Optimising your warehouse inventory and storage provides a number of benefits, including increased space, lower outgoing costs, and minimising human errors. But where do you start? We know it can be overwhelming to think about implementing new systems and processes. That’s why we’ve outlined eight ways you can optimise your storage to help improve warehouse efficiency and performance.
#1. Have a system that monitors inventory levels
By implementing an inventory control system, you’ll be able to manage all aspects of the company’s inventories throughout the entire supply chain. This includes purchasing, shipping, receiving, tracking, storage, turnover and even reordering. Being more efficient in your ability to track and monitor inventory will enable you to predict future trends and make informed decisions about your investments. In other words, monitoring your inventory levels could help you make more money. An inventory management system can have a variety of features, and they tend to vary depending on which software you use. Generally speaking, most systems offer the following tools:
- Data analysis and forecasting
- Alerts and reminders
- Inventory tracking
- Customer relationship management (CRM)
- Account management
Also, to save money you could look at software comparison sites, like Capterra to find the best inventory management software within your budget.
#2. Analyse data to effectively manage stock
Data analysis is key to effective stock management. By analysing customer data, you’ll be able to determine the appropriate stock levels for various items. For example, you can identify items that are selling well or that are not selling at all, and restock your warehouse accordingly. This’ll help you reduce costs by ordering wasted items, and will, in turn, increase your sales and profits. A recent article by Fishbowl outlines the importance of data in inventory management – why not have a look for more information?
#3. Get appropriate warehouse equipment
It’s no use having an inventory management system to improve your warehouse efficiency if you don’t have suitable equipment to store and move the stock! Using high-quality equipment is crucial to the optimisation of your warehouse inventory. Because, by using the appropriate storing and manual handling materials, you’ll be making the most of the space you have and freeing up space for additional stock. Additionally, it’s important to invest in appropriate transport for moving large items such as trolleys and other material handling equipment. Using transport equipment will help workers move product safely and effectively around the premise.
#4. Standardise best practice
Best practice should always be encouraged to help you and your employees work safely and efficiently. By enforcing high manufacturing standards, employees will be more thorough, considerate, and efficient in their jobs (which will hopefully make customers happy too). So, how does enforcing best practise help optimise your warehouse inventory? Implementing a high standard of work practice will ensure that your warehouse inventory is carefully monitored. This means that you’ll be able to keep track of your stock in a much more organised and efficient way.
Read Also >>> 3 Ways AI is Digitally Transforming The Supply Chain
#5. Training to reduce human error
People are in no way perfect, and mistakes can happen. However, by training your employees in the systems you’ll reduce the likelihood of errors in your warehouse. To optimise your warehouse inventory, consider training employees in the stock management process offer them a better understanding of the way your system works. This’ll also help them keep on top of the stock inventory, so you’re not holding the fort alone.
*A top tip – when delivering training, it’s important to pay particular attention to processes or items that may stray from the norm.
#6. Organise the layout of your warehouse by best-selling products
To make your warehouse even more efficient, why not try organising your stock based on customer demand? If you know that one item is going to sell more often than others, place it somewhere that’s easily accessible. It doesn’t make a lot of sense to put the items that are selling fast on the top shelf. By organising your stock in this way, you’ll be making the most of the space in your warehouse, all the while ensuring that the key areas are filled with the most appropriate stock.
#7. Clearly label products
A simple organisation will go a long way in the optimisation of your inventory. Something as easy as clearly labeling your products will save time for you and your employees. It’ll also help you keep on track of where your items are in the warehouse. In an ever-growing sea of stock, we know that this can be harder than it sounds.
#8. Keep your eye out for new technology that’ll improve warehouse inventory management
The digital world is constantly changing, presenting new ideas and systems that can help make your warehouse management more efficient. Use social media to keep yourself updated about recent trends: we recommend following @InventoryMgmt on Twitter for inventory, distribution and business management tips. By making sure that you know about the latest digital improvements, you can make your inventory management as efficient as possible
David Davies is managing director of Bluetrolley™, specialises in bespoke, affordable, high quality material handling equipment.