Inventory Management
/ By Karan Mudliar / Blog • Uncategorized/ • • • • • / 0 Comments

How SME’s can improve their Inventory Management Process ?

Majority of small and medium sized businesses dealing with warehousing, retail, manufacturing and distribution often come across inventory specific challenges. Be it issues related to dead stock or struggles with wastage’s and stock losses— lack of a functional inventory management process can seriously impair productivity and restrict growth. Moreover with massive levels of investments manipulating the inventory, it becomes essential for the businesses to treat stocks with respect.

In the subsequent sections, we shall look at some of the most functional inventory management strategies, adopted by the SMEs.

Making Use of Optimization Tools

SMEs are best served by inventory optimization tools that focus on specifics and help them gain a competitive advantage over the competitors. These tools help marketers and warehouse managers evaluate the concerned networks for the best policies and even the existing inadequacies. Each supply chain node is closely analyzed by the standalone tools which extract data from ERP and WMS systems. In a nutshell, these optimization tools analyze supply variability, demand variability, and certain replenishment parameters for staying ahead of the market and industry loopholes. SMEs are increasingly investing in these tools for carving out a pretty intuitive inventory management process.

Employing Real-Time Analytics and Business Solutions

Majority of SMEs are increasingly focusing on real-time analytics for managing the inventory in a better way. With technological innovations at the fore, it is quite easier for them to create a unified information model that comprises of financial data, supply chain insights and other granular information sets. Having a cohesive platform for employing varied business solutions is a great strategy that SMEs are increasingly focusing on.

Treating Stock like Finances

Companies that treat stock like finances never have to compromise on productivity and growth. Moreover, it is only appropriate to render similar levels of importance to the stocks as they are the organizational assets, precisely in the form of inventory. SMEs must keep a detailed track of the commodities by analyzing the inflow, outflow, stock movement and the price points. Businesses that have good understanding of the stock often fare better as compared to others as they usually avoid making additional orders and swear by smarter inventory-specific decisions.

Adopting Automation

Automation is probably the only solution that can easily streamline the existing inventory management requirements. Moreover, SMEs opting for this strategy need not depend on manual interventions. Be it placing replenishing orders for stocking or even following up the deliveries, automation allows businesses to stay ahead in terms of innovation. With automation on-board, it becomes easier for companies to detect excess and dead stock while addressing issues related to supply and demand.

Improving Functionality

Small and medium sized businesses should look to improve the functionality of the concerned warehouse for addressing the inventory specific requirements. The most probable solutions include staff access and updated inventory. Moreover, businesses must also look to integrate the existing inventory systems with a POS system; precisely for staying updated and minimizing the lag time. That said, improved functionality also leads to advanced reporting where SMEs can easily gather new insights, depending on performance and inventory management. Some of the other benefits associated with improved functionality include customizable workflows.

Monitoring Slow or Dead Stock

While we did talk previously about the dead stock, it’s high time we address the elephant in the room. Firstly, a dead stock takes up quite a lot of space and hinders functional additions. SMEs should be able to tabulate the stocks based on the dynamism and must try to get rid of the stagnant ones, at first. Slow moving stocks limit profitability by restricting cash flow. Lastly, businesses must segregate the stocks and commodities within the warehouses based on their shelf life. Once the stagnated stocks are liquidated, it becomes easier for the companies to control the deadstock levels, make new additions and improve productivity.

Inference

These are some of the most functional strategies which can be deployed by small and medium sized businesses for improving the existing inventory management framework. Apart from the mentioned ones, companies should also be able to added newer technologies into the mix for improving the entire process of inventory management. Last but not the least; SMEs should emphasize on amplifying the workforce efficiency within the warehouse for handing the inventory in the best possible manner.

Fulfillment
/ By Karan Mudliar / Blog • Uncategorized/ • • • • • • • • • / 0 Comments

Benefits of Recruiting an Efficient Fulfillment Partner

When it comes to optimizing an existing supply chain framework, organizations must clearly emphasize on the fulfillment services. Moreover, fulfillment service providers also play a vital role when it comes to handling and improving the shipping logistics. While certain organizations opt for in-house fulfillment services, some prefer outsourcing majority of their work to experienced service providers which can also handle the basics of distribution.

While having a strategically situated fulfillment center comes in handy, fulfillment partners must also look to streamline and simplify the supply chain process. Moreover, an efficient service provider must also aim at improving the customer experience, across multiple channels. In the subsequent sections, we shall look at the topmost traits pertaining to a highly efficient fulfillment service provider while enlisting the most prior ones for improving productivity.

Better Order Management Framework

Organizations must have high expectations from their fulfillment partners and the ability to address order management should be at the top of the pecking order. The e-commerce fulfillment service provider should be able to pair all of its attributes with innovative technologies. That said, efficient order management must cater to multiple channels while being able to handle the nooks and crannies of product demand and order placements.

