Elon Musk says, “Great companies are built on great products!”
However, only having great products and not being able to distribute efficiently among your customers is a mark of great inability to run your business. Many companies are still struggling to control inventory levels while managing customer demands across multiple channels. Having an inventory management system that provides excellent inventory accuracy is a must-have to sustain in the competitive market. Businesses that don’t keep a track of their inventory and stock will obviously be drowning themselves in deep water. They will have customers placing orders that can’t be fulfilled while they may misplace stock if they aren’t keeping an accurate track. When you manage your inventory accurately, it will lead to a much clearer view and better understanding of how much raw material or inventory you will need to have on hand to meet customer demands. This will ensure that you don’t have to worry about running out of items all the time. Knowing how much inventory you have also ensures that your customers aren’t placing orders for products you do not have available. There will be less of a concern of shortages without worrying about having too much inventory in stock.
Besides, one of the major challenges of many warehouses is being disorganized. When you have a large number of products to store, it is easy for things to be misplaced if you don’t have an inventory management system in place. You will find many different ways that you can organize your warehouse. Some companies tend to put the bestselling items together in places that are easily accessible. Others have different locations for different types of items, keeping items together. How you store the products can be just as important as having a system that is easy to understand so inventory can be found when needed.
Inventory accuracy will also help you to save a substantial amount of time and money. When you keep track of items that are available and that have been ordered, you won’t have to do an inventory recount. Quality software can update the stock in real-time, so you always know what is available without needing to worry about checking it by hand.
Because you will also know which products are selling well and which ones are not selling, you will know what you may want to discontinue selling. If you have a product that doesn’t sell, it is just taking up valuable space on your warehouse shelves. Being able to get rid of the slow sellers and non-sellers will be a huge benefit. It also gives you more insight into the types of products your company should be stocking or manufacturing.
These days, warehouse technologies are evolving at a rapid rate. This, of course, is a great thing as it helps warehouses the world over to speed up their efficiency, diversify their operations and offer lightning-fast fulfillment times to their customer base. It’s a golden-age for warehouses, but it’s also a time that can be dizzying for those working in warehouse management; the opportunities can seem both overwhelming and endless.
Inventory management is important for SMBs as well as big brands to prevent stockouts, manage stock across multiple sales channels- multiple B2C & B2B marketplaces, websites and stores, and ensure accurate recordkeeping.
Top 7 ways inventory tracking has changed in modern warehouse management :
1. Warehousing has become a vital role in modern business.
With eCommerce business flourishing with leaps and bounds each day, warehousing has taken a lead role in conducting business.The work of warehouse and distribution staff is the lifeblood of eCommerce. Without these vital elements, few of the innovations of the past two decades would be possible.
Warehouses in the eCommerce era must often take on a variety of roles and play all of them well. Many warehouses now perform value-added services including product assembly and customization. That’s also made it even more vital to develop efficient inventory processes as warehouse staff are consistently asked to do more with the same resources.
2. Efficiency has been boosted with the latest tracking systems.
Along with the evolution of warehousing in the 21st century,inventory tracking has had to grow and evolve as well. Using ERP distribution software or systems that automatically adjust inventory and sync it with invoices is the new gold standard for the most successful companies in eCommerce.Fortunately, barcode and RFID scanning technologies have been vital difference-makers in improving the efficiency of inventory counting.
3. Mobile enabled softwares has created remote offices for employees.
Smartphones and tablets are nowadays often perfect warehouse tools that offer great potential to increase picking productivity and accuracy when paired with the right software. The latest good ERP software will enable the employee to use his mobile device as his inventory tracker with ease.
4. Popularity of JIT Lean systems
With more sophisticated inventory monitoring increasingly available, many businesses have begun to interrogate their inventory practices. Just-in-time (JIT) inventory management is one popular option for streamlining supply chain and inventory operations. This model aims to greatly reduce the amount of inventory needed in a warehouse by manufacturing and storing only enough product to fill demand.
5. Technology now allows non-traditional tracking and storage methods.
Companies like Amazon have been able to power us with innovative practices that are being introduced every day. One such method is what’s been referred to as “Chaotic Storage.” In this warehousing model, the locations of items are managed entirely by the sophisticated computer models that compile the pick lists.
6. Aids to ease out supply chains with efficacy.
Supply chain management is increasingly a make-or-break factor for success in eCommerce. Today’s technically advanced inventory monitoring systems are increasingly integrated into the hearts of supply chains themselves. By bringing together multiple systems into one, these manufacturers can gain a holistic perspective into how their supply chains perform resulting in better turnover of inventory more quickly, make better use of warehouse space, improve customer service and more.
7. Smart warehouses are setting the new pace.
Completely automated — or at least a almost automated warehouse is the new Smart Warehouse of the century.eCommerce is only becoming more complex as channels continue to proliferate, and warehouse inventory technology is working hard to keep up. Many businesses have started making their warehouses smarter by using automation technology to streamline their operations. Whether it’s automatic billing to reduce paperwork or computer-generated pick routes to optimize picking efficiency.
Modern-age inventory tracking software systems are more robust, powerful and convenient than ever. Inventory management tools exist that address nearly every niche and need in manufacturing and distribution. Businesses that invest in their futures by developing robust inventory systems are likely to see improved outcomes, especially as the field’s innovators push forward to new frontiers.
Expand smERP is India’s best fit Warehouse management software solution that is continuously innovating and keeping its users at par with the trend in inventory technology. Power up your business by adopting Expand smERP and watch your business grow.
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