Accurate information and its privacy, form a strong platform for any business model. An organization that intends to serve its customer efficiently without compromising on quality of service invariably relies on a strong Ecommerce Inventory management. A sound online Inventory management channel is undeniably the most effective tool to manage both single shelf and multi-product warehouse facility.
Objective of Online Ecommerce Management Solutions
Any management solution brought to boost Ecommerce productivity focuses on reducing operational costs and minimize wastage. It is achieved by establishing the following objectives:
? ACCURACY of Inventory achieved by reducing human error
? ACCOUNTABILITY towards proper counting and management of each item while it is on e-shelf
? SPEED of data capture through seamless automation to reduce man hours
? MOBILITY to make quick adjustments and replace faulty items/process once detected in the supply chain
? FORECAST AND ANALYSIS to perform market research, observe market trends, analyze and understand required stock levels
Components of Online Inventory Management Solutions
It is very important to establish the differentiation between inventory and assets if you are dealing in Ecommerce. If the focus is on an automated Ecommerce Inventory Management, the basic asset components are:
o Inventory management software
o Mobile and computers
o Label printers
These form the platform for any business to take off as an Ecommerce model. For cutting down the cost and minimizing the inventory write-offs, modern day Inventory management solutions offer a simplified approach. It includes:
? Ware-house integration system to connect your multiple suppliers when products begin to go out of stock without any manual intervention.
? Inventory management, also called product management to monitor, set and manage product threshold limits. It covers sensitive Ecommerce circumstances like
Out-of-Stock flags, cancelled orders, Order duplication and bulk orders automatically. It distinguishes the core items from the non-core items in the inventory list.
? Inventory tracking system provides a snapshot of how each item from exclusive suppliers are performing. It highlights the number of products, published/unpublished items, blocks and skips, cancellations, non-performing goods and other countable factors.
? Order Management System and Integration is the core of every online Ecommerce Management solution. To ensure logical link between inventory and order management, their integration is the primary application achieved through a comprehensive Ecommerce management strategy.
? Mobile and Wireless Infrastructure to track every update and change the way your inventory moves through the chain. Wireless infrastructure empowers the Ecommerce services to achieve the feat in a real-time scenario. Always build an infrastructure that is scalable and can accommodate upcoming disruptions/innovations.
Dont Overlook MRO in Ecommerce Inventory Management
For any inventory management to run smoothly, activities should occur smoothly. That requires maintenance! When it comes to saving on inventory management, most Ecommerce Management consultants overlook the need to manage maintenance, repairs and replacements. In order to save recurring costs in handling utilities, online management solutions can be integrated with Maintenance, Repair and Operations (MRO) inventories.
MRO inventory management can be integrated with all Ecommerce solutions with controlled access to reduce cost and wastage in the long run.
Shopping experience have reached newer heights with carefully stitched Ecommerce management of inventory that maintains demand-supply balance all the time with guaranteed stock safety, minimizing all possible human errors.