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Warehouse Inventory Management Solution

December 14th, 2022

Introduction

Managing a warehouse is not an easy task, especially for a large company. It is a good practice to use an expert system, especially in this digital age where the use of electronic devices and systems is on the rise. A warehouse management system is essentially a software solution that makes the process of organizing, controlling, and administering a warehouse simpler. 

Several industries require an inventory system, like agriculture, manufacturing, logistics, etc. The basic purpose of a warehouse is to ensure one can store their goods in a safe and secure manner; this includes raw materials as well as finished goods. It is also vital that the business is aware of where each item or product is located, what is in stock, and if there is any space available. This is more so in large warehouses, which are harder to manage. This article provides more information on a warehouse management solution.

Significance Of Warehouse Inventory Management Solution

There is more to a warehouse than simply stacking the shelves and retrieving items when necessary. A warehouse can differ in size depending on the type of business; however, it isn't something that can be managed efficiently without a decent system in place. Here are a few reasons it is important to design a custom system for your business:

  • It helps streamline the order fulfillment process and avoids delays by ensuring everything is fully organized.

  • Implementing a system with advanced technologies helps improve accuracy and fulfill orders more accurately by reducing human error and automating tasks.

  • Considering the size of a warehouse performing daily tasks like recording, scanning, and retrieving items can be quite an ordeal. Implementing an intelligent system can help boost productivity to a great extent through the automation of routine tasks and speeding up all other processes.

  • This type of system will allow you to process the tasks faster, thus allowing you to get through more orders and increase efficiency and profits in the process.

  • It can help one expand their business and engage in more complicated processes like automating order processing, splitting inventory across several centers, and optimizing the process of last-mile delivery. 

  • Implementing this type of process is key to saving money.

  • A system like this is very efficient, helps remove any hitches, and ensures the products are delivered to the customers in a timely manner. Customer satisfaction is essential; in fact, it is vital for the success of any business.

  • The cost of human error tends to build up. Errors often occur while shipping goods, manual data input, etc. Automating tasks helps eliminate this and also helps reduce labor costs.

  • Theft, loss of goods or misplacing items often cost this type of business a great deal; this can be eliminated by a custom solution.

Here are a few statistics that suggest the same:

  • Over 5 Billion people are actively using the Internet, which is equivalent to 62.5% of the world's population.

  • 92.1% of people use their mobile devices to access the Internet.

  • The number of social media users around the world as of June 2022 is 4.7 Billion.

  • Warehousing and storage industry is a $22 billion industry in the USA.

  • The average size of a warehouse in 2000 was 65,000 square feet, while that in 2017 was 181,370 square feet. 

  • An increase in eCommerce sales is driving the need for bigger and more efficient warehouses.

Process of a Warehouse Inventory Management System

The working of a warehouse involves several complex procedures. However, there are two main processes, inbound and outbound. The inbound process involves receiving the goods and processing the inbound request. It also includes scanning, inspecting for quality, and assigning a location for it to be stored. Similarly, an outbound process involves locating the item in the store and picking it up. Each outbound item goes through the process of finding the correct size box and packaging material. It also needs to be weighed. Scanning it and processing it for shipping prior to shipping it.

The process of the warehouse process might seem quite simple; however, there is more to it than meets the eye. There are many types of warehouses, the most popular ones being ones that stock items for sale. The task of processing inbound items will usually mean having to deal with a truckload of items, if not multiple truckloads. The warehouse will have to process each inbound item which involves unpacking it, registering it on the system, and storing it. This process needs to be completed as fast as possible to ensure it can be made available for sale.

Attempting to accomplish such a job manually is time-consuming, and trying to speed up the process can very easily result in human errors. A single error at any stage of this process will affect the entire supply chain process; hence this is something businesses cannot afford. This is where a warehouse management system comes in. It can help automate the entire process and improve efficiency.

This process can be handled very easily using a warehouse inventory management system. The way such a system would work is all items are opened and taken directly into inventory at the click of a button. Doing so, automatically updates the stock levels of the item and makes it available for sale. It also records the location where it is to be stored.

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How it Works?

The reason this process can be better implemented better using a system like this instead of using paper or a filing system is that there are several favors to consider during each stage. Listed here are the factors to consider:

  • Check if there is any space available to store the item. 

  • Find the best place to store it based on how it fits, the demand, and how fast it can be retrieved.

  • Assign the task of stocking the item in a timely manner.

  • Keep a record of the timestamps at every stage, like arrival, scanning, & stocking.

  • Each item is also labeled correctly prior to putting it away.

  • The inventory needs to be updated, and in the case of an eCommerce store, so does the store database to ensure it is available for sale. 

