The Essential Tools for Forecasting During Fluctuating Supply Chain Conditions: Part One
In the last few years businesses have been tested like never before by economic conditions that made customer demand difficult to predict. These challenging conditions ultimately underlined the importance of accurately planning for demand. Forecasting demand through various market conditions is what’s needed to stay afloat in 2022 and in order to do that, small and mid-size businesses must possess a keen, exacting approach to their data entry. This input will provide you with decisive insights on your inventory management practices that can be leveraged to make informed demand planning decisions.
Part One: Inventory Data Attainability with a Robust WMS
Your company may have the desire to be data driven, however, like many small to mid-size businesses you probably have limited access to the game-changing insights you need. It’s important to streamline operations by leveraging software that keeps your data accurate and keeps you updated on the current status of your business. A comprehensive Warehouse Management System, such as LISA WMS, will allow you not only to optimize warehouse operations, but also to track inventory movements in real-time across your entire supply chain – inbound and outbound.
Designed for SAP Business One and SAP Business ByDesign, LISA WMS extends the reach of your ERP software and gives you full control of your warehouse processes to achieve reliable inventory data. Here are the most impactful features provided by a robust WMS solution:
- Barcode scanning: Avoid paper-based and manual operations with this heavily sought-after feature. Compared to manual entry, barcode scanning is 9 times faster and allows you to reduce data entry errors from 10,000 to 1 for every 3 million transactions.
- Guided cycle counting: Complete periodic verifications to ensure your system inventory levels match what is physically available in your warehouse. Unlike old-school full physical counts, there is no need to pause operations during counting periods as each cycle focuses on a subset of inventory.
- Space/locations management: Manage single or multiple physical and virtual warehouses by defining zones and storage location types. This feature allows you to configure specific locations using capacity and velocity management.
- ERP, EDI and omnichannel integration: With real–time data from multiple channels flowing seamlessly through the system, maintain visibility into and control over current inventory levels as transactions are happening live.
- Inventory transfers: Having multiple physical or virtual warehouses can make it tough to track inventory transfers. With LISA’s web-based transaction interface you can support remote warehouse locations and 3PL’s. Track real-time inventory movements by creating visual layouts for each warehouse.
- System directed put-away and picking: Whether receiving inbound inventory, preparing orders for shipment, or completing inventory transfers, avoid errors and minimize lost time spent navigating the warehouse. A well-integrated WMS optimizes travel routes to be as efficient as possible with user-defined travel sequences through various locations. In most cases this function can increase productivity by at least 30%.
David Wilhite, Neotek President, had this to say when speaking on the drastic impact LISA WMS has made for their business, “We needed the right inventory at the right time, in the right place and get it out to the right people quickly. LISA provided exactly what we needed and more at a very competitive price.”
Not only was Neotek able to achieve what they hoped by implementing LISA WMS, but due in part to the efficiencies offered by the system, they had the capital and resources to hire two more sales team members to bring in more of the business they once couldn’t handle.
To begin achieving similar numbers to Neotek, take a step in the right direction by contacting N’ware about implementing SAP Business One and LISA WMS.
Stay tuned for Part Two!
