While many aspects of the shipping and fulfillment industry have gone fully digital, some still require a physical presence. Whether you’re an eCommerce business storing products in a warehouse or a 3PL managing inventory for multiple clients, inventory management is critical. But managing your physical inventory in a digital world can be tricky. Here are some tips to help you get started.
Digital Inventory Solutions
Digital inventory solutions can help automate and streamline your inventory procedures. You can improve your bottom line by using inventory management software and other inventory control technologies, like barcoding and RFID tagging. Automating your inventory management processes can help reduce errors, increase efficiencies, and allow you and your team time to focus on other tasks.
Manual processes can often lead to errors and missed opportunities when managing your inventory. But automating your inventory with a digital inventory management system like ShipHero ensures accuracy and frees up time for you and your team to focus on the important stuff. Constant communication with your sales channels means you’ll always have up-to-the-minute information about what’s in stock, what’s sold out, and what needs to be replenished. Gone are the days of physical inventory count headaches and lost sales – let technology do the heavy lifting for you.
Inventory Tips and Tricks
Here are a few methods you can use to streamline your inventory management, no matter where you are in your process:
- Define your objectives and KPIs: What do you want to achieve with your inventory management process? You can develop KPIs to track progress if you reduce stock levels, increase turnover rates, or improve customer satisfaction.
- Develop standard operating procedures: Documenting your procedures helps ensure everyone on your team is on the same page and following the same process.
- Utilize technology: As we mentioned before, technology can significantly help manage inventory. From barcoding and RFID tagging to automated reordering systems, various technology solutions are available to help streamline your process.
- Conduct regular audits: Regular audits help ensure accuracy in your data and catch any errors that may have slipped through the cracks. Auditing also allows you to identify improvement areas in your process and make changes as needed.
- ShipHero Cycle Counts: Cycle counting helps to ensure that your physical inventory matches what you have recorded in the system, keeping everything in check. It also allows you to count smaller sections at a time, rather than having to shut down operations for a complete physical count. In other words, cycle counting helps prevent any potential inventory-related chaos and keeps your whole process running smoothly.
- Communicate with stakeholders: Good communication is critical in any business operation, but it’s imperative when managing inventory. Ensure everyone who needs to be informed about changes in inventory levels is kept in the loop. That way, there are no surprises down the road.
Digitize Your Inventory Management Process
In the digital era, physical inventory management can feel like a relic from the past. But efficient inventory management software allows you to have your cake and count it too. By automating the mundane tasks associated with physical inventory, you can spend more time checking things off your to-do list and less time inputting data. Why suffer through tedious physical inventory counts by hand?
You can make this process much easier with the right tools and solutions. At ShipHero, we specialize in helping businesses streamline their inventory management process so they can focus on what they do best – running their business. If you’re looking for help managing your inventory, contact us today to see how we can help.