Business that provide products to people in return of monetary will know the importance of the managing the warehouse correctly. Despite knowing the fact, many business owners or warehouse managers often settle for a simplistic program such as Excel, spreadsheets, Word documents to manage warehouse inventory. There are benefits of using these programs for specific tasks, however they fail to add efficiency, accuracy, and quality control to the process.
From the art of movement and storage of inventory throughout the warehouse, to monitoring the progress of products through the warehouse - how can you manage your warehouse better?
Below are some tips and tricks that you need to keep in mind as you assess your current tactics and implement changes in your warehouse management practices:
1 – Organize the storage space
Whether you have a single or multiple warehouses - organizing the area, is the foremost thing you should consider for a better warehouse management. Ensure you organize the storage location by creating signage that will make it easy to track inventory. The best idea is to group similar inventory in the same area, and store best-selling products in easy-to-access locations (near the entrance) to quickly spot and account for inventory products, as well as improve fulfilment efficiency.
2 – Adopt labelling method
It becomes very important to quickly procure products from the warehouse and fulfil the customer order as soon as possible. Apart from creating signage, it becomes quick and easy to spot for products that have a printed label which defines the products specification. Adopting labelling method for the products in your warehouse, your staff can immediately trace the product in a glance and send it for fulfilment on-the-fly.
3 – Implement barcoding technology
Tracking your warehouse inventory manually increases paper costs and the risk of inaccurate inventory levels. If you are still using spreadsheets to track your warehouse inventory, it's time to change. Implement an automated inventory management system such as barcode scanner that will not only make it easy to track your inventory, but also reduces the number of human errors when processing inventory data, leading to greater accuracy all around.
4 – Create unique relationship with suppliers
You may have to deal with a number of suppliers to procure product in order to keep your business running. Hence, maintaining good relationship with your suppliers are just as important as your relationships with your customers. The best way is to frequently have an informal chat or call your suppliers on special occasions. By doing this, it will not only build stronger relationships but also reduce inventory costs and help you fulfill orders effectively.
5 – Always keep your staff in loop
With so many phases involved in warehouse management, you cannot improve inventory accuracy on your own. Hence, you'll hire employees for managing your warehouse. Ensure your warehouse staff are sound with the inventory management best practices that you follow. Apart from that, perform tanning programs to train your staff with the latest technology so you can adopt modern systems to manage your warehouse effectively better.
Implementing the above tips and tricks in your warehouse management will result to an increased cash flow, efficiency, and customer satisfaction, all at a reduced expense.
Simple, yet powerful