Warehouse inventory management comprises receiving, storing, tracking, auditing, and managing stock for the purpose of fulfilling customer orders. Efficiently practicing warehouse management techniques involves making floor adjustments, employing technology and automation, and collecting data for better inventory optimization. Avoiding these essential changes can result in missed opportunities, which means a decrease in your profits. This is especially necessary with omni-channels and fulfilling supply demands promptly.
Warehouse inventory management can become hectic and challenging without appropriate strategies in place. Following the strategies mentioned below will streamline your inventory management practices.
Redesigning the Floor Plan
Your warehouse layout should accommodate a smooth flow of operations. A congested and stuffy warehouse only hinders operation productivity and slows down employees. If the layout of your area is causing slow work progress, it might be time to reevaluate your floor plan.
Employees need adequate space to perform their tasks properly without the risk of human error. Utilize your warehouse floor space in the most efficient way possible. The flow of operations should start from the receiving dock to the inspection area, to storage, all the way down to packaging and shipping.
Technology and Automation
Integrating an inventory management system into your business can simplify day-to-day operations for you ten folds. It comes with the advantages of important data collection, barcoding, scanning, shipment and inventory tracking, and better time management. An inventory management system significantly reduces the risk of human errors and increases productivity. The inventory system can be optimized to meet the unique demands of your business and provide you with real-time updates about your products.
Track Your High Sellers
Another perk of employing an inventory system is that you get to track the products with the highest turnover rates. Positioning these high sellers in places where they can easily be reached will not only save you packing and shipping time but will also increase your customer satisfaction.
Employee monitoring is just as important as product tracking. Increasing safety protocols and tracking employees will help you identify when a non-employee is on the floor without authorization. Employee monitoring can also be used to track the employees with the highest productivity rate and reward them. This will boost your personnel motivation and increase overall efficiency in the workplace. This method can also be used to track damaged or lost inventory.
Fixed and Movable Tracking
Movable tracking is the most commonly used option as it allows you to supervise product locations and track their progress down the supply chain. However, using both fixed and movable tracking will allow you to form well-organized strategic protocols. Tracking fixed warehouse assets will help manage and assign product destinations with more precision and ease.
Making these small changes might seem irrelevant to your business right now but neglecting them will cause you many missed opportunities to make a profit. Incorrect inventory management leads to confusion, low productivity, unsatisfied customers, and low profits. Making these investments will pay off in the long run by lowering your costs, reducing time wastage, increasing turnover rate, and ultimately generating more profits.