Top 5 Ways to Increase your Warehouse ROI
There are a few things top-performing SMB warehouses have in common, and one thing they all have in common.
That is, they optimize their operations and resources to get more from what they have, focusing on boosting their daily warehouse ROI.
To get the most from your growing warehouse, you need to improve accuracy, reduce mistakes and waste, save time, and identify ways to get more from your resources. This list outlines the top 5 things you can start doing today to improve ROI from your warehouse.
Warehouse ROI is based on working efficiently and having the right systems in place to capture and check data — and this starts with having the right systems in place.
No logistics company operates in a vacuum, and having a cloud-based warehouse management system (WMS) gives you the opportunity to connect with and streamline data sharing between you, your customers and your supply chain partners.
5 ways to increase your warehouse ROI
- Integrate your WMS/TMS software for seamless data flow
It’s essential to consider how information flows in and out of your warehouse, and who else you need to communicate with in your supply chain in order to streamline incoming and outgoing stock. This provides greater transparency across the supply chain for everyone involved.
Having a fully integrated cloud-based WMS and TMS gives you an enormous boost in terms of efficiently sharing data and optimizing workflows around order acceptance and dispatch. For instance, you can optimize your beyond the warehouse by using delivery addresses and routes to pick and pack orders based on delivery routes.
You can even delight customers and partners by streamlining incoming and outgoing orders through cross-docking. A WMS app equipped for cross-docking gives you oversight of incoming and outgoing orders by simply using barcode scanning to accept stock, sort, and allocate to a new delivery run — all from the palm of your hand, and directly from the dock.
- Keep inventory records up to date
Using a cloud-based WMS and mobile app to capture, record and track incoming orders, stock movement records and outgoing orders gives you greater accuracy, simplifies reporting, and having the correct data for planning.
When looking at increasing warehouse return on investment, the more you can save time, optimize processes, and simplify workflows — the more you can achieve in a day, and the greater ability you have to scale up your business.
Keep your records up to date across multiple platforms and users with automated processes to boost ROI.
– Allocate orders for picking and track orders as they progress
– Update stock reports in real time
– Automate rate calculations as stock is accepted, moved, and picked – Provide customer 24/7 access to up to date reports from their own customer dashboard
- Save time and earn more? That’s right.
Did you know you can reduce admin hours by 40-60 hours a week, while increasing your daily output, with automating invoicing and rates?
Using a WMS with automated rate calculations also allows you to set complex rate cards for various customers, services, seasons, or other factors — ensuring you capture all billable charges — from sliging rate to ad hoc charges, and levys as well, without the time needed to manually calculate each charge.
- Implement barcode label scanning
A simple way to increase your ROI is to reduce mistakes and mispicks. Using barcode scanning to identify warehouse locations and confirm the items being picked increases accuracy across your warehouse operations, with ease.
Simply scan locations and inventory during warehouse put away and order picking for an added layer of certainty at each step. It provides a safety net, where mistakes are rectified in the moment, increasing your daily accuracy and ensuring smoother warehouse operations.
Want to know more about barcodes in your warehouse? Check out this article on everything you need to know about warehouse barcode scanning.
- Use warehouse locations
The layout of your warehouse can make a huge impact on productivity, speed of order fulfillment, and how to optimize storage rates.
It can also help you to optimize other workflows like inventory put away and order picking. Depending on the goods you store and the services your warehouse offers, there are different ways to optimize your space. This mainly comes down to allocating storage locations for accurate identification and optimizing storage by how often or how soon the goods will be needed.
Depending on the goods you store, you might want to store goods by batch; First in, First out (FIFO), or First Expired, First Out (FEFO), by temperature zone, or by using Replenishment to store fast-moving goods in easy-to-access locations.
To find out more about increasing your return on investment for your warehouse operations, or to learn more about our easy to use, cloud-based WMS, speak to the friendly team at CartonCloud today.
Start optimizing your operations and increase your warehouse ROI today.