Categories
Managing Warehouse Inventory

What are the Advantages of Warehouse Inventory Management?

If your company’s business model is based on selling or managing an inventory of stock, then you’ve quickly realized that, without the assistance of some form of management system, you are going to get overwhelmed quickly. With a large amount of stock, or a large variety of stock, losing items can become very easy, and running out of stock unexpectedly can hurt your business through poor reviews. Managing warehouse inventory should be a priority for your business, and here are some advantages to implementing a warehouse inventory management system.

Easier to Track Inventory

Tracking your inventory is key to maintaining profitability if you start losing too much inventory, or the wrong inventory is being sent out to customers, you are losing money. Managing warehouse inventory through a software solution or a third party warehouse can help you keep better track of where your inventory is at all times, whether it is coming into the warehouse, being put into storage, or being fulfilled to a customer. You can also easily track customer returned inventory so they aren’t mixed in with brand new inventory.

Eliminate Errors with Manual Data Entry

Manual data entry is exhaustive and repetitive at times, especially with a large inventory needing to be stored, regardless of the variety of the items. When it comes to managing warehouse inventory, a software solution with hardware capable of scanning inventory and sorting it can help your company avoid the headaches that come with data entry errors.

More Rapid Fulfillment

Managing warehouse inventory also includes fulfilling customer orders, whether it is from an online storefront, or from B2B contracts. Having a good quality inventory management system in place, whether it is a system implemented by your company, or if you use a third party fulfillment center, can greatly increase the speed at which you can fulfill orders. By knowing exactly where inventory is being stored, what kind of box it needs for shipping, and by being able to quickly print out shipping labels, then scan it for going out to delivery, you can get orders out the same day instead of having to wait days for someone to process all the data.

Increasing Customer Satisfaction

Customers getting the wrong item, or the item taking too long to get to the customer, can hurt your bottom line through bad reviews. Managing warehouse inventory properly means that your inventory isn’t getting lost, and the wrong items aren’t being boxed up by mistake for customers. By being able to get your product to customers quickly, they will be more satisfied and will leave a better response. As well, a good warehouse inventory management system will be able to handle customer returns, either for refund or replacement, giving you a second chance to satisfy the customer.

More Organized Warehouse

An organized warehouse means less time is wasted by employees trying to try down inventory for shipping out. Managing warehouse inventory starts with organizing all the shelves in a warehouse in a way that increases productivity while also being ready for expansion in the future.

Through managing warehouse inventory, your business can save significant resources, both money and time, in the handling of your inventory. This allows you to get inventory to customers more easily and free up resources to reinvest in future inventory; nothing is worse for a business than shelves full of products they can’t sell just because it’s been lost in the system. Visit our website for more details.