Let’s look at how top performing warehouses track inventory, allowing them to perform better and make data-driven decisions.
Want to reduce waste, eliminate lost inventory and provide stock oversight to customers with ease? Inventory management systems are a tool that allows you to maintain real time oversight of stock levels and movement, keep customers and stockists informed, ensure timely restocking, and minimise lost or damaged inventory.
Inventory management systems are the secret weapon behind some of Australia’s top performing warehouses; allowing them to perform better, make data-driven decisions, provide important information to customers, and reduce the likelihood of mistakes.
So, how does it work?
What is an inventory management system?
A cloud based warehouse management system (WMS) is, among other things, a cloud inventory management system— a digital tool to track and manage your stock.
Paperless WMS software like CartonCloud allow you to capture stock data from ordering integrations, track stock location and movement throughout the warehouse, optimise storage management, increase picking efficiency and provide electronic proof of delivery (e-POD) — giving you inventory oversight to better manage your warehouse operations.
Top performing warehouses are using cloud inventory management systems to optimise processes, make smarter decisions and minimise lost revenue.
With a cloud based inventory management system, you can use real time data for decision making.
Smart warehouse inventory management allows you to;
- Locate inventory for packing and orders
- Track stock movement throughout the warehouse
- Ensure sufficient supply and timely restocking
- Monitor stock expiry or best before dates
- Avoid wastage or overstocking
- Track inventory packaging and assembly from various distributors.
Efficient warehouse inventory management relies on maximising your capacity for product intake, while optimising storage space, and increasing on the ground efficiencies to fulfil orders. You need eyes on inventory from all angles — which is why top performing warehouses are using inventory management software to up their game.
Save time and improve accuracy with inventory location management
CartonCloud’s WMS gives you ultimate oversight of your inventory items, allowing you to configure up to 10 custom fields on any stocked item. This may be batch number, expiry dates, lot, serial, supplier, or any other stamp or date you might wish to assign for stock management.
This allows you to select stock for order picking based on their custom fields, giving you greater management in order picking, ensuring the correct items are picked, based on exact data in their custom fields.
Cloud based inventory management software gives you access to the data you need, to optimise each step of your warehouse operations, depending on your warehouse activity and stock selection needs at any given time.
With layers of inventory data accessible, you can select the level of detail required across every step. Assign warehouse storage or manage large orders with ease (such as an entire pallet or storage rack), or differentiate per individual item within the pallet in order to pick and pack for specific orders.
Track specific inventory at any point, with a stock movement report
Your warehouse inventory management software will allow you to track inventory throughout the warehouse process, giving you up to date data at any point.
Picture this; earlier in the week you had a full pallet, this afternoon it’s half empty, your staff have just changed shifts and your customer is on the phone asking for a report on which orders have been filled and where the stock has gone… and they want it now.
Top warehouses are using their WMS inventory management to track stock and orders at every point, and provide real time data to customers with ease.
Your WMS inventory management lets you know the location and status of your inventory at all times. CartonClouds cloud based WMS software allows you to track inventory data in real time, and provide up to date stock balance and stock movement reports to your customers without hassle.
You can track the full life cycle of a product through your warehouse storage, picking and throughout production— so you know exactly what has been used, from where, and where it has gone. Tracking your stock movement also enables you to have in depth oversight of product assembly, and inventory restocking requirements.
Ensure stock availability ahead of time
Keep it coming. Real time inventory management means you have eyes on inventory at all times, so you can identify replenishment requirements early and easily communicate stock levels with customers.
Warehouse inventory system software like CartonCloud’s WMS allows you to pull real time stock reports to determine the exact balance of a product at any point in time. Avoid costly downtime between replenishment with easy to access, up to date stock reports you can share directly with your customers.
Use batch control to manage stock by expiry or best-before dates
Avoid stock spoilage and increase packing efficiency by storing based on expiration date. CartonCloud’s WMS allows you to control stock based on selected identifiers, including batch numbers, lot numbers, serial numbers, production dates or expiry dates. This gives you the data required to make decisions around how you will manage storage and location ordering (first in, first out, or ensuring easy access to stock that is first to expire).
Your stock movement report also allows you to track individual items within an order, understanding what inventory was delivered where, and when— and viewing important information such as expiry dates or best before of the particular order.
Avoid wastage or overstocking with inventory tracking
Inventory management can help you reduce costly overheads due to stock wastage. Through tracking expiry or best before dates on inventory, you and your customers can use this information to select stock for shipping, and plan timing for replenishments based on order frequency.
Warehouses providing assembly services require inventory management on inventory throughout the production journey. Utilising your inventory management system software to track batch and specific items provides you with full oversight of inventory stock levels, assembly status and order information throughout assembly and production.
CartonCloud’s WMS offers mobile barcode scanning, allowing you to increase picking efficiency for each item, and instantly update the item’s location and status in your inventory management.
Track raw materials and components from warehouse floor, through picking and assembly, to order shipment.
Want to know more about using your WMS for inventory management?
Contact the CartonCloud team today for a free demo.