Save Money
It is important to focus on developing a lean business operation and improving ROI for better warehouse inventory management. Cross-docking and wave picking can help in decreasing both handling and storage time dramatically. Also, cross-docking enables businesses to set up a seamless warehouse inventory management system. Wave picking, on the other hand, makes a complex shipping system simpler.
Effective inventory management techniques can prevent deadstock, spoilage and storage costs. Want to know how? Read our latest success story here.
Best Practice #2: Link Inventory Levels and Accuracy
Warehouse inventory management systems offer a huge amount of data regarding the mobility of products within the warehouse. All these data become more than overwhelming in case you have a complex inventory system. However, if you link your inventory levels with accurate data derived by analyzing some specific details, it can help in saving a lot of money. Also, it prevents you from drilling through endless data and eliminates an additional shift in orders and inventory.
Our analytics solutions can help you in operating multiple warehouses and warehouse inventory management in real-time. Request a free proposal now to learn how.
Best Practice #3: Restructure the Floor Plan
Product supply and demand keep on changing continuously. So, it is important that you reorganize the floor plan of your store. Although restructuring the floor plan can be skeptical but it is an optimal strategy to match your evolving business model. Also, it makes warehouse inventory management more efficient and helps in gaining the desired value for products.
Best Practice #4: Track the Bestsellers for Better Warehouse Inventory Management
If your warehouse inventory is optimized, it becomes easier for you to track sales and orders for each customer or product. This can, in turn, offer actionable insights into the inventory data. Such information can be used to track the bestsellers. Also, this can help in improving your storage and shipping performance. If you want to enhance customer retention, this might be one of the best warehouse inventory management practices you can use.
Are you finding it difficult to connect your warehouse and sales data to your inventory reports? Request for more information now.
Best Practice #5: Use an Efficient Warehouse Inventory Management Software
Your warehouse inventory management can drive optimum results only when you have the correct software. The traditional inventory management approaches lack the ability to cater to the needs of current customers. Serving the needs of customers can become very challenging with an outdated inventory management system, and it might not be economical as well. The latest inventory management solutions and tools in the market enable you to gain real-time updates on the products. These products can be tagged with RFID for making inventories accurate and faster and reduce confusion in the supply chain ecosystem.
Best Practice #6: Opt for Movable and Fixed Tracking Options
Movable tracking options help in tracking product placement, its accessibility, and its status. Movable tracking also enables us to gauge the real-time location of the product and makes the whole process much faster, intuitive, and easier. You can also opt for a fixed tracking option that helps in managing and assigning destinations with efficiency. Also, you can combine movable tracking with fixed tracking for your business to achieve optimum results. Both movable and fixed tracking can do wonders for warehouse inventory management if used correctly.