Have you ever been in a situation where you had too much or too little inventory? If you're like most business owners, the answer is probably yes. And if you're not careful, this can lead to big problems. This blog post will discuss seven best practices for controlling your warehouse inventory. Read on to learn more!
7 Best Practices On How To Control Warehouse Inventory
1. Use a warehouse management system.
One of the best ways to control your warehouse inventory is by using a warehouse management system (WMS). This software can help you track and manage your inventory levels so you always know what's in stock and what needs to be ordered. A WMS can also help you optimize storage space and improve order picking and shipping processes.
Other warehouse management inventory system software includes:
InventoryLab: This software has a user-friendly interface and offers inventory tracking, real-time order management, and integrations with popular eCommerce platforms.
Fishbowl: This software is designed specifically for businesses that use QuickBooks. It offers features like barcoding, inventory tracking, and purchase orders.
Stockpile: This software is designed for small businesses and offers features like inventory management, order tracking, and integrations with popular eCommerce platforms.
Related: 15 Warehouse Management Terms You Must Know
2. Keep track of your inventory levels
One of the most important things you can do to control your warehouse inventory is to keep track of your levels at all times. This way, you'll always know how much stock you have on hand and how much needs to be ordered. There are a few different ways you can do this:
Use a physical count sheet:
This is a simple way to keep track of your inventory levels. All you need is a piece of paper (or an Excel spreadsheet) where you can list all of the products in your warehouse and their corresponding quantities. Then, when you do a physical count of your inventory, you can update the sheet accordingly.
Use inventory software:
As mentioned above, various types of software can help you track your inventory levels. This can be a great option if you have many products or need to track other data points like expiration dates or locations.
Another way to keep track of your inventory is by using barcodes. This method is beneficial if you have a lot of products that are similar in appearance. By scanning the barcodes, you can quickly and easily see how many items are in stock and where they're located.
3. Set minimum and maximum levels for each product
One way to ensure that you always have the right amount of inventory is to set minimum and maximum levels for each product. That way, you'll know how many of each item you need to keep in stock. This can help you avoid running out of popular products and prevent your warehouse from becoming overloaded with excess inventory.
4. Schedule regular inventory counts
To keep track of your inventory levels, you'll need to do regular physical counts. Depending on the size of your operation, this can be done weekly, monthly, or even quarterly. Doing average counts will help you spot trends and ensure that your records are accurate.
5. Invest in quality storage solutions
Another important aspect of warehouse management is storage. If you don't have enough space to store your inventory, keeping track of everything will be more challenging. And if your storage solutions aren't effective, you could damage your products or lose items.
That's why investing in quality storage solutions like racks, shelves, and containers is essential. This way, you can maximize your space and keep your products safe and organized.
Racks are a great way to store items that are too large to fit on shelves. They come in various sizes and can be customized to fit your needs.
Shelves are perfect for storing small items or items that need to be accessed frequently. They can be made from various materials, so you can choose the option that best suits your needs.
Containers are great for storing more oversized items or items that aren't used often. They come in various sizes and can be stacked to save space.
6. Implement an order management system
An order management system (OMS) can help you keep track of your inventory levels and ensure that orders are fulfilled correctly. This software can also help you automate your ordering process, so you don't have to worry about manually placing orders for each product.
Other Features of OMS:
As we mentioned above, an OMS can automate your ordering process. You can set up reorder points for each product, and the system will automatically place orders when inventory levels reach those points.
An OMS can also help you track your inventory levels so you always know how much of each product you have in stock. You can use this information to create reports or decide future orders.
An OMS can generate reports showing you how your inventory is used. You can use this information to improve your warehouse management practices.
7. Work with a trusted partner
If you're having trouble managing your warehouse inventory, you may consider working with a trusted partner. Many companies specialize in warehouse management and can help you streamline your operations.
Working with a partner can offer many benefits, including:
Access to expertise and resources:
When you work with a partner, you'll have access to their team of experts who can help you solve problems and improve your operations. You'll also have access to their resources to save time and money on things like storage and shipping.
A partner can help you find ways to improve the efficiency of your warehouse. This could include implementing new technologies or changing how you store and ship your products.
Peace of mind:
Knowing that you have a partner to help your warehouse management can give you peace of mind. You'll know that someone is always there to help you with any problems or questions.
Following these tips can better control your warehouse inventory and keep your business running smoothly. If you're having trouble managing your list, consider working with a trusted partner who can help you streamline your operations. If you need software to help manage your inventory, contact us.
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