  • It also involves a verification process. 

  • The system will also optimize the picking system to speed up the process; this is useful when there are many orders. It works by analyzing which order to process first. 

  • It can also further optimize the system by implementing a batch pickup instead of a single pickup. This is relevant in the case of multiple orders, and the pickup is to be made from the same location in the warehouse. 

  • A system like this will also have an extensive database of the different types of boxes (various sizes and thicknesses) as well as packaging material. The process of finding the appropriate box and packaging material is automated within such a system to save a considerable amount of time. The product data will also already contain all information pertaining to the product, like weight and other specifications. 

  • Report generation is an integral part of a system like this as well. Vital reports pertaining to the pricing, sales, worker efficiency, best-selling products, etc., are generated periodically or on demand to help a business optimize its operations and make better decisions.

How Acquaint Softtech Can Help

At Acquaint Softtech, we have a highly experienced team having experience in a wide range of technologies. The applications we develop are highly scalable; hence you can consult us irrespective of the size of your company, like small, medium, or large business or even a startup. We also develop MVP if it serves your purpose.

With Acquaint, you will be hiring a highly skilled team of developers who always deliver your project in a timely manner. Our projects are developed keeping your budget in mind and using proven development methodologies. We also offer 24x7 support, and our solutions are well-tested prior to release.

Get in touch with us and take advantage of our highly motivated team of developers & designers to create a custom solution for your business.

Main Features

A warehouse system like this that is meant to handle the inventory and reduce the time & effort spent on all processes will have several innovative features. A good web development firm like Acquaint Softtech can develop a customized system to suit your requirements. Listed here are some of the common features of such a system:

  • Inventory tracking in real-time.

  • Automate the processes of order picking.

  • Generating a wide range of reports like inventory reports.

  • Optimize inventory levels & conduct inventory audits with ease. 

  • Practice the picking and packing process to ensure the least possible delays.

  • Smart reporting to track and control inventory in real time and optimize the process based on the stock and trends.

  • Batch scanning, tagging, bar codes that capture essential details like SKU, etc.

  • For businesses with warehouses spread across various locations, the system can include multiple languages, currencies, and location features.

  • Receive smart alerts regarding stock and track the packages for real-time updates.

  • Stock and ownership management

  • Optimized Shipping process by generating bills, invoices, packing lists, shipment notifications, etc. 

  • Monitor and track labor performance and manage their tasks efficiently.

  • Dock management system to assist truck drivers with the purpose of optimizing all inbound and outbound logistics.

  • Search for items or products based on specific criteria.

Do you need help developing a top-notch Warehouse Inventory system?

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Benefits of Inventory Management solution

New technologies are released every year and help create bigger and better systems. Implementing these technologies in custom solutions help improve your business productivity and sales. Listed here are some of the benefits of developing a warehouse inventory system:

  • It can help increase space efficiency by increasing storage density and simply the process of managing multiple locations.

  • Implementing a new system like this can be done with ease without having to make drastic changes to the existing warehouse system.

  • Increase sales by implementing the system to handle multiple inventory tasks simultaneously. 

  • It provides greater visibility of the current inventory levels and helps one make more accurate decisions.

  • Tracking inventory items is often a big ordeal and a very time-consuming process. This can be highly simplified by developing an interactive inventory system.

  • Having a system in place to make warehouse management more efficient helps increase the efficiency of other processes of your business. It helps optimize your supply chain. For those developing a custom system, there is high potential to integrate with other systems like an ERP or CRM, thus increasing the level of automation and efficiency. 

  • It is highly beneficial for your customers since it ensures your business is able to serve them more efficiently. This is vital since, at the end of the day, customer satisfaction matters the most. It also helps improve customer service. 

  • Technological advancements allow one to create more dynamic systems. Hence one can tweak and configure the systems as per their requirement and future needs.

Important Factors to Consider

Acquaint Softtech can help with the development process of a warehouse inventory management system. It can help a business in many ways, like automation of systems, increasing productivity, and making better business decisions. However, there are several factors one must consider when developing such an application:

  • It is important to assess the level of customization necessary for the automation of the workflow and how to best leverage other technologies.

  • Consider database compatibility issues, especially if you have an existing application to manage other systems. Creating a unified system might be a smart option.

  • There is immense potential to expand the operations when it comes to warehouses. Keep this in mind and develop a scalable solution to ensure it is suitable for future applicants as well.

  • Analyze your business operations to find the type of application that will suit your business the most, like an online web portal or a mobile application for iOS and Android devices.

  • It will work in your favor to spend some time researching how to minimize human interaction and increase the level of automation.

  • The larger the warehouse, the higher the complexity of the solution.

