Most businesses require storage space for their products and inventory. Storage is not only required for finished products or stock, but also for other inventory elements like raw materials and packaging units.
As your business grows large, the need for an increased storage space and its complex management becomes inevitable. It is like a chain reaction. Your business grows, demand increases, stock requirements go up, and so does the need for raw material. You can easily buy a storage space like a warehouse to store your inventory, but without proper management of each and every individual unit, your entire supply chain and business operations could shut down.
This is where inventory management comes into play. Warehouse inventory management encompasses the principles and processes by which stock in a warehouse is received, stored, audited, and managed till order/sale fulfillment. As simple as it sounds, managing warehouse inventory is a complex process that requires the simultaneous and effective functioning of different verticals.
The management mechanism
The warehouse inventory management process can be broken down into six core processes that include:
- Receiving: Checking in and logging incoming items. This step requires verification of the unit, its quantity, and condition.
- Designating: Also known as putting away, in this process, the items are put away from the receiving dock to their designated storage locations.
- Storing: Safe storage and logical arrangement of inventory is one of the most crucial aspects of inventory management.
- Picking: This step includes collecting the units ready for shipment..
- Packing: In this process, the inventory is safely packed with suitable packaging along with an accurate packing slip.
- Shipment: Sending out the finalized orders, ensuring that they are on the right carrier, at the right time with the proper documentation encompasses the last step of the process.
The challenges faced
Some of the most common warehouse inventory management challenges faced by businesses include
- Inventory Visibility issues: Limited visibility of inventory is the biggest cause behind poor warehouse management. Limited visibility results in difficulties in locating and identifying stocks in the inventory. Time is of the essence, and visibility issues amount to time lost in locating the items, not to mention the imminent possibility of picking the wrong item. Delayed shipment and disruptions to supply chains are generally attributed to limited visibility to inventory.
- Inefficient management practices: With growing inventory, the task of tracking and accurately locating inventory gets tougher and tougher. Lack of technological tools amounts to sloppy inventory management. Automation and digitization become absolutely necessary with manual management having its restrictions..
- Tracking obsolete inventory: Not every item makes it to its final destination. Some inventory items become obsolete over time and occupy precious inventory space. As a result warehouse managers discard irrelevant inventory. The problem arises when such items become relevant, and the discarded inventory cannot be relocated anymore. This leaves the business with no choice other than re-buying the same piece of inventory and spending heavily.
- Maintaining the correct levels of stock: Overstocking or understocking can hurt businesses badly. This problem emerges due to poor accountancy and stock control. Ultimately businesses fail to analyze their needs and demands and end up stocking more or less inventory than required.
AI and ML to the rescue
Choosing the right Artificial Intelligence and Machine Learning tools is the only way to ace warehouse inventory management. These tools are commonly known as Warehouse Management Systems or simply WMS.
In a lot of cases, WMS is a built-in feature of the Enterprise Resource Planning (ERP) software suite that businesses use as a 360 degree software solution. In other cases, it comes as a stand-alone system that enterprises can opt for individually.
Visionify provides the answer
Visionify.ai’s WMS solutions make the best use of Industry 4.0 tech to tackle all the challenges of warehouse inventory management. Our vision backed real-time inventory features can help you monitor acquisition, tracking, and shipping of products. Visonify’s Computer Vision tools will enable your WMS to accurately detect the locations of your stock and its availability.
Apart from the barcode sensing and log-keeping to check stock levels, our WMS solutions make the most of Computer Vision tools to detect empty slots. Our Computer Vision cameras are programmed to monitor the movement of shelves and instantly trigger notifications and entries for the log.
Our AI and ML powered solutions can also help you with Stock control features that dig up obsolete inventory while suggesting appropriate actions for old stocks. Additionally, we can enable your WMS systems to come up with intelligent forecasting tools that will help your warehouse managers by raising stocking requirements based on expected customer demand and historical sales data.
Our clients have highly acclaimed our Warehouse Inventory Management solutions. Our services have helped retailers and warehouse owners improve accuracy, boost efficiency, and cut down costs and loss of time.
Manage easily with Visionify
Simplifying and streamlining inventory management is crucial for building a successful business. Accuracy and time efficiency are key to successfully running supply chains. We solve all your inventory problems with our AI-powered Out-of-stock solutions that help you maximize your inventory management and decrease errors. You get real-time insights round the clock without the need to physically visit your inventory store.
Take your business up a notch with Visonify.ai’s Warehouse Inventory Management solutions that save you time and money. Get in touch with us to receive more information on how our solutions can be deployed for your warehouse and inventory challenges.