Every company has plenty of stock options, not just publicly traded companies. How could that be possible? Because I’m being facetious and talking about inventory stock, not shares of a company.
Your other stock options are just as important as pieces of paper that represent potential ownership of a company. How you store items in a warehouse might seem like a small thing, but by optimizing your warehouse setup, you can save time and money, which eventually adds up to a huge improvement.
Organizing Products in a Warehouse
Your warehouse setup should help you and your employees quickly locate and move inventory in and out. You can organize products and put them together based on their:
- Type
- Size and weight
- Cost
- Complimentary uses (such as potato chips and soft drinks)
- Similar functionality (such as chairs and footrests)
- Popularity (fast-selling items closer to the receiving area)
Managing Multiple Warehouses
And this is just talking about inventory in one location. What about when we add multiple locations? In that case, you have to think about these things for each warehouse you manage:
- Planning for unique demand trends
- Handling multiple supply chains
- Using local or distant vendors
- Transferring items between warehouses
Taking Stock
It really helps to have warehouse management software that lets warehouse managers communicate with each other and have instant access to the latest inventory quantities and other important data. Not only do you need well-organized warehouses, but you also need a well-organized system for keeping track of your stock.
You might be able to succeed without an advanced warehouse management system… but I wouldn’t much stock in that.
