Are you constantly losing sight of your stock?
Do you need real-time stock visibility across all locations and channels?
If so, it’s time to switch into sports mode!
Stop coasting and start actively managing your inventory to save time and costs!
The efficiency of your warehouse management depends on how well it handles sales order processing and optimises inventory management, from goods-in to dispatch…without any hiccups!
Numerous constraints can lead to inefficient inventory management directly impacting your profits.
Common Issues Businesses Face Include:
Inaccurate Inventory Data
Solution: Implement real-time tracking across all sales channels and locations to ensure accurate, up-to-date inventory levels. This reduces stock errors, improving order fulfillment and replenishment.
63% of retailers have inventory visibility issues, with 34% admitting to an increase in out-of-stock incidents due to inaccurate inventory data – Retail Week, 2023
Inefficient Processes
Solution: Automate manual inventory processes, replacing paper-based systems and spreadsheets. Use barcode scanning to reduce errors, improve efficiency, ensure accountability and save money.
Moving to a paperless picking solution has been shown to reduce picking errors to below 1%.
Businesses that automate their inventory management processes can reduce labor costs by 30% and decrease inventory holding costs by 25% – Aberdeen Group, 2022
Poor Inventory Planning
Solution: Use accurate, real-time inventory management data to make informed strategic decisions about your stock, order processing and overall warehouse performance. With access to custom reports and dashboards, you can anticipate future demand and prevent overstocking or understocking, ensuring you run a lean inventory.
A 2022 study by McKinsey found that companies using data-driven inventory management with real-time reporting and custom dashboards saw a 20-50% reduction in inventory carrying costs and a 10-30% improvement in order fulfillment rates (“Inventory Analytics,” McKinsey & Company, 2022).
Storage Issues
Solution: Optimise storage with BIN location management to maximise space and minimise retrieval time, speeding up the pick & pack processes and reducing the likelihood of lost or misplaced items.
Implementing bin location management can increase warehouse space utilisation by 30% and reduce retrieval times by 40% – Logistics Management, 2023
Product Complexity
Solution: Use product information management to include detailed descriptions, high-quality images, and accurate sizing and fit information. Efficiently manage composite items by automatically updating inventory levels as components are purchased, sold or returned to ensure accurate tracking and replenishment.
Companies that manage composite items efficiently can reduce stockouts by 15% and improve customer satisfaction by 20% – Warehousing Education and Research Council (WERC), 2022
Lack of Integration
Solution: Streamline your warehouse management by integrating with courier, freight and accounting systems. This ensures smooth dispatch processes and easy access to financial reports for better decision-making.
Returns and Exchanges
Solution: Minimise returns by automating traditional paper based or spreadsheet methods through barcode scanning. In the unfortunate event of a return, process them quickly and efficiently.
Efficient returns management can reduce return processing costs by 20% and improve customer retention rates by 10% – Reverse Logistics Association, 2022
In light of all these issues, what is the answer?
An Order Management and Warehouse Management System can address all these issues– that’s where Stok.ly comes in. Stok.ly transforms inventory management by tackling common operational challenges with real-time tracking, automated workflows and seamless integration.
Stok.ly optimises stock control, reduces errors and enhances order fulfillment. Its paperless pick & pack processes and barcode scanning technology streamline operations and cut costs. Features like BIN location management optimise storage, and product information management ensures accurate, consistent and comprehensive product data.
By using Stok.ly, your business can anticipate demand, optimise stock levels and make informed purchasing decisions. This shift from reactive to proactive inventory management reduces costs and boosts profitability, giving your business a competitive edge.
Click here for more information about Stok.ly Inventory Management
Call us on 01432 804333
Author: Iain Coplans CEO Stok.ly