WMS or Warehouse Management System is a suite of software applications used to manage warehouse operations. It includes inventory management, picking activities, auditing, reporting, and others. The software solution is an essential part of any warehouse supply chain. The supply chain operation begins after you submit orders of required items from your suppliers. MWI is one of the best platforms offering Warehouse Management Software for various types of firms, organizations, and companies. WMS effectively works with an inventory management system to monitor the journey of each item. The solution uses real-time inventory data to provide paperless and customized routes for picking and shipment.
Why WMS solution is Essential?
The key objective of a WMS solution is to provide a set of tools and automated processes to improve efficiency. Effective WMS can also manage your business operating with different locations and multiple warehouses. It enables managers to track many items and facilitate the movement between different warehouses to complete orders. A traditional warehouse system includes a central warehouse, regional warehouses, and retail warehouses. A central warehouse typically receives goods and delivers them to the appropriate regional warehouses. A regional warehouse held items and delivers them to a retail warehouse according to the orders.
Key Components of a Warehouse Management System
The key components of a WMS can handle;
- Receiving & Returns
- Warehouse Logistics
- Efficient Forecasting & Reporting
The efficient integration provides a seamless flow of information for order processing and logistics management. It includes order picking, packaging, and shipment of products more efficiently. You need inventory management warehouse software to integrate with Order Management System to track sales.
Receiving & Returns
An efficient warehouse management solution records the receipt of stock and forwards it into a warehouse facility. WMS can provide help to cut expenses and minimize the number of unessential products in storage. Moreover, a WMS offers assistance to prevent out of stocks and oversells issues while maintaining correct real-time quantities. One of the major objectives of warehouse management software is to maintain the inventory properly and effectively.
A Warehouse Control System manages the logical features of the physical storage facilities and racking. WMS has the capability to reduce its related costs and improve efficiency. Most warehouses expend at least 60% in labor costs from their operational budgets. The perfect implementation of WMS can efficiently reduce logistics operational costs and provides a more comfortable working environment.
Reporting & Forecasting
The important features of a warehouse management solution are tracking product locations and manage storage & supply chain. It enables companies to optimize inventory and maximize the space of their warehouse. Reporting and forecasting features allow companies to make better business decisions. The reports of the inventory management system show which SKUs are selling fast, ideal pricing, perfect stock levels, and more.
Key Benefits of Warehouse Management System
Warehouse management solution provides many benefits in collaboration with an inventory management system. Some of the benefits are:
- Accurate Inventory Counts: Your customers can’t get their orders if the inventory counts are off. It leads to a significant amount of decrease in sales and customers. The barcode scanning for SKUs and locations ensures correct accounting for each item and helps to optimize processes.
- Human Error Prevention: Human error is considered one of the major causes preventing to fulfill orders. It includes incorrect inventory counts, misplaced stock, wrong picks, and others. A Warehouse Control Software effectively automates various routine tasks and reduces human errors.
- Synchronization: Inventory management system and WMS efficiently synchronize across platforms and channels. Most WMS solutions enable you to scan items. But a fully integrated WMS system can also connect to other tools essential to efficiently run a business.
- Faster Shipping: Customers expect much better service from retailers. Most consumers need the same delivery option for their products. Accurately and smoothly shipping of orders will enable you to meet modern competitive retail standards.
- Enhanced Customer Experience: The efficiently integrated WMS software will allow you to manage the entire supply chain to ensure the delivery of correct products. Best Order Management Software enables companies to track specific orders at any stage or platform in real-time. You can build a more customer-centric business to improve customer experience.