INVENTORY
MANAGEMENT

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Overview

Whether you are running a retail store or a manufacturing company or any other brick and mortar store, inventory management is a must-have for complete insight into every entity of your products. ANYSPAZE is a technology enabled logistics service provider offering warehouses on long and short term lease with real-time inventory visibility.

Our inventory management solutions are meticulously designed and are easy to implement. We offer secure warehousing, barcoding, quality control, and packaging services for all your products including goods that are large in volume and are temperature sensitive. By effectively managing your inventory you can have the right products in the right quantity on hand and avoid products being out of stock and funds being tied up in excess stock.

Our proactive inventory management team will help you track your goods across the supply chain with complete efficiency and also streamline the entire operations spanning from order placement to order delivery, tracking the entire journey of a product. In addition, our warehouses are enviably located across all the major road networks promising speedy distribution services at the right destination address within the stipulated time.

Stats & Charts

Inventory management is an essential tool in turning a small business into a large enterprise and generate more revenue. The food distribution industry (35%) including restaurants, supermarkets, and others that rely on food on a daily basis, need powerful inventory management for a smooth workflow. Excess inventory in the warehouse for a food distribution industry means wastage of the products and loss of money. On the other hand, not having enough inventory can eventually lead to financial setbacks.

E-commerce (25%) is rather a special sector that needs a unique inventory management system and often relies on third-party warehouse providers for their requirements. Two of the main challenges that the industry faces are global distribution and 24-hours order processing. Keeping track of records and inventory at all times is vital for e-commerce players. Choosing the right inventory management system provides real-time updates for end-to-end visibility and accurate tracking. Consumer goods (15%), electronic devices industry (15%), and healthcare (10%) are three other main sectors that need robust inventory management for shoring up their businesses across multiple channels.

How It Works?

If you are managing a large e-commerce inventory, then having the right products at the right time is crucial. Inventory management system gives you a clear idea of which products need to be ordered or how many are in stock. You can keep track of the items as soon as they come in/move out of the warehouse. Below are the seven major steps of an Inventory management system

1)
Raising a purchase order (PO)

To raise a PO, first you need to have the products with your before selling. But what if the product is not available at that time? This is where inventory management becomes crucial in forecasting the demand and allowing you to stock the inventories.

2)
Receiving goods in the warehouse/store

Once you have asked the vendor to ship the products, the next step is to do the quality check to avoid any returns and replacements in the future. Also, if there is any damaged product you can immediately ship it back to the vendor and get it replaced.

3)
Stocking products in a warehouse/store

You may have hundreds or even thousands of different product categories in your warehouse. To ensure easy tracking of the products, the next step is labeling every shelf and every aisle in the warehouse. This helps you in keeping track of your inventory and accessing them quickly.

4)
Accepting an order from a customer

As soon as the order is placed, you will receive a notification for fulfillment. The backend inventory management system will automatically reduce inventory based on the number of items ordered. This is an effective way of streamlining your inventory, especially if you handle bulk orders.

5)
The order fulfillment process

Based on the details provided by the inventory management software, online retailers print an invoice for that order, pack the goods as per the instructions of the customer, attach delivery details and shipping labels to the package and hand it over to the shipping department for assigning Airway Bill Numbers (AWB) for each package.

6)
Shipping Online Orders:

Once the package is out for shipping, the customer will be acknowledged with a message containing the AWB number so that they can track the location of their order. Once the package is delivered to the customer, the order is marked as fulfilled.

7)
Returns and replacements

If the customer finds that the package delivered to them is damaged, he/she places a request to either return or replace the product. Every company has its own rules and regulations to handle your returns.

Why Us?

Our inventory management solutions help you to manage, track, and optimize your entire stock with complete ease. You will also be able to track the product availability in the inventory and manage order fulfillment accordingly. Furthermore, these systems are designed to provide information related to the products that are high in demand and at what time of the year. This helps in stocking the inventory with the highest selling products during specific seasons. ANYSPAZE inventory management solutions guarantee all the following benefits:

Improved operational efficiency

By automating all the incoming and outgoing functions like goods storage, distribution, warehousing and shipping, the overall efficiency of work increases.

Enhanced customer experience

Ensure prompt delivery by making the products available at a particular season when the demand is high

Helps you make informed decisions

Stock notifications on the excess inventory can help you make informed decisions like promotional sales & discounts to avoid product wastage.

Adherence to standard rules

Automation ensures that you adhere to the standard regulations of running a commercial business and also keeps your business secure.

Key benefits

Inventory Management saves time

When you automate your inventory it reduces human intervention and all the operations are streamlined. Plus, barcoding scanning completely eliminates the manual typing of product or box numbers for each item, saving a lot of time.

Inventory Management reduces human errors

Maintaining paper documents is a tedious process and is often vulnerable to clerical errors. Warehouse automation guarantees accurate results by identifying products with high and less demand. All human errors are kept at bay, resulting in productive results.

Inventory Management enhances demand forecasting

Automation provides real time information to evaluate your inventory stocks. So, before ordering new products, you will have a complete analysis at hand and know the exact amount of products to be ordered to meet the anticipated demand.