Mispicks, oversells, and out-of-stocks are the primary challenges in managing inventory. Having a motivated team and enough space are also concerns. Every inventory management system created in the past two decades has sought to overcome the former problems, but software can only do so much.
Eliminating Mispicks in Your Warehouse
Eliminating mispicks is a lofty goal, but software like SkuVault can help to reduce the frequency of mispicks. Its error-prevention features remind workers to double check their picks. In addition, its smart-picking technology generates an efficient pick list, so workers spend less time picking overall. Of course, mispicks aren’t always the fault of outdated software; it helps to have motivated workers who genuinely care about picking correct products the first time. In this case, warehouse managers can benefit from SkuVault’s accountability features, which track who does what.
Reducing Oversells in Your Store
An oversell occurs when you’ve sold more products than what’s currently in inventory. This usually happens when an inventory management system reports that the warehouse has more products than it truly does. Reducing oversells is as simple as not losing your product in the first place. Although it’s easier said than done, accurate tracking and cycle counts is an important part of stopping oversells.
Turn “Out of Stock” into “In Stock”
A good inventory management system knows when you’re getting low on a product, and alerts you to take action. Potential buyers don’t like to see that items are out of stock, because they have to purchase it somewhere they’re less familiar with. To retain brand loyalty and maximize profit, get an IMS that handles stock well.
Maintain an Excellent Warehouse Team
If your warehouse is always a mess despite having a top-rated IMS, it’s time to reevaluate your warehouse team. Some people adapt well to warehouse life; they love the day-to-day upkeep and know how to run it efficiently. Thanks to a plethora of accountability features, software like SkuVault can help identify people who don’t love their jobs and might be better suited elsewhere.
Rent Enough Space to Be Efficient
So you have the best software and a great team, but it’s still difficult to navigate the warehouse (or back room) without bumping into a pallet. You need more space. Unfortunately, space isn’t cheap, and moving is usually out of the question thanks to the expenses involved, but when an eCommerce business becomes truly successful, it will require more space. It’s a good thing. Consider renting another warehouse if moving your current stock isn’t an option.
Overcoming the top five challenges in inventory management is a process that’s always ongoing, not a task completed overnight with the right purchase. If you have a modern IMS, enough space, and the motivation to be successful, you’re on the right track.
At SkuVault, we are dedicated to making inventory management as easy as possible for you. We understand the need for an efficient inventory system. As a retailer, you need to focus your efforts on marketing, increasing sales, and growing your company. Give us a shot to prove how much easier SkuVault can make your life. Click below to try a free demo of SkuVault today.