Inventory Accuracy

Inventory accuracy can make or break a business. It reflects how well companies can track their products and manage stock levels, ultimately impacting their financial performance. Having precise records ensures there’s always enough inventory available for customer demand. Still, if not monitored closely, it could lead to costly stockouts or excessive purchases, which eat away at profits. 

Having accurate inventory levels is key for businesses to stay ahead of their competition. For example, a retail shop can showcase its attention to detail by taking regular physical counts and comparing them against the recorded stock amounts: if they match, that means high accuracy; however, discrepancies between the two reveal low accuracy in comparison.

The store may have thought they had 100 units of a certain product, but when doing an actual count, it became evident that there were only 90. This discrepancy results in inventory accuracy at just 90%.

Another example could be an e-commerce business who depends on its inventory accuracy to stay ahead of the competition. If they have automated software tracking their products, then accurate data will be reflected always – resulting in high levels of stock precision and efficiency operations. On the other hand, if there are discrepancies between physical counts compared with digital information reported by the system; it indicates a low inventory accuracy rate that must be addressed quickly for optimum productivity.

Inventory accuracy of 95% and higher indicates a company’s efficacy in managing stock. This level of precision protects businesses from the financial consequences resulting from costly outages, oversupply, and other missteps associated with inventory control. Achieving an optimal rate is key to maintaining healthy business operations long-term.

While striving for perfect inventory accuracy is a commendable goal, it’s important to be aware of potential obstructions that can hinder success. Factors like human error, system issues, and shrinkage can all play an adverse role in achieving exact results.

Companies vary in the amount of precision they require when keeping track of inventory. A retail store may demand a higher accuracy rate than what’s needed for something like manufacturing, where expectations can be tailored to suit the particular operations and needs.

SEQOS WMS can improve the inventory accuracy of a warehouse in several ways:

Real-time tracking: Staying on top of inventory levels is essential for warehouses, but it can be time consuming and difficult to keep track. Thankfully, SEQOS Warehouse Management System (WMS) comes with the solution! It enables real-time tracking so that a warehouse manager always has an accurate overview of stock status – avoiding costly under/over stocking problems.

Automated data entry: SEQOS WMS eliminates the hassle of manual data entry, removing potential for human error and ensuring accuracy in inventory levels. Take your business’ operations to an all-new level with automated precision!

Barcode scanning: SEQOS WMS equips businesses with a powerful barcode scanning technology to revolutionise the way they keep track of their inventory. This innovative approach helps enhance accuracy and efficiency, allowing them to maximise operational performance.

Inventory optimisation: SEQOS WMS offers an innovative approach to inventory control, leveraging analytics and data analysis on usage patterns. This smart solution helps managers reduce the occurrence of both overstocking and stock-outs -optimising their inventory levels in a timely manner!

Real-time inventory visibility: SEQOS WMS provides warehouse managers and stakeholders with powerful insights into their inventory, as it grants them access to real-time data about stock levels. By leveraging this info, key decisions related to inventory management can be made in an informed manner – maximising efficiency and profitability.

1. Streamline operational processes by reducing steps or automating steps, but without reducing integrity.
2. Real-time inventory tracking.
3. Store inventory efficiently and correctly.
4. Fast moving items closer to the despatch area.
5. Ensure perishable, dangerous, or high-value items are stored in their specific areas.
6. Apply appropriate picking methods.
7. Batch pick multiple small orders.
8. Bulk pick multiples orders with the same SKUs.
9. Use a good Warehouse Management System to achieve these best warehouse management practices.

1. Functionality. Ensure the proposed system addresses all your requirements and is scalable. Do not choose a system because it is well-known but lacks the features you need.
2. Easy to use. The steps for each transaction or task should be simple. A complicated system where data must be input into many screens can reduce efficiency and lead to errors.
3. Data integrity. Ensure all input data is validated and all transactions are recorded in an audit trail.
4. Automation. Eliminate manual steps as much as possible. For example, automatically push tasks to staff. Automatically print labels and documents when an order is completed.
5. Visibility. Easily retrieve data you need to operate and manage your warehouse, including outstanding tasks and tracking KPIs.
6. Experience. Choose a software vendor who understands the nuances of your industry.
7. Integration. Systems that are difficult to integrate with other systems can incur cost overrun and delay implementation.
8. Value for money. Carefully check what is offered for the price. Some systems seem cheaper than others, but can be expensive to support or add more requirements.