Best warehouse management depends on inventory accuracy, one of many crucial characteristics analysed when validating SEQOS for clinical trials distribution.
Discover how our software can help your warehouse! Chat with our consultants today!
Best warehouse management depends on accuracy, one of many crucial characteristics analysed when validating SEQOS for clinical trials distribution.
Inventory accuracy begins when stock is received into the warehouse. A barcoded label with a unique “Stock ID” generated by SEQOS is printed for each pallet or quantity of stock which uniquely identifies that stock. Using mobile hand-held devices, the Stock ID barcode is scanned with each transaction to track that exact stock through every warehouse operational process. Serial barcodes are scanned for items that have serial numbers. All transactions are fully recorded in the SEQOS Audit Trail.
Lengthy familiarisation training for staff is unnecessary. Using the simple step-by-step process on the mobile hand-held devices, staff are productive and accurate within the first couple of hours of operation.
Additional accuracy is achieved by scanning every single item, instead of scan once and enter quantity. At completion of picking, all items may be scanned again using the packing function. For high value items, the operator can be instructed to count the stock at the location after completing transactions. All transactions are fully recorded in the SEQOS Audit Trail.
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.
Find out what our software has to offer, its completely free.