Inventory Management Capabilities

Every organization needs to be careful about the product inventory, spread across diverse marketing channels. Therefore, an efficient fulfillment partner must offer considerable levels of visibility for tracking real-time and continuous inventory-specific developments. This trait helps companies manage the supply chain in a better way.

Reporting in Real-Time

A functional fulfillment service provider must be able to report about e-commerce whereabouts in real-time. This, in turn, offers an expansive and detailed view of the inventory; thereby helping customers complete orders in a quick and seamless manner. Real-time reporting feature is probably the most underrated aspect of supply chain management and an efficient fulfillment service provider should bring the same to the fore.

 

Hassle-free Fulfillment Completion

A fulfillment service provider should at least be able to complete the tasks associated with fulfillment in a precise and seamless manner. A service provider that can cope up with the promotional sales and seasonal demands can be easily considered as bankable. However, it’s all about pairing services with advanced technologies, in order to achieve fulfillment perfection. Needless to say, an efficient fulfillment partner can improve the visibility of the concerned brand by rendering back-end expertise and other intuitive ideas.

Ability to Fix Warehouses

A fulfillment partner with considerable levels of expertise can help a warehouse with the designing elements. There are times when a non-scalable warehouse starts busting out at the seams courtesy lack of spaces and necessary adjustments. Fulfillment service providers handle the internal affairs by making the warehouses more conducive to work.

Handling Customer Relationships

Customer relationships are important, especially when e-commerce services are concerned. Fulfillment partners allow company owners to track the buyer journeys; therefore allowing them enough time and resources to personalize the service sets. This minimizes the number of complaints and helps improve productivity, almost immediately.

Can we do without Outsourcing Fulfillment Services?

Every fulfillment-specific requirement is usually handled by the 3PL service providers, as a part of an expansive package. However, small businesses usually do not have the financial backbone to invest in a third-party service provider and they usually resort to in-house options for addressing the requirements. If an unbiased consideration is taken into account, a fulfillment service provider with the above mentioned traits is necessary as the absence of the same can cause the sales volume to fluctuate and that too, regularly. Apart from that, companies without innovative fulfillment technologies are bound to experience order errors. In addition to that, an efficient fulfillment partner also eliminates the shipping, processing and product-specific errors.

Companies without reliable 3PL services also lack scalability i.e. the ability to adapt and innovate according to the market sentiments. An efficient fulfillment partner renders scalability to the organizations by streamlining the processes related to packaging, inventory control and shipping.

/ By Karan Mudliar / Blog • Uncategorized/ • • • / 1 Comment

Why we need to Learn More about Packaging Perishable Commodities ?

Packaging perishable items is a practice that’s driven by convenience, sustainability and product quality. Therefore, companies dealing with food and beverages need to be careful about their packaging standards, precisely for maintaining the quality of products and customers satisfaction levels. Moreover, with the evolving regulatory practices on-board, it becomes all the more important for the companies to abide by the pressing guidelines and offer packaging options that are sustainable and can improve productivity.

Why Food and Beverage Packaging needs to be prioritized?

The food and beverage industry boasts of perishable products and therefore, the packaging techniques for these entities must be different from the conventional ones. Companies packing food items and beverages must look to contain the products in an adequate manner, without changing the consistency of the same. Apart from that, the packaging options must be immune to any kind of mechanical damage. For aerated drinks and other forms of beverages, air tight containers are preferred; precisely for keeping external gases and contaminations at bay. In addition to all that, food packaging must be carefully selected in order to avoid physical and biological degradation of the sheltered stuff. Lastly, accurate product identification is another criterion for the concerned businesses and customers.

Enlisting the Varied Aspects of Packaging

The technical aspects of food and beverage packaging primarily involves two macro-functions i.e. logistics and marketing. While the former aims at protecting the product from physical damages, the aspect of marketing adds certain value to merchandise by concentrating more on vehicle condition and product preservation.

If we were to further segregate these aspects, containment shows up as the most prior requirement. This industrial prerequisite determines the quality of packaging, pertaining to each and every product. The next determinant involves preservation and protection of the concerned merchandise. Information is yet another aspect of industrial packaging as food products and beverages need to furnish every detail regarding the substances and quality on offer.

The Concept of Environmental Sustainability

Needless to say, the underlining concept of product packaging aims at preserving and protecting the concerned food item. However, unlike other products, food-specific entities need to abide by certain rules and regulations that focus primarily on environmental sustainability. Majority of users throw away the packaging materials shipped alongside food and beverages and therefore companies must focus on the biodegradability quotient. Companies offering similar services must look to abide by the basics of recycling and disposal before sending out shipments with food and beverages in them.

Packaging Metrics Explained

Packaging isn’t a random thing but requires a lot of planning. Before starting off with a plan, companies need to analyze a few factors and proceed with the same.

1.       Companies usually start off with material selection as food and beverages cannot be shipped in usual containers. Depending upon the market, companies should focus on hygiene and quality of the materials used for packaging the concerned commodities.

