If your small business stores the goods you sell in a warehouse, warehouse management is an integral part of your supply chain management. Warehouse management is essential to tracking the products your business keeps on hand, as well as ensuring you maintain optimal levels so you can quickly fulfill customer orders. Understanding how to develop a warehouse management plan – and choose the inventory management software your business needs to support it – is key to staying apprised of your stock, preventing loss and theft, and keeping customers happy by quickly filling orders.
What is warehouse inventory management?
Warehouse management is the process by which warehouses operate in an efficient and reliable manner. It is a smaller part of the broader inventory management process that a business uses to governs stock across its entire ecosystem.
What is the difference between warehouse management and inventory management?
Warehouse management is part of a broader inventory management plan, focused specifically on your storage facilities.
How do warehouse inventory management systems work?
Warehouse inventory management software is available as a standalone solution or as part of an ERP system that includes inventory management software.
Best practices for managing your warehouse inventory
- Appoint a warehouse manager
- Determine the warehouse layout
- Establish a workflow
- Inventory location tracking
- cycle counts and regular inventory audits
- Accounting methods
- Data reporting
Implement warehouse inventory management software
To efficiently operate a warehouse, hire a reliable warehouse manager, implement effective inventory management software and devise a workflow that includes regular cycle counts, inventory tracking and robust data reporting.