The global pandemic has changed the e-commerce landscape forever. With intense digitalization and the exponential growth of online shopping, retail supply chains across the world are now strained with new market demands. One of those demands is a more efficient order fulfillment strategy, which requires reviewing your warehouse practices as well.
Inventory discrepancies are becoming a costly issue for businesses. Essentially, more orders and transactions increase the chance for errors, so inventory accuracy is critical.
How do you achieve higher inventory accuracy?
Review your warehouse strategy
It is crucial to take a closer look at what’s happening at your warehouse facility. Are you using your organizing your space in the most efficient way possible? What does the order picking process look like? Are you self-storing or using a warehouse service provider?
It can be especially challenging for small businesses to implement automation and optimize their warehouse strategy. To combat this, small business owners should consider using a proper warehouse provider or optimizing the fulfillment processes in their warehouse.
Upgrade your inventory management software
Software is an essential tool for managing a business in today’s world. It gives you visibility into processes and transactions in real-time with historical data records. The most important thing about a robust inventory management system is that it prevents going out of stock rather, eliminating the reliance on instinct to detect frequently occurring issues. There is a huge opportunity for cost savings and an increase in inventory accuracy when you can find an error before it inflates into a costly issue.
Control and consistency
Ultimately, market demands are changing very fast. It is crucial to keep a keen eye on your inventory and warehousing. Regular warehouse check-ups will help you keep a finger on your supply chain’s pulse and be more proactive with your strategy. Consistency and control will help maintain a properly organized warehouse space and enhance order.