Published on October 30th, 2021 | by Sunit Nandi0
5 Ways Technology Is Improving Warehouse Inventory Accuracy
On any given day, warehouses are under constant pressure to maintain correct inventory counts while processing hundreds or thousands of units.
Warehouse managers must create effective techniques for simplifying workflows and decreasing errors in inventory management processes to maintain complete control of operations.
Each warehouse should keep track of the stocking quantity, condition, and location of each inventory item they manage to execute orders efficiently.
Most warehouses utilize a Warehouse Management System (WMS) to help them organize their operations by centralizing all their key data, including inventory management information. In this article, we’ll look at some useful tips for better inventory management. These strategies can increase the efficiency of critical inventory activities and cover a wide range of features of the warehouse.
5 ways technology is improving warehouse inventory accuracy in the following manner:
1. Automation that improves warehouse agility
Warehouse management systems (WMS) are a type of technology that is used in modern warehouses.
These software solutions aids in the maintenance of ideal space use and inventory levels for increased profitability. Overstock and understock are expensive, causing long-term storage issues, backorders, and a loss of consumer confidence.
Forecasting analytic systems improve demand estimates, allowing warehouses to fine-tune inventory levels more precisely to match demand while avoiding frequent difficulties like overstocking, which wastes valuable warehouse storage space and increases long-term storage expenses.
Another technology solution for distribution centers is collaborative mobile robots, which guide warehouse workers through each activity and help them stay on target, and enhance order picking accuracy.
2. Transition to a paperless workplace
With technology, there’s no need to print piles of checklists and report forms. A custom report generator is included with a warehouse management system, and it can develop templates for inventory, auditing, and reporting.
You can construct custom templates for certain reasons and then modify them to reuse them instead of starting from scratch. You save money on paper and printing by switching digital. The majority of warehouse management software solutions are mobile-friendly.
All data is updated in real-time and synchronized automatically across all systems and platforms. It enables audits and reconciliation to go as smoothly as possible.
3. The use of radio frequency identification
RFID tagging has been implemented in a large percentage of retail inventories. Previously branded with paper bar codes, products now have unique RFID tags that can be placed in containers or individual objects.
RFID uses small microchips with memory storage loaded with details on a product’s manufacturer, brand, and color, as well as its exact position in a supply chain, rather than line-of-sight scanning, which limits the number of goods that can be scanned at any given moment.
Scanners are used by retailers to scan products at once to assess pricing and availability. According to industry analysts, the deployment of RFID has increased inventory accuracy rates to 90 percent.
4. GSI Warehousing & Storage
GSI Warehousing supports importers and manufacturers’ business functions by providing public distribution and warehousing services which are connected with a network of warehouse/distribution partners who provide full-service inventory management, warehousing, and transportation services. Production, shipping, labeling, replacement, returns, and reconditioning are all areas where GSI Warehousing can help.
There are a couple of other key parameters that should be checked regularly in addition to warehouse efficiency. Today’s WMS systems have strong reporting capabilities, allowing you to combine several data inputs and produce custom dashboards and statistics.
It’s also feasible to look at real-time data for a variety of inventory parameters, making it simple to spot problems and prepare reports for periodic inventory audits.
5. Efficient Demand Forecasting
You can use demand forecasting to ensure that you never run out of supply, even if your stock levels are low. Warehouse management systems (WMS) can provide you with valuable information on how things are moving through your supply chain.
Actual sales data and demand pattern history are used to create accurate demand forecasts. The goal of this function is to lower warehouse storage expenses while also maximizing space use.
On the other hand, you can have too much inventory, which is not a good strategy even for high-demand items. Keeping an adequate stock in your inventory to match one and a half times the typical demand for that product at all times.
In today’s world, technology is a part of almost every corporate process. Inventory management software can make inventory control and organization much easier and more accurate.
Inventory management software will make it easier for you to monitor your inventory, no matter how complicated your needs are. You can provide the right personnel access to that inventory, keep track of inventory movement accurately, and gain insight from inventory activity and history.