Cost Savings
If you’re a business owner, you know that labour is a major part of the operational cost of a warehouse. Reducing dwell time and boosting productivity are some great ways to reduce this expense. It’s also far cheaper to keep existing employees than to hire new ones. To increase productivity, consider cross training or continual training seminars. Automation also saves money, but it comes with new maintenance and installation costs.
Inventory Visibility
An integrated supply chain management system (SCM) can improve inventory visibility for a variety of reasons. Real-time information on inventory levels allows teams to communicate more effectively. This helps minimise errors arising from manual data entry. Inaccurate inventory information can result in missed orders, inaccurate financials, and unsatisfactory quality control. Incorporating real-time inventory information into a warehouse management system allows companies to track orders, goods in transit, and more.
Inventory visibility is critical for omni-channel fulfilment, especially if you’re trying to meet the high expectations set by consumers. Improved inventory visibility allows you to see exactly where and when you need to fulfil orders. With proper data management, you can improve omni-channel fulfilment performance.
Increased Sales
Inventory management can also increase sales, especially when a warehouse is well-managed. Inventory recorded less than actual stock will lead to declined orders while inventory recorded higher than actual stock will accept orders. Inventory management strategies can increase sales by reducing fulfilment time. Using integrated re-ordering plans and sales forecasting can improve your warehouse’s inventory control. A warehouse with these features can serve more customers and generate more revenue.
