Table of Contents
- 1. Warehouse Management Basics: Know Your Needs and ROI
- 2. Budget Constraints and WMS Costs
- 3. Customization and the Ability to Tailor Your Software
- 4. The Ease of Use
- 5. Integrations With Other Systems
- 6. Flexibility and The Room for Variation
- 7. Support and Communication
- 8. Create a Shortlist of Vendors
- Managing a Warehouse: The Software Edition
Did you know that the warehouse management software market is expected to grow by 16% over the next couple of years?
Using a warehouse management system improves the efficiency of a company’s day-to-day operations and inventory control.
Contactless practices and less paperwork have been critical to the smooth operation of a warehouse. Keep on reading for our breakdown of the key eight tips on picking the right warehouse management system or software.
1. Warehouse Management Basics: Know Your Needs and ROI
It is critical for supply chain suppliers to describe all of their needs and the accompanying expenses. It’s the only way to appropriately evaluate the WMS’s return on investment (ROI).
Project managers can readily predict when the ROI would be good even when selecting particular providers. WMSs vary widely in their capabilities, so it’s critical to choose one that’s tailored to your company’s specific needs.
The most affordable tier-3 WMS provides basic tracking functions. These can be “ordered,” packed, delivered, and received at this point in time.
An advanced tier-2 system may provide additional features. Those can include replenishment, job management, optimization, and reporting.
In Tier-1 systems, order flow controls, high reaction times, forecasting capabilities, and allocation of manpower are all included. Additionally, these systems provide extensive reporting. For instance, they include information on the state of the warehouse floor.
2. Budget Constraints and WMS Costs
In order to get an accurate quotation, you need to know how complicated your needs are. Whether you want to know if the vendor’s pricing is reasonable or not, you need to know the market value of the program in order to make that determination.
Your company’s finances should be in order before deciding to invest in inventory management software. Is now the ideal moment for you to invest in new technology?
It’s now more inexpensive than ever for firms to install inventory management systems. It’s all thanks to cloud-based software solutions.
As a result, startups, small and medium-sized enterprises (SMEs), and corporations on a tight budget should look into cloud-based inventory management software.
3. Customization and the Ability to Tailor Your Software
Customization may be necessary if your inventory management system has highly unique requirements. Consult with the software provider to find out whether and how long it will take to adjust the program.
Ensure that the new system can be readily integrated with your current inventory management system. It’s critical if you already have one and require one with more functionality.
4. The Ease of Use
When it comes to adopting an inventory management system in your firm, usability is frequently overlooked.
If your team has to spend hours learning how to use the program, then it’s probably not worth the money you’re spending. Choose an easy-to-use solution. It’s better than a sophisticated one when searching for a solution to assist you to simplify your inventory management.
5. Integrations With Other Systems
Integrations between your inventory management software and other software may become necessary. Especially, as your company grows. Although you may not have considered it at the time of this writing.
Keeping track of your inventory is intertwined with many other aspects of running your company.
Nowadays, the majority of new businesses employ several software platforms. It’s great for streamlining their operations. In terms of software, ERP is the one that covers the majority of the bases.
Keeping track of all of your company’s many locations is a snap when you have the finest ERP Software on hand. ERP software may be used to automate a wide range of corporate processes. Better judgments may be made with the aid of this warehouse management software.
6. Flexibility and The Room for Variation
The degree of adaptability offered by an inventory management system should also be considered when making your selection.
Find out whether the program you’re contemplating is compatible with mobile devices, how many people can use it, if it’s a web-based or an on-site system, and so forth.
It’s critical to think about adaptability, particularly if you’re running a chain of retail sites or warehouses throughout the country.
7. Support and Communication
You don’t want to be left to figure out how to utilize an inventory management system on your own.
After a purchase transaction is lost or a staff member does not know how to set up low-level stock alerts, you want someone to come up with a solution promptly. As a result, you should make sure that your vendor provides you with full support, including training, warranty, and help.
8. Create a Shortlist of Vendors
Aside from the primary criterion of satisfying your unique needs, suppliers’ dedication, robustness, and dependability in establishing a cognitive connection are critical here. According to various criteria, the top 5 to 10 suppliers may be narrowed down to a shortlist of 5 to 10.
A WMS provider that can identify precise measures to solve difficulties and dig into specifics on a line-by-line basis has a wider range of applications and a greater potential for growth. Also, a vendor may have tried and established processes, but the implementation should be tailored to the customer’s needs so that the system gives the best solution from the outset.
In a perfect world, a WMS would be able to evolve with the company and provide solutions as and when they are needed in real-time.
Analyze the software offerings from several suppliers and compile a list of all the features they have to fulfill your company’s needs in addition to the pricing, license, training, support, and maintenance costs.
Viewing a demo of the program and being familiar with the numerous features it provides are effective methods for determining the best WMS. There are a number of ways in which this may benefit your organization, such as allowing you to test and analyze real-time data, as well as allowing you to engage with the vendor to have things adjusted as and when necessary.
Managing a Warehouse: The Software Edition
From e-commerce to healthcare, a WMS can meet the demands of a wide range of industries. E-commerce enterprises have benefited greatly from the use of these platforms. But, it won’t come cheap.
We hope that our eight tips on selecting the right warehouse management software have been helpful. And, you should check out our management section for more explainers and strategies on how to keep your warehouse operating like a well-oiled machine.