While inventory management and warehouse management may sound like interchangeable terms, they are not. A warehouse management system (WMS) supports the full operation of a warehouse, including inventory management. Simply put, warehouse management is that the term umbrella is a method for everyone in the very warehouse in that list.
A WMS can WooCommerce inventory management, providing visibility as an associate in the list of nursing organizations at any location. The WMS can also manage the entire chain providing operations and is usually integrated with the Transportation Management System (TMS).
Here is the Feature Comparision of both and technique details
Features of a Warehouse Management System (WMS)
- Warehouse Design: Optimize inventory allocation and optimize advancement and select logic.
- Inventory Tracking: Use Automatic Identification and Knowledge Capture (AIDC) technology such as barcodes or RFIDs to track the status of products.
- Receiving and Putting: Guide inventory putaway and retrieval, typically misuse pick-to-light or pick-to-voice technology.
- Picking and Packing: The warehouse instructs employees to pick things up and pack them in the most effective way.
- Shipping: Prepares bill of goods, packing list and cargo invoice and can send advance shipment notifications.
- Labor Management: Tracks labor performance by key performance indicators.
- Yard and Dock: Helps drivers realize the correct platform and can aid cross-docking operations.
- Reporting Tools: Analyzes warehouse operations to locate KPIs and areas for improvement.
Features of Inventory Management
- Picking and Packing: Instructs workers to select and packing at the correct warehouse locations.
- Shipping: Manages goods bills, invoices, packing sheets and optionally associated documents.
- Location Management: Instructions for placing things within the warehouse for the simplest use of the house and resources.
- Order Receiving: Manages incoming orders for fulfillment operations.
- Tracking inventory level: Maintains the total running of inventory standing on each item or SKU.
- Cycle Tally: Supports cycle count list methods for taking care of up-to-date totals.
- Barcode scanning inputs manage barcodes and are integrated with shipping, accounting, and alternative systems.
- Reporting Tool: generates knowledge for military science and inappropriate intelligence for strategic decision making.
To some extent, the difference between warehouse management and inventory management can be a matter of degree or scope. Warehouse management system class measurement is commonly used by large-scale enterprises, which have at least one large warehouse or distribution center if not several locations. Inventory management system class measurement is favored by enterprises that do not want all functions that will offer a minimum-complete WMS for each warehouse location.
For example, corporations use WMS extensively in e-commerce to manage inventory at their locations. A WMS will support e-commerce websites, such as showing the accessible amount of everything.
Inventory management packages can support anywhere from one to several locations to manage provisioning chains and fulfillment operations. The system tracks shipping and receiving, product locations and provides record-keeping for the latest visibility.
The inventory management system supports technology such as barcode and RFID. However, WMS does not perform a similar comprehensive function. It is also an additional efficient resolution for many warehouse operations.
In addition to supporting retail and e-commerce operations, the inventory management package is perfect for field service or trending operations that are pre-conditioned items used by technicians and customers. The selection of solutions is targeted by the scale and desires of the individual warehouse or storage space.
How to Manage Inventory?
Inventory management methods and strategies can support the organization. After all, we don’t expect a mom-and-pop candle look in a very resort town to keep an eye on products like an automotive manufacturer. However, even the quirky candle look uses a technique, although homeowners may not understand it.
Here is a look at several strategies used by organizations of different sizes.
Common Inventory Management Techniques
- ABC method: This method ranks the inventory supported turnover rates. For example, the twenty p.c of the product that produces eighty p.c of the revenue square measure is the selected class, a. The square, B and C square measure the underperforming product. Category products should be most earmarked for warehouse fulfillment and shipping areas. The current analysis can determine a product to be moved into classes and to be emotional for a different category.
- Two-bin method: placing square measurements in 2 places or bins, calculating their size. Once the primary bin is empty, things measure emotional from the second bin. The stock is refilled after emptying the second bin.
- Fixed Order Quantity: A minimum variety of product is ready, and once the inventory is reached, a set of product class measurements ordered for the stock reaches the variety.
- Fixed Amount Order: Business class ordered according to a group amount. This approach is common for small stores while sophisticated systems do not.
- Vendor Managed Inventory: Provider manages inventory levels and supported sales or daily volume. It is often common in grocery, retail and forward-deployed inventory for field service and trends.
How to manage inventory strategically in many cities?
Regardless of that inventory management technique, you decide, you’ll be able to localize your inventory in many US cities with Warehouse Awareware’s specific inventory management capabilities. Our decentralized warehouse strategy gets your product closer to where it is needed. Inventory connections managed with chain-technology provided by the supplier.
With a decentralized warehouse strategy, retailers will stock extensive items within hours rather than days. Field service operations will move elements closer to its customer base to enhance the performance of service level agreements. Technicians are not allowed to perform as warehouse staff, which allows them to focus on service. Trend & Medical Equipment Corporation will offer products for quick response and direct restoration.
The warehouse employs advanced RFID technology and proprietary continuous scanning packages anywhere to automate inventory. The system integrates with internal inventory and ERP systems. The Warehouse Anywhere mobile app allows field personnel to search for colleagues in a nursing item and direct them to the best location. The application additionally manages access to the warehouse.