2.       The packaging design is also important when it comes to shipping out food and beverages. Companies must take into consideration that these commodities have limited shelf life and therefore the designs are bound to get complicated, in order to satiate specific requirements.

3.       Once the material and designing aspects are out of the way, companies must start focusing on the consumer choices i.e. their preferences regarding the packaging options. Certain stores offering food and beverages have options for the customers to choose from. The size of the container, at times, is based on the discretion of the customers.

4.       Transportation is also an important criterion for businesses dealing with food and beverages. Companies must readily pair up with firms that are prudent and can deliver products on time.

5.       Another factor that needs to be taken into account is the end-of-life for the packaging material. Every container that covers up the commodity has a specific shelf life, similar to that of the latter.

Inference

The food and beverage industry is completely dependent on bankable packaging solutions. However, unlike traditional ecommerce items, these commodities need to be packed and shipped with additional care. Moreover, businesses must also understand the fact that these are primarily perishable items and there must be a targeted model for making the most of the packaging strategies.

/ By Karan Mudliar / Blog • Uncategorized/ • • • • • • / 0 Comments

E-Commerce Fulfillment Trends in 2018

Let’s be honest about the fact that 2017 has been a pretty good year for e-commerce fulfillment. While businesses were pleasantly surprised by the innovation and speed of technological implementations, several startups benefited from these changes. However, it would only be appropriate to take a look at 2018 and what expectations the entire supply chain industry can have from the same. The current year started on a few positive notes and it wouldn’t be wrong to be optimistic regarding the upcoming trends. Moreover, we should take a note of the fact that ecommerce fulfillment trends do not change every year but extrapolate with each passing day. This means, it wouldn’t be advisable to look only at 2018 but to concentrate on a more expansive analysis.

Looking at the E-Commerce Challenges

It wouldn’t be wrong to say that trends also signify the lingering challenges associated with ecommerce fulfillment. Majority of these challenges are inventory and warehouse specific loopholes, ably assisted by a host of other micro effects. Ecommerce fulfillment, therefore, specifically focuses on the aspects of shipping and product deliveries while offering the best possible combinations to the customers.

2018 will see a Change in how Fulfillment is perceived

Ecommerce fulfillment has already started spreading out in multiple directions. The Omnichannel visibility combines the likes of drop shipping, warehousing and other necessary avenues. In addition to that, majority of fulfillment service providers are pairing up with 3PL companies for creating an elite network of clients. What sounds optimistic is that fulfillment partners are increasingly establishing accountability for every supply chain metric. Be it covering the shipping damages, packaging essentials or the last mile considerations; fulfillment partners in 2018 are concentrating on the holistic aspects of supply chain management.

Shipping Costs to Rise

Those who are expecting the shipping costs to cap out are certainly in for a disappointment. While fulfillment service providers will start looking into the basics of retailing and packaging, the shipping costs in 2018 are expected to shoot up. The customer satisfaction levels, therefore, won’t be compromised on.

Warehouses will keep getting Makeovers

Although the sky high prices won’t cease from existing, the concerned warehouses will start getting makeovers they deserve. Majority of fulfillment partners and retailers will start readdressing their warehouses in 2018 for necessary improvements. The emphasis will therefore be on eliminating the inadequacies and identifying the key areas for improving the existing frameworks. Moreover, it’s only fitting that fulfillment centers keep checking the size and spread of the warehouses for accommodating bulky materials.

Better Branding and Customer Experiences

Getting up close and personal with a brand will be easier in 2018 as fulfillment partners will do majority of the work. With online shoppers getting a cohesive platform for comparing prices, delivery rates and discount codes— customers will be getting all the advantages. Brands will start paying heed to customer sentiments and the shipping strategies will be way more user-friendly as compared to the existing ones. The best thing which fulfillment partners are expected to achieve in 2018 is higher degrees of personalization. This concept will include better at-home deliveries and even higher levels of packaging.

Intensified Labor Pressure

This variable is likely to get squeezed between other fulfillment metrics. While the requirements are amplifying at an alarming rate, there is definitely a lack of skilled labor. Although companies are setting up warehouses with scalable automation at the fore, the pressure for procuring skilled labor is intensifying with each passing day.

Better Delivery Options

While shipping and packaging are some of the important facets leading towards product fulfillment, it’s actually the delivery options that determine the efficacy of the last mile solutions. In 2018, fulfillment partners will start focusing more rural deliveries and innovations concerning in-home deliveries. Newer techniques for delivering products will start showing up in 2018 with the focus being on customer satisfaction and readiness. While the concept of nominated deliveries is fast catching up, it needs to improve further in order to make some more sense. Majority of retailers with dedicated fulfillment services are slowly but steadily concentrating on delayed shipping options for allowing the customer to save money.

E-commerce fulfillment solutions will keep evolving with time. However, 2018 is only a stepping stone for the service providers to achieve fulfillment perfection. Customers must understand that prices might go up in certain cases but the overall satisfaction levels will keep improving.