Five Basics for Inventory Management SuccessA Story by Sonamwe've compiled a list of five tips to help you improve your inventory management system and achieve your most successful supply chain management.Without warehouses and inventory, a
successful supply chain cannot exist. The warehouse must be efficient to be an
equally successful part of the supply chain. This is where warehouse inventory
management enters the picture. In addition, you run the risk of having the
wrong quantity, a disconnected database, and incorrect product identification. If these barriers seem too familiar, we've
compiled a list of five tips to help you improve your inventory management system and achieve your most
successful supply chain management. ABC
Classification A warehouse can have thousands to thousands
of parts, so you'll need a clear and simple classification system to stay
organized. Some warehouses prefer the "ABC classification" method of
selective inventory control. This means that parts of inventory are classified
based on their financial value and documentation requirements. For example,
item "A" has the highest value and needs to be handled with care,
while the "C" item has the lowest value and requires only simple
entries. Note that each product and its associated SKU will have a different
supply and demand variability pattern, so not all SKUs can be tagged the same.
The "ABC Classification" system can also be used to manage SKU
variability. No matter which method is used, all inventory parts must be neatly
arranged with clearly labeled choices. Consider developing an accurate syntax
for part labeling. Warehouse
Management System (WMS) A warehouse is not complete without a
user-friendly warehouse management system, just as no supply chain is complete
without WMS. The most basic WMS includes built-in integration with flexible
location systems, user-customized function parameters, and data collection
tools. Warehouse Management System (WMS) will improve inventory
accuracy and storage capacity while reducing cycle time and labor costs. The WMS
program will also generally provide excellent inventory scheduling options. You
can also use your WMS to optimize inventory by automatically monitoring and
managing supply and demand variability. Include
mobile technology Many WMS apps offer vendors that allow
vendors to connect to data. Mobile devices make it easy to get real-time,
accurate inventory data and information. This can improve the overall speed of
customer service and supply chain. When sellers notice a low inventory level in
their store, they can submit instant payment requests using their mobile
access. By connecting to a mobile POS system, mobile technology can directly
improve inventory management. Consumers will be automatically notified of
product availability limits when they attempt to purchase an item online. Extend
the shipping system Inventory management depends on the ability
of the staff to process and handle warehouse systems and products and packages.
Shipping systems that are unable to handle the current volume of products and
packages need to be upgraded. As a result, many product handling and packing
warehouses prefer to invest in new conveyor systems. This could include a
flexible and convenient mobile conveyor machine. They can also be an integrated
system of strategically placed conveyor machines. Conveyor machines are a great
way to improve
inventory management and warehouse efficiency. Relationships
with suppliers Some suppliers may be consistently late or
deliver incorrect shipments. Often, warehouse workers are too busy to respond
to these, warehouse management should closely monitor supply efficiency.
Indeed, WMS suppliers can create detailed, personalized reports on shipments.
Each quarter, consider using WMS to audit supplier performance. This will help
you identify unreliable suppliers and identify areas for improvement. With this
information, you can decide whether to allow high-performance suppliers to sell
more while reducing the number of low-performing suppliers. Conclusion: Is your warehouse management system running
at maximum efficiency? We can help you identify the best system for your needs,
restructure inefficient processes, reduce backorder and keep shipments running
smoothly. Sundata.in provides a
warehouse management system in India. Learn how Sundata can help your company
take advantage of the power of your supply chain warehouse management system to
streamline the processes you need to succeed. © 2022 Sonam |
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3 Reviews Added on May 19, 2022 Last Updated on May 19, 2022 Tags: inventory management system, warehouse Management System Author
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