The One and Only Guide That Makes Managing Inventory a Simple Process
The logistics industry is set to grow by more than $5 billion US to hit $12,975.64 US billion in 2027. But, without inventory management processes, the whole logistical system would cease to function.
However, managing inventory can be challenging if you run a busy warehouse. Not having an inventory management system, or using the wrong methods, could lead to packages being lost, unhappy customers, and reduced profits.
Fortunately, it’s possible to improve how you manage inventory by following a few simple tips.
Read on to find out more.
Organize Your Warehouse
The first step in mastering the inventory storage process is to organize your warehouse. It’s good practice to have a separate space for each type of package you ship and ensure they are visible and easy to reach.
You should also provide your employees with a layout of your warehouse with clear instructions as to where they should store your goods. This can help you keep your premises neat and tidy even during busy times.
Use Inventory Management Technology
It’s impossible to completely remove the risk of human error when managing inventory. But, using inventory management technology can help.
This will allow you to view which types of inventory you have in your facility, the stock levels, and how long you have been in possession of each package. You can then keep track of every package in real-time, ensuring you don’t lose goods when they are in your warehouse.
Streamline Your Order Packing Processes
If your employees are constantly walking back and forward carrying packages, it increases the chances of goods being mislaid. This can lead to merchandise becoming lost or damaged.
To reduce the number of journeys staff make, you could implement a wave picking process and add a staging area for package collection on your warehouse floor. This can help your teams pick packages more quickly and add them to the relevant order.
Not only will this help you manage your inventory more efficiently, but it will also reduce staff fatigue, helping them to stay focused on their work.
Review Your Supply Chain
Even the best companies rely on their supply chain partners. But some suppliers and shipping companies might not use inventory tracking software. This means you won’t know where your packages are when in transit, and they could get lost without you being aware of the problem.
This makes it essential to only work with partners that are committed to helping you manage your inventory. When they assist you in tracking your goods, you can then know where your packages are at every stage of their journey.
Make Managing Inventory a Straightforward Process
Managing inventory doesn’t have to be difficult when you know how to simplify your processes. It’s vital to organize your warehouse in a logical fashion and use technology to monitor your inventory levels in real-time.
Your order packaging process should involve as few steps as possible, and it’s important to only work with suppliers who help you keep track of your packages at all times.
For more helpful hints and tips, check out our business posts before you go.