4 Practical Methods To Improve Warehouse Efficiency And Inventory Control

1. Inventory Management Software 4 Practical Methods To Improve Warehouse Efficiency And Inventory Control In its simplest, all-inclusive form, inventory management is the balancing act of a multitude of factors that includes overseeing, organizing and monitoring your warehouse. And what better than an inventory management software to take care of all your business needs, right from sourcing to shipping. A good inventory management software helps you to reduce payroll, prevent overstocks, increase sales and periodically keep track of your stock. Also, you can get a complete supply chain visibility including inbound and outbound product flow information. An inventory management software also helps you to drill down into details in case there is any record you need to overview at a later stage. Inventory Management Software List

2. Inventory Management Software What’s more? An inventory management software can be also customized to suit the needs and requirements of any kind of business. In addition to that, here are a few remarkable features that an inventory management software offers: ● Accounting tie-ins ● Barcoding ● Reporting tools ● Inventory alert system ● Inventory forecasting Now that you are well aware of how beneficial an inventory management software is, here are a few techniques to organize your inventory to get the most from your warehouse: 1. Purchase orders are indispensable The easiest way to manage inventory purchases is by creating Purchase Orders(PO). They help in reviewing your cash flow and help you to effectively determine your stock needs. Purchase Orders also help you track your entire stock purchase, wholesale dealers, shipment details and information regarding the bill payment. You can essentially choose from these four types of purchase orders: ● Standard purchase order — They are generally used for one-time orders where you can capitalize on special and clearance offers and also fulfil any irregular demands that might occur. ● Contract purchase order — You should use contract purchase orders when you want to establish specific terms and conditions with your Inventory Management Software List

3. Inventory Management Software supplier regarding pricing and grouping of the items without going into the specifics of it, quantity or delivery terms. ● Planned purchase order — This type of purchase order is used when you know all the details of the order except the delivery schedule. You just need to provide an estimated delivery date rather than a fixed delivery date. When there are large orders, there could be a fluctuation in the delivery date, so a planned purchase order offers the best solution. ● Blanket purchase order — When a customer commits to purchasing multiple goods, any customer would expect a certain percentage of discount in the final bill amount. A blanket purchase order is ideal for such situations. 2. Organize your product and vendor information It is very crucial to set up your stock and supplier information in a system that is reliable and accessible. You need to track information like product name, short description and classify clearly under which category or class the product falls into. You should also include other details regarding shipping, like the size, weight and price details about every product that is shipped. If your products gave an internal code, even that should be clearly mentioned. Many businesses do this manually, but it is good to use a POS system to manage your eCommerce business. POS software offers advanced features like inventory tracking and an organized database for all your inventory needs. Inventory Management Software List

4. Inventory Management Software 3. Streamlined receiving for all shipment You should have a standard method for receiving shipments. This will ensure that you receive all of your shipment without any damage and without any missing goods. Also, make it a practice to check all your received items against your Purchase Order so that you maintain accuracy. Also, make sure that you verify the vendor invoice with every purchase order so that there are no price changes or errors. So, when you check your receipt against the Purchase Order, you can prevent any errors in the shipment that the supplier must have committed. Many times it could happen that when you face a stock shortage, it is not actually a shortage of stock, it's because the item did not actually arrive in your shipment. So, you can instantly contact your supplier, rectify the error and thus prevent cash loss and backorders. This would significantly increase the profit that your business reaps. Using an accounting software will help you accurately keep track of your inventory. 4. Tracking inbound and outbound sales Tallying up the total stock at the end of the week is just not sufficient to keep track of the profit. It is a good practice to record every detail of an order in depth so that you can keep track of the inflow and outflow of stock on an everyday basis. When you start off your business, you can either manually keep a track record or use an excel spreadsheet to organize the records. But, slowly and gradually as your business starts expanding, managing your inventory becomes a task. In this case, it becomes very essential to streamline the way you manage your inventory with every sale. In such cases, an inventory Inventory Management Software List

5. Inventory Management Software management software will give you a streamlined approach to manage your inventory. An inventory management software regularly tracks every sale and each time an item is sold, the software automatically removes it from your inventory records. Along with that, the software also lists every item that is sold.it also provides a real-time tally of the inventory which is extremely helpful as you don’t have to wait till the end of the day to get a total. An inventory management software also gives you alerts from time to time. So, you need not go and manually check whether any item needs to be restocked or whether there are any orders that are not fulfilled yet. Endnote: An inventory management software helps your business to: ● Pick, pack and ship orders ● Receive goods ● Move inventory ● Add or deduct items from your records ● Keep a periodic cycle count ● Keep in-depth track of ongoing orders ● Deliver goods If you are still manually organizing and managing your inventory, it is time that you switch to an inventory management software. While the inventory management software takes care of all your warehouse needs, you can focus on developing strategies to market and grow your business. Inventory Management Software List