July 19, 2023
Why a Warehouse Management Solution Might be the Hero You Need
“Luckily, with the rise of modern, flexible warehouse management systems (WMS), businesses can now tap into real-time data, automation and analytics to revolutionise their warehouse visibility”.
Efficient warehousing is crucial for establishing a profitable business. The management and execution of warehouse processes are vital to an organisation’s success.
A financially viable warehouse or multiple warehouses optimise resources, minimise obsolete goods and maximise productivity all whilst running on a very cost effective budget.
Here are some tips for running financially viable warehouses:
Invest in a Warehouse Management System (WMS)
Whether you have one site or multiple warehouse these systems automate and optimise inventory management, order processing and ensure a seamless flow of goods from goods-in to dispatch. A WMS provides real-time data, enabling smarter decision making and reduces the costly errors.
Real-time Data
Real-time data aids retailers in monitoring inventory and sales trends. It enables departments to share information about product returns and quality issues etc, thereby enhancing purchasing decisions. This insight improves understanding of customer buying patterns, leading to smarter stocking choices.
Optimising Layout and Space
Efficient space utilisation is crucial and incorporating bin inventory location management can achieve this. By assigning specific locations or ‘bins’ to each item, businesses can easily track and locate items via individual audit trails. This approach can significantly enhance the pick, pack & dispatch process by reducing errors and increasing visibility as well as minimising unnecessary movements, leading to time and cost savings.
Barcode Scanning
Paper based warehouse processes suffer from human error, time lags and data entry errors. Common problems include losing stock, shipping the wrong products or the wrong quantity, customer dissatisfaction at late delivery and a lack of accountability for errors. Barcode scanning is an extremely effective and efficient way to help warehouse staff operate with extremely low error rates (less than 1%) while improving the speed and accountability of daily tasks.
Run a lean inventory
By tracking inventory across your warehouse or warehouses via real-time data, your management teams have the insight to forecast demand and make the purchasing decisions that will drive your business forward. Purchasing and replenishment can be automated avoiding over stock and out-of-stock situations.
Enhance the order management process
A streamlined order processing system is a vital component for the overall smooth running of any warehouse. A single system encompassing both order management and warehouse management ensures a seamless progression from receiving orders to dispatching them, effectively minimising delays and errors and significantly improving the efficiency of the entire supply chain.
Warehouses are more than just places for storing goods, they represent a distinct competitive advantage – whether you have just the one warehouse or are managing multiple locations. Adopting the above points and enabling goods to flow through your warehouse or warehouses in the most logical and cost effective way will allow you to keep costs under control and within budget – ultimately contributing to your bottom line.
Click here for more information about Stok.ly Warehouse Management
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Author: Iain Coplans CEO Stok.ly