  • It is important to consider the cost of developing such an application; however, it is also important to weigh the benefits of implementing one. 

  • There are several advanced technologies that can be used to create better and more efficient solutions. It is important to consider including these in your solution. For example, implementing a cloud computing technology and storing your data in the cloud is a good idea. Doing so will allow one to run the operations remotely as well. Opting for SaaS (software as a service) can also eliminate the need to invest in the high development cost of custom systems. 

  • The UI/UX should be designed keeping in mind the type of users expected to use the system.

  • Consider the role and responsibilities of the users. This can vary depending on the type of industry and business itself since not every organization has a similar inventory management system. 

  • Develop a system that has a low learning curve and requires the least training.

  • Consider implementing other technologies like RFID, Blockchain, etc. 

  • Security is an important factor to consider to protect yourself from cyber-attacks and internal hacks.

Ideal Platform For Warehouse Inventory Management System

The two most popular platforms for developing a warehouse inventory management system are a web-based system and a mobile application. Some common technologies used for this include Laravel, PHP, iOS, Android, Flutter, React Native, IoT, AI/ML, VR/AR. and many more.

Laravel is a very popular PHP framework that has immense potential when it comes to developing large applications. It works with several other UI frameworks to ensure you can develop a stunning interface. It also works well with other technologies, allowing one to develop a feature-rich mobile application. Some of the advanced technologies like AI/ML, AR/VR can also be implemented using Laravel to develop an advanced and efficient solution.

It simplifies the process of including several features like stock maintenance, profit & sales, OTP verification, an unpaid invoice, purchase invoice, managing bills, report generation, automating the stocking & retrieval process, and much more.

At Acquaint Softtech, we have extensive experience developing large applications using Laravel; this area includes warehouse management systems. We deliver top-notch solutions after analyzing your business needs and objectives. Hire our dedicated team on an hourly basis; we have highly affordable development rates. We have the expertise to develop a customized Laravel solution and enterprise solution.

We can also help with data migration, eCommerce & CRM development, Laravel extension development, and much more. A warehouse inventory management solution can be simplified by taking advantage of third-party integration as well as Restful API development. Contact us to develop an inventory management system that stands out and gives you an upper edge over the competitors. Our professional team also offers support and maintenance for these projects.

Conclusion

A warehouse is crucial to the successful operation of many types of industries. There are several tasks that need to be performed on a daily basis, some of which are time sensitive as well. Businesses can benefit from developing a web and mobile platform for their project. There are many options when it comes to developing such a system.

It can be either developed as a simple system that exclusively handles the inventory or as an integrated system that also manages other sections of the warehouses like an ERP, CRM, SCM (supply chain management). Opt to develop such a system for your business to optimize common tasks in the warehouse. Doing so will help save a considerable amount of time and money; it will also help increase profits and grow your business. Acquaint Softtech has the ideal solution for developing a warehouse inventory management system. Get in touch with us to get more information.

FAQ

It helps reduce the time and effort spent on common tasks and speeds them up. It helps reduce operating costs and increases efficiency by reducing human errors. All processes of the warehouse can easily be monitored; items can be tracked. It is also possible to optimize the system for specific goals.

The process of registering truckloads of products involves unboxing them, registering them on the system and placing them in a specific spot. The same goes for retrial; it involves finding it, boxing it in the right size box, finding a suitable package, scanning it, and preparing it for shipping. Hiring professionals to develop a warehouse management system can help improve the process by speeding up the scanning process and making it available for sale instantly. The system will also store the locations of the product for fast placement and retrieval. The extensive database ensures the warehouse space is optimized for maximum storage, the products are packed in the perfect-sized box, and you use the right packaging material.

The main features are listed here:

  • Real-time inventory tracking

  • Low stock alerts

  • Purchase & supply management

  • Simplify the inbound process by scanning, analyzing storage location and assigning a person to stock

  • Speed up the outbound process by automating the selection of boxes, packages, product revival and shipping. 

  • Report generation to optimize the system and make better business decisions.

Several advanced technologies and tools are used to make a warehouse inventory management system, like IoT, AI/ML, AR/VR, PHP, JavaScript, etc. They are used to develop either a website or a feature-rich mobile app.

The way it works is by keeping track of all the products stocked along with all their details. Streamlines the inbound and outbound process of the warehouse and ensures all products registered on the system fast and processed for shipping swiftly as well.

Mukesh Ram

Founder and CEO, Acquaint Softtech

I love to make a difference. Thus, I started Acquaint Softtech with the vision of making developers easily accessible and affordable to all. Me and my beloved team have been fulfilling this vision for over 15 years now and will continue to get even bigger and better.

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