Any business that carries an inventory of products has a need to maintain accurate information on the movements of all these items to better serve its customers and run a profitable business. Whether you need to manage one supply closet or a multi-facility warehouse operation, the goal is to cut down on manual data entry costs, minimize your inventory write-offs and overstocks and increase efficiencies in your supply chain.
A complete inventory management solution will consist of management software, mobile computers and label printers. These tools will enable your business to track inventory levels and movements in your warehouse or stock room by item, serial number, or lot number. With full visibility into your entire incoming and outbound inventory, you can make better decisions to maintain dynamic stock levels that meet the demands of your customers and usage.
What are the Key Benefits of an Inventory Management System?
A proper inventory management solution will streamline your business by significantly reducing costs and waste.
- Accuracy – Eliminate human error in inventory counting.
- Speed – Reduce man hours by using automated data capture.
- Accountability – Document shrinkage and loss to identify steps to reduce them.
- Mobility – Make adjustments or replace damaged/unreadable labels on-the-spot using mobile computers and printers.
What are the Components of an Inventory Management System?
All inventory management systems consist of four core components:
- Inventory Tracking Software – The software you use will determine how you track your inventory. Support for real-time vs. batch updates and the depth of reporting will determine which application is most appropriate for your business.
- Mobile Computer – Inventory tracking requires users to be on the move throughout your facility making updates and changes. Depending on your environment and need for wireless communication a range of devices can serve your process.
- Wireless Infrastructure – Many businesses need inventory updates to occur in real-time and a wireless network is a required tool to do so. No matter the size of your facility, a network can be scaled to accommodate it.
- Barcode Printer – In order to track items quickly and easily, they need to be labelled with a barcode. Printing can be done at fixed units for high volume printing or on the move with mobile printers.