Warehouse Inventory Management is one of the most crucial components of supply chain management. Optimal warehouse management can help companies save time and money and build a strong reputation by delivering strong customer service.However, warehouse inventory management can be a tricky task. At BlinkGlobal, we help companies manage their warehouses efficiently through centralized procurement and risk mitigation. In this article our experts have some tips and tricks to help you manage your warehouses effectively and increase your bottom line.
Small and large enterprises understand the importance of warehouse inventory management. However, the problem with small businesses is that when it comes to creating a comprehensive inventory management plan, they often fail to guard their logistics and production against fluctuations which can result in storage space issues and delayed deliveries.Create a proper plan that includes a detailed schedule of purchasing, production, cargo volume, delivery, and warehousing at both ends. The planning should aim at minimizing the cost while getting maximum work done in the minimum possible time.
Use Technologies To Your Advantage:
There is no debate in saying that the new cutting-edge technologies have made it easy to monitor metrics and maintain transparency. Modern warehousing tools can help you automate the processes and properly organize the flow of goods. Choosing the warehousing tools can be tricky. Here is what to look for
Enterprise Resource Planning
Integrated SCM Suites
Costing and Invoicing Control
Client Web Portals
Vehicle and driver tracking on-the-go
Apps with multi-lingual support
Use the Power of Data:
Data has revolutionized almost all fields of business, and supply chain is one of them. Businesses can use the power of data to optimize routing, streamline factory operations, and ensure transparency across the entire supply chain. This is beneficial for both logistics and shipping companies.Data is the most valuable asset, especially in any organization. In order to leverage the maximum power of data, make sure you have it organized in a single, centralized, and well-organized repository.
Develop Risk Contingency Plans:
For effective warehouse management, it is important to prepare for the financial and reputational impact of possible supply chain disruptions and develop mitigation contingency plans that will help you reduce the impact of any disruptive event. It is also important for retailers to have a logistics contingency plan.
Partner Up With a Warehousing Management Company:
The upfront cost to establish an efficient inventory management department may require hundreds and thousands of dollars. For startups and companies with low revenue, putting up an inventory management infrastructure may mean comprising on other areas such as marketing, or packaging etc.3PL partners have already invested in infrastructure development that provides the most cost-effective solutions. Moreover, they have expertise, knowledge and the skill to optimize transportation, reduce operational costs, and provide better inventory management.
About Blink Global
Your Global Sourcing Partner. With our deep understanding of global sourcing, we supply B2B industrial and consumer products with centralized procurement and high delivery precision