Effective Inventory Management Solutions
Always Losing Sight of your Stock?
Finding it hard to keep tabs on your inventory?
Businesses that use manual processes, such as paper-based systems or spreadsheets, face this problem every day. When products get lost in the warehouse, it costs you time and money.
Here's how to keep an eye on it…
The solution is straightforward: Implement an automated warehouse management system (WMS) with integrated order management and product information management. This type of system can transform the way you track and manage your inventory , from point of sale to dispatch. Operating in real-time, an automated warehouse management system ensures complete visibility and control over your stock levels. This not only reduces errors but enhances customer satisfaction – you’ll never lose goods in your warehouse again!
Automated systems can reduce the labor required for inventory management, leading to significant cost savings. These systems streamline processes such as order fulfillment, stock replenishment, and inventory audits, allowing businesses to allocate resources more effectively and enhance productivity (ONS, 2023).
Maximising Efficiency with BIN Location Management
With features such as accurate BIN location management, goods can be arranged to maximise space and minimise retrieval time. Real-time data means you’ll never lose sight of your stock again. Even when selling across multiple channels, all your stock is updated instantly and accurately onto one platform. A full audit trail allows for constant and accurate monitoring of goods.
Enhancing Accuracy with Barcode Scanning
Barcode scanning is an extremely effective and efficient way to help warehouse staff operate with extremely low error rates while improving the speed and accountability of daily tasks.
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Barcode scanning and real-time inventory tracking reduce stock discrepancies by up to 75%, compared to traditional manual methods. (Source: Annual Retail Operations Insights, 2024)
Managing Composite Items Efficiently
A comprehensive warehouse management system (WMS)? should manage composite items efficiently. This includes tracking the composite items as well as their individual components. The system automatically updates inventory levels as components are purchased, sold, or returned to ensure accurate tracking and replenishment.
Research from Gartner indicates that systems capable of tracking composite items can reduce associated overhead costs by up to 30% through improved tracking and replenishment cycles, which is critical for industries like manufacturing and retail (Gartner, 2022).
Automating Warehouse Management
Companies looking to automate their warehouse management should seriously consider the above. It’s all about running a lean inventory and never losing sight of your stock. This will greatly contribute to the smooth operation of your business by simplifying your order and inventory processes and ultimately contributing to your bottom line.
As businesses grow, an automated WMS can scale accordingly to handle increased inventory and order volumes. This flexibility enables companies to adapt to changing market demands without worrying about outgrowing their warehouse management system (Enterprise League, 2023).
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Although off the shelf WMS can be effective and do the job just fine we're glad we opted for a more customisable WMS with Canary7. It's been a game changer for us