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Best Warehouse Management software

Finding the best Warehouse Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

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Every business today be it an online or an offline business requires an inventory. The inventory is a storage house for loads of material and goods and requires to be managed and monitored on a daily basis. Such large inventory can’t be managed manually and hence requires software. The warehouse management software serves the purpose of managing and monitoring the inventory and hence manages the entire distribution channel. Proper Warehouse software manages and boosts the business revenue by taking care of the optimum utilization of the resources, vendors, investors and internal team. Operations in a warehouse include inventory management, picking process and auditing.

What is Warehouse Management Software?

The warehouse is the backbone of any business. E-commerce retails rely heavily on warehouse goods. Hence the need to properly manage the warehouse components is a necessity. Warehouse management system software takes care of the stock record. It involves details about the available material and goods in stock, stock location, stock level, maintain healthy stock levels, real-time inventory management, automated purchase management, routing and tracking shipments and multiple order management. It cuts down the manual labor task of recording and maintains the files for individual stocks. With big stockpiled in the storehouse, it’s always a tremendous task to maintain the paper files. However, before switching to the automated software, companies tried to switch over excel and spreadsheet. But again, with the bulk of material stored in the warehouse, the accuracy and spontaneity in recording the data and the facts were hardly achieved. Moreover, the challenge was to update the data manually every time and keep track of the shipments. Hence, the warehouse management system came into the role. The software cuts down the need for manual management and does not involve a team to update and track the stock. Once entered and updated, the software takes care of all the details associated and keeps the detail in the record, to be accessed anytime.

Key Features of Warehouse Management Software

The warehouse management software is a multi-management warehouse management system and allows a retailer to maintain the inventory across multiple locations with the help of centralized monitoring and provides tools to enhance order fulfillment.

  • Real-Time Monitoring - The admin can keep track of the inventory data in the real-time and can access details of any good/material from a remote location. The real-time update provides data on current inventory, inventory value in total, and evaluates and monitors the transactions done throughout the day. It updates the inventory on daily basis and hence provides the exact data and value.
  • Inventory Cost Management - With good being sold and added to the inventory, the overall cost of the inventory tends to fluctuate on a regular basis. A manual system consumes too much of time in updation on the daily basis and still doesn’t assure accuracy. A Warehouse Inventory Management Software updates the inventory and calculates the cost and requirements on a regular basis with much accuracy. Hence, eliminating the need for manual cost tracking.
  • FIFO Stock Picking - The goods and materials in an inventory should be utilized on the basis of the first-in, first-out model. Following this would save the materials from getting spoiled due to the expiration of date. Such inventory is usually found in businesses dealing with eatable materials. The data warehouse management software takes care of the material to be released according to first in, first out the model and hence saves the loss which might incur if the material gets stale or spoiled.
  • Aging inventory - An aging inventory is not good for any business. The inventory needs to be tracked and updated on a regular basis. The old products need to be dumped and the new ones to be added as and when required. To keep track of this, the warehouse management software updates the admin on the regular basis and hence inventory can be managed more effectively.
  • Order Management - The key to any business is to satisfy and make the customer happy. The fast and error-free delivery of the order is most required. The best warehouse management software is dynamic in nature and takes care of the stock pick-up, invoice generation, and tracking of the order shipment effectively.

Benefits of Using Warehouse Management Software

A Warehouse Management System is a major upgrade for any business- small or large. Implementing warehouse management software can have multiple benefits. Few of them are:

  • Reduced Operating Expenses - Well designed and better functionality warehouse management software reduces the operating expenses of the company if implemented properly. The various warehouse management tools help determine the stockpiled in the warehouse, the expiration dates of products, the floor plans to define storage and other features needed to well maintain the stock.
  • Transparent and Enhanced Inventory visibility - The features such as Bar code scanner, serial number, and tagging help determine the accurate location of the goods. It helps determine the in and out of the product from inventory, hence giving the real-time update on the inventory.  Such transparency and visibility are required to create and maintain the demand forecast, which provides greater insight into the products that are more demanded by customers and also determines the time of the year when the demand for certain products is high. The traceability factor also ensures to recall in case of any damaged goods.
  • Just-in-time inventory - Another feature of the warehouse management software is the just-in-time inventory which refers to the inventory management practice where the stock levels are maintained based on the demand and available goods. Rather than holding the products for long, the Just-in-Time inventory feature ensures that the product needs are fulfilled as and when demand is there. The demand forecasting hence plays a major role and generate optimal inventory levels to meet the demand without exceeding or underestimating it.

With all the available features and the benefits, warehouse management system software is mandatory for any business dealing with inventory management. As it not only cut down the operations time but also helps increase the accuracy of the tasks involved.

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Chirantan MungaraBy Chirantan Mungara | Last Updated: October 24, 2020

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