Warehouse based operations can transform from “dive to thrive” by having top shelf, customised stock management systems in place. The guesswork is removed and replaced with a much higher degree of accuracy when it comes to everything from financial forecasting to placing inventory orders.
Who needs dead stock taking up important real estate in their warehouse, costing money to hold, without generating income?
By getting your stock management system on track and integrated seamlessly with other operational elements including transport management, wholesale distribution and financial systems, you’ll be transforming your business in no time and quickly seeing the impacts on the bottom line.
Benefits of custom stock management software:
Let’s explore the benefits of using purpose built stock management systems for your warehouse based operation, including:
- Improve stock accuracy
- Save time & money
- Create transparency & visibility
- Boost efficiency & productivity
- Elevate customer experience
Benefit 1: Improve stock accuracy
Quality stock management software will automatically update what is available in the warehouse in real-time and flag when more stock needs to be ordered. This measure will see a reduction in errors across the operation, particularly with picking and packing.
In the instance of a multi-channel ecommerce store with orders coming in from a number of avenues (online or in store) it is important that your stock information is accurate. Not only will it reduce order errors, but it will also ensure that customers’ expectations will be met. If they see online that there are only a few items left, when in reality all have been sold in store with no additional stock available, it will cause disappointment and confusion and likely result in them not being a return customer.
Benefit 2: Save time and money
Storing stock in warehouses doesn’t come cheap. Even worse if you’ve got a stack of deadstock taking up room that you could be using more effectively and making money from. Managing stock with industry specific software is vital if you want to reduce the expense of holding inventory.
Customised stock management systems will help you avoid ordering excess items, as you will have a handle on forecasting which stock is moving more or less. It will also enable you to automate tasks that were previously done manually, saving your team a stack of time and ultimately dollars.
So, is your current stock management system doing its job, or is it actually creating more work for you and your team.
Benefit 3: Create transparency and visibility
At a glance you will be able to have an overview of your entire business on one platform by using stock management software that seamlessly integrates with your transport management system.
This will enable you, or whoever is given the appropriate permissions in your organisation, to view everything in real-time from the status of any orders that have been placed, through to the consignment details.
Stock management software systems will ultimately organise your overall warehouse operation and your team, whether you are in a single location or across multiple distribution points.
Benefit 4: Boost efficiency and productivity
The reality is that stock sitting on your warehouse shelves is dead money. Ideally, you want items to be moving at a regular rate and keeping the cash flow moving in the right direction.
By using industry designed stock management systems you will be able to generate customised reporting that enables you to quickly and easily analyse your stock and revenue. These reports can also be scheduled on a regular basis so you are always ahead of the curve when it comes to your inventory management.
Having this data readily available allows you and your team to make quick and accurate decisions on the right stock levels for the right products, and therefore increases the efficiency and productivity of your overall operation.
Benefit 5: Elevate customer experience
In today’s competitive marketplace it is entirely necessary that you ensure your customer satisfaction is a top priority. Consumers have multiple options when it comes to selecting providers for pretty much all goods and services and it is a non negotiable for warehouse based businesses to let customer experience slip if they want to be seen at the top of their game, and most importantly, get the customer returning for more.
By having a custom build stock management system in place, particularly one that is integrated with the rest of your operations, you and your team will know with certainty the latest status of all customer’s orders, from stock availability in the warehouse to where consignments are at. With all real-time details at your fingertips, you can be assured to provide customers with clear and timely communication at each stage of their journey with your business.
When your stock management systems are effectively integrated with your freight management system, you may also be able to provide the option to automate customer notifications, giving them up to the minute details of their order status, through to delivery details.
The wrap up
As we can see, the advantages of implementing a quality stock management software system into your warehouse management are vital if you want to continue to build and grow your business effectively and efficiently.
Better yet, if you choose a software system that can seamlessly work in conjunction with your transport management system, you have a one stop shop for all your operations which can give you the competitive edge in your industry.
At Infocomm we have developed one of the most advanced, yet user-friendly, software solutions, tailor made for warehousing operations of all sizes.
We can customise the stock management system to suit your business needs, while incorporating all modern warehouse management practices including:
- Auto put-aways
- Real-time stocktakes
- Dangerous goods
- Temperature control zones.
Ready to transform your warehouse business with customised stock management software? Get in touch with the team at Infocomm now.