Five Basics for Inventory Management Success

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Five Basics for Inventory Management Success
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• Without warehouses and inventory, a successful
  supply chain cannot exist.
• The warehouse must be efficient to be an equally
  successful part of the supply chain.
• This is where warehouse inventory management
  enters the picture.
• In addition, you run the risk of having the wrong
  quantity, a disconnected database, and incorrect
  product identification.
• If these barriers seem too familiar, we've
  compiled a list of five tips to help you improve
  your inventory management system and achieve your
  most successful supply chain management.

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ABC Classification

• A warehouse can have thousands to thousands of
  parts, so you'll need a clear and simple
  classification system to stay organized.
• Some warehouses prefer the "ABC classification"
  method of selective inventory control.
• This means that parts of inventory are classified
  based on their financial value and documentation
  requirements.
• For example, item "A" has the highest value and
  needs to be handled with care, while the "C" item
  has the lowest value and requires only simple
  entries.

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• Note that each product and its associated SKU
  will have a different supply and demand
  variability pattern, so not all SKUs can be
  tagged the same.
• The "ABC Classification" system can also be used
  to manage SKU variability.
• No matter which method is used, all inventory
  parts must be neatly arranged with clearly
  labeled choices.
• Consider developing an accurate syntax for part
  labeling.

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Warehouse Management System (WMS)

• A warehouse is not complete without a
  user-friendly warehouse management system, just
  as no supply chain is complete without WMS.
• The most basic WMS includes built-in integration
  with flexible location systems, user-customized
  function parameters, and data collection tools.
• Warehouse Management System (WMS) will improve
  inventory accuracy and storage capacity while
  reducing cycle time and labor costs.
• The WMS program will also generally provide
  excellent inventory scheduling options.
• You can also use your WMS to optimize inventory
  by automatically monitoring and managing supply
  and demand variability.

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Include mobile technology

• Many WMS apps offer vendors that allow vendors to
  connect to data.
• Mobile devices make it easy to get real-time,
  accurate inventory data and information.
• This can improve the overall speed of customer
  service and supply chain.
• When sellers notice a low inventory level in
  their store, they can submit instant payment
  requests using their mobile access.
• By connecting to a mobile POS system, mobile
  technology can directly improve inventory
  management.
• Consumers will be automatically notified of
  product availability limits when they attempt to
  purchase an item online.

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Extend the shipping system

• Inventory management depends on the ability of
  the staff to process and handle warehouse systems
  and products and packages.
• Shipping systems that are unable to handle the
  current volume of products and packages need to
  be upgraded.
• As a result, many product handling and packing
  warehouses prefer to invest in new conveyor
  systems.
• This could include a flexible and convenient
  mobile conveyor machine.
• They can also be an integrated system of
  strategically placed conveyor machines.
• Conveyor machines are a great way to improve
  inventory management and warehouse efficiency.

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Relationships with suppliers

• Some suppliers may be consistently late or
  deliver incorrect shipments.
• Often, warehouse workers are too busy to respond
  to these, warehouse management should closely
  monitor supply efficiency.
• Indeed, WMS suppliers can create detailed,
  personalized reports on shipments.
• Each quarter, consider using WMS to audit
  supplier performance.
• This will help you identify unreliable suppliers
  and identify areas for improvement.
• With this information, you can decide whether to
  allow high-performance suppliers to sell more
  while reducing the number of low-performing
  suppliers.

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Conclusion

• Is your warehouse management system running at
  maximum efficiency? We can help you identify the
  best system for your needs, restructure
  inefficient processes, reduce backorder and keep
  shipments running smoothly.
• Sundata.in provides a warehouse management system
  in India.
• Learn how Sundata can help your company take
  advantage of the power of your supply chain
  warehouse management system to streamline the
  processes you need to succeed.