Inventory management is tracking your stocked products, ensuring the correct products are where they need to be at the right time, and selling at the right price.
What makes stock management tricky is that there are many factors to consider. From ensuring you have the right amount of stock on hand to maintaining organization and dealing with fluctuations in demand. Without the right strategies in place, managing your inventory is a daunting task.
As you are probably already aware, all businesses distribute and sell products and services in one form or another. Therefore, outsourced warehouse inventory management is crucial for maintaining a smooth flow of incoming and outgoing goods, reducing shrink, and minimizing supply management mishaps. In addition, an efficient inventory management system also allows businesses to adapt to market demands, ensuring you don't have too much or too little stock - both things you want to avoid at all costs!
You must meet these inventory management tasks to manage, and process orders to fulfil the customer's needs. Through this article, you'll learn the necessity of proactive and efficient outsourced warehouse stock management and various inventory management practices to keep your business running smoothly!
With effective outsourced inventory management strategies, businesses can lower the costs of storage and insurance coverage. In addition, by focusing on inventory management, which promotes customer satisfaction and loyalty, companies can sell products that keep customers coming back, increasing sales.
Knowing how much stock you have in your store dramatically affects the ability to manage it. With too much product in stock (especially expirable goods), wastage and revenue loss are inevitable. On the flip side, too little product leads to empty carts and dissatisfied customers, which decreases revenue.
Especially for e-commerce businesses with multiple warehouses, management software that updates product movement in real-time is crucial for a smooth operating business. This way, the e-commerce business can replenish stock when necessary while managing input and output.
With that said, let's go over two ways you can boost your inventory efficiency.
It's not unusual for small or developing businesses to use spreadsheets like Excel to manage inventory; however, as they grow, moving to a simple management software allows for efficient tracking and ordering of products.
Many small businesses don't know that pivoting to an ERP software specifically designed for inventory management takes your business to the next level. ERP software allows you to manage your chain of supply and orders in one system. You also can select and incorporate different technologies to optimize your outsourced inventory management practices.
Even among small businesses, the reliance on manual inventory movement and management can impede your business's success. The hard truth is that even the most hardworking employees make mistakes. Educated guesses are not guaranteed to be correct, and with no room for error, upsetting customers and losing sales are bound to happen.
Set aside customer satisfaction for a moment. When using manual inventory counters, your business isn't time-efficient. Manual inventory counts are not only time-consuming but money-consuming. This frustrates you and your team since they've been depleted of staffing for tasks where automation is an option. Automation allows for effective delegation of tasks where your team is needed, which increases overall productivity.
Using the right ERP system to take over such a quantifiable and demanding task gives you more accurate movement readings and increases efficiency. It's necessary for all purchasing and sales order data to exist in one operating system and to track and update inventory levels in real-time. This way, when customers have questions regarding your stock for specific items, you have an immediate answer with only a quick check.
For the satisfaction of all our clientele and yours, we only work with the most trusted in-class warehouse management system on the market: Mintsoft. With Mintsoft, we can pick and pack your orders and keep your customers happy!
Mintsoft's order fulfilment software helps hundreds of businesses automate and manage product movement from every level of the supply chain; inventory management, orders, shipping, customer orders, inventory levels, creating shipping labels, and automating the shipping process!
With the six keys of Mintsoft's warehouse management systems, you can scale your business without having to sacrifice any aspect of your business. These systems are built and backed by E-commerce, logistics, and warehouse management industry experts, so you can trust that you and your business are safe at every step.
Mintsoft's order management software not only automates the process of picking but also packing and shipping. Mintsoft's OMS guarantee's top-tier efficiency and accuracy of all orders, allowing you to take rein of your orders while streamlining productivity.
Now with the ability to join marketplaces and your inventory systems, you'll never have to worry about overselling inventory. Mintsoft's API integrations feed you real-time updates on your online shops, so you never miss an order again.
3PL management software provides a complete view of your warehouses' inventory and courier relations from one platform. In addition, Mintsoft's white label option allows you to keep branding consistent while presenting your clients with a clean and professional platform to shop from.
Mintsoft wants you to be confident in your business's capabilities; that's why its warehouse management system gives you real-time visibility to account for your inventory. In addition, with state-of-the-art reporting tools which operate on a cloud-based platform, you can stay connected to your business from anywhere.
You can get 100% accurate order picking thanks to Mintsoft's mobile barcode scanning app. You can also book inbound deliveries and manage warehouse inventory from one platform on your mobile device! If you prefer to use a handheld scanning device, the barcode scanning app is also compatible with various models of scanners for your convenience.
With shipping management, you can regain control of your courier needs thanks to Mintsoft's multi-courier API integrations. In addition, you can manage your single and multi-couriers in one platform, with integrated shipping rules, labels, and order tracking.
If you are looking for an e-commerce fulfilment stock management provider the get in touch! Either visit our contact page or call us on 01903 791211.
