Inventory management tracks and oversees the flow of products and materials within a business. Warehouse inventory management is a specialized subset of this process that deals specifically with handling and storing products within a warehouse setting.
If you’re looking for a warehouse inventory management system, you need to understand the different features and options available. In this article, we’ll break it all down for you.
What Is a Warehouse Inventory Management System and Benefits of Using it?
A warehouse inventory management system is software that helps you keep track of the stock in your warehouse. It records when items are received, sold, and shipped, as well as how much of each item you have in stock. This information can help make production and purchasing decisions.
There are many benefits of using a warehouse inventory management system. Some of these benefits include:
- Improved efficiency: With a warehouse inventory management system, you can track your stock more accurately and quickly identify items that are low in stock or need to be reordered. This can help you improve your inventory turnover rate and reduce the time and money spent on inventory management.
- Better customer service: When you know what items are in stock and when they will be available, you can better meet your customers’ needs.
- Eliminated human error: A warehouse inventory management system eliminates the possibility of human error, which can lead to lost or incorrect information.
Features to Consider When Choosing a Warehouse Inventory Management System
When looking for a warehouse inventory management system, you’ll want to consider the most important features to you and your business.
For example, consider the size of your warehouse and how many items you need to track. You’ll also want to ensure the system can handle multiple locations and has the reporting features you need.
Another important consideration is how the system will integrate with your accounting software. And finally, make sure the system is easy to use and navigate.
Common Mistakes to Avoid When Using a Warehouse Inventory Management System
Warehouse inventory management systems can save you a ton of time and money—but only if you use them correctly.
The first mistake is not tracking your inventory in real time. Without real-time data, it’s impossible to stay up to date on the status of your product and make proactive decisions to optimize warehouse operations.
Another mistake is failing to predict demand or order the right amount of product accurately. Without the right warehouse software, it’s easy to misjudge how much stock you need, resulting in either too little or too much on hand. This can lead to costly back orders, missed opportunities, and unproductive labor costs.
Finally, not taking advantage of automation is a big mistake. Automation can streamline processes such as picking, packing, and shipping and make decisions more quickly for improved accuracy and efficiency. Automating processes can reduce labor costs, minimize human error, and optimize inventory levels for better customer service—all good things resulting from properly using warehouse inventory management systems.
Conclusion
Many systems are now cloud-based, which offers benefits in terms of scalability and cost-effectiveness.
When choosing a warehouse inventory management system, things to consider include your specific business needs, the size of your operation, and your budget.
A warehouse inventory management system can benefit your business, including reduced costs, improved efficiency, and customer service.
About Goods WMS Solution
With Goods, you can easily streamline your B2B commerce logistics from end to end, meet SLAs, and delight customers. Get the functionality and flexibility you need to fuel B2B commerce including built-in EDI and predefined rules for large retailer SLAs.
Ditch the complexity of juggling multiple systems. Goods unifies your E-commerce logistics, giving you real time visibility, so you can make smarter decisions and deliver exceptional customer service.
To learn more about the Goods solution contact us and request a demo.
