Looking for information on How to Set Up Warehouse Inventory? This blog covers everything to help you get started to set up warehouse inventory for your business.
Inventory Management is a crucial part of Warehouse Management. Since a business has to deal with numerous products on a daily basis, it is critical for businesses to keep a track of everything from storage to shipping to ensure efficiency in the supply chain process. It helps in fulfilling demands and orders from consumers and also enables better business trackability while ensuring access to information in simple clicks. This blog talks about essentials to warehouse inventory to help you understand various steps required to set up warehouse inventory.
A Guide to Set Up Warehouse Inventory
Setting up a warehouse inventory system requires information on products while enabling businesses to establish proper trackability of inventory linked with varied characteristics or business dimensions.
What is Warehouse Inventory Management?
Warehouse Inventory Management keeps the track of all the products stored in the warehouse. From incoming to outgoing, the products are tracked and monitored based on certain values to ensure proper management of information that can be utilized in various business processes. Referring to the practical use case scenario, a business may have multiple warehouses and numerous product ranges which might require a warehouse management solution to keep the track of everything as manually it is out of the human scope to maintain such data in any case.
Once the products come to the warehouse and till it is dispatched to consumers, the warehouse inventory management keeps an active record of everything for business references. It ensures efficiency and accuracy while ensuring accountability of stocks in the warehouse inventory.
What does Warehouse Inventory contain?
The Warehouse Inventory may contain various information associated with products or stocks in one or the other way. From manufacturing details, pricing, quantities of stock, and sales status, to an expiry date, it contains everything about the inventory which might be linked to other crucial information used for sales or order dispatching.
Here are different processes that warehouse inventory may contain:
1. Goods Receiving & Tracking:
Every inventory which enters the warehouse gets track and details are fed into the dedicated software or system.
2. Keeping a Count of Inventory:
Quantity and order management is critical and it can be done while ensuring the count of inventory or items stored in the warehouse.
3. Labeling Items:
Labeling is another crucial aspect that gives an identity to the product or item and makes it easy to be tracking. This can done by barcoding or QR Codes.
4. Auditing Inventory:
Auditing of inventory can do regularly to ensure that records are matching up correctly.
5. Dispatching & Order Management:
Inventory management also helps in dispatching orders. Which are saling to consumers and make it smooth from a logistical point of view.
Steps to Set Up Warehouse Inventory
Here are various steps that will help you set up warehouse inventory in an optimized way:
1. Warehouse Design:
This plays a crucial role in making the warehouse accessible to various stakeholders and ensures better management of products or items stored in the warehouse. Before setting up inventory, this is a crucial step to set up inventory.
2. Using well-defined SKUs:
It is another thing which can help in differentiating inventory in varied ways. It is a unique identifier linking to every product. Which can used for reference to ensure better tracking of inventory.
3. Choosing the right inventory management techniques:
It is beneficial to choose a methodology that aligns with your business goals directly and meets the consumer’s demands. Some of the techniques are dropshipping, Just in Time, dropshipping, bulk ordering, consignment, etc.
4. Aligning Warehouse Inventory with Software:
There are various inventoy management software available in the market which can help you in facilitating this management from scratch till the end. One can either go for the licensed software and can also choose custom development to get the warehouse inventory management software as per the needs.
5. Facilitating Inventory Management:
Utilizing barcode tracking and labelling or feeding them into a dedicated inventory management system can efficiently ensure inventory tracking. From stock management to every minute detail, it will holistically contain information on a dedicated system.
6. Handling Return Management:
In the modern e-commerce world, returns are a usual part of the business. Being a full-fledged business, you should also keep track of entities associated with product returns management.
Warehouse Inventory set-up is not a tedious task so that; only if you know about the right aspects pertaining to crucial information related to business and products. Hope, this blog helps you to get started with managing your warehouse inventory.
Looking for warehouse inventory management software? NOI Technologies offers end-to-end solutions; that can help in warehouse inventory management catered specially for your business needs.