Menu
contact us

INSIDER NEWS

Your Supply Chain Software news feed!

Featured Posts

  • LLR Partners Invests in Supply Chain Management Software Leader Magaya Posted 3 months ago

    Magaya Corporation announced an investment from LLR Partners, a middle market private equity firm committed to creating long-term value by growing its portfolio companies.

  • Mapping Out Growth: Wholesale & Distribution Companies Posted 3 months ago

    A walkthrough of some key steps and insights for Wholesale and Distribution companies that are looking to grow in 2019.

  • 3PL Industry Trends in 2019 | Webinar Posted 3 months ago

    Logistics software designed for 3PL's day to day responsibilities. Watch this webinar to explore how the 3PL industry trends for 2019 are changing the industry and what you can do to grow your business with these trends. Learn how to leverage these trends to take your business to the next level. Map out your growth according to the trends that affect you and your customers.

Read More »

Insider News

rss

Your Supply Chain Software news feed!


Curious About Inventory Management Software For Your Warehouse?

warehouse inventory management software

Curious About Inventory Management Software For Your Warehouse?

Table of Contents

  1. What is warehouse inventory management software?
    • a. Introduction
    • b. Benefits
    • c. Features and choosing management software for your company
  2. Most common features found in warehouse inventory management software
    • a. Third-party integration
    • b. Wireless management
    • c. Managing Inventory
    • d. Order fulfillment
    • e. Tracking
  3. FAQ
  4. Reference section

Benefits

No matter what warehousing industry you work in, you will receive many benefits from using software for warehouse management and inventory control for your warehouse.

Here are a few areas that warehouses find software benefits them most:

  • Reduced errors in accounting, managing inventory, and shipping
  • Better inventory management
  • Prevent customers from receiving expired stock
  • Streamlined storage, order fulfillment, and shipping
  • Accurate packing
  • Optimized space
  • Essential stock is always on hand
  • Customers are kept updated
  • Less time spent on manual inventory management and warehouse management

If you’d like to see more about how many benefits software integration offers a warehouse, check out our customer success stories and case studies!

Software management which automates inventory control has been saving warehouses millions of dollars over the years, and it could be one of the biggest boons to your business.

Features and choosing management software for your company

The best way to get the most out of your software investment is by choosing the right one for your company.

Each warehouse management software offers its own list of features. These management features can support and control the workflow in every stage of warehouse management, even including freight brokerage and supply chain management.

Various warehouse management software may include the following features.

  • Managing inventory
  • Control drop shipping
  • Preparing for receiving cargo
  • Receiving and storing cargo
  • Picking and packing orders
  • Generating complicated customs forms
  • Shipping
  • 3PL support
  • Fleet management
  • Tracking
  • Accounting

However, not all warehousing businesses have all the same needs. So, when evaluating software, consider how its features and pricing fit into your needs.

For a software offering tiered pricing, consider if the features and level of support will adequately match your business without too much excess.

Also, consider if it will be able to expand with your company’s long-term goals. Ideal warehouse management software will bring you the most savings with the following traits:

  • Allows you to control the number of features you have as the volume of business changes
  • Manages inventory of all sizes
  • Supports your needs as you reach your goals
  • Warehouse management that has flexibility, allowing upgrades in features as your business changes, will benefit your warehouse operations and bring you the most savings. If your business has multiple facets to control, find out if your prospective warehouse management software supports all of these areas or if you’ll need to manage multiple software providers to meet those needs. A provider who meets as many needs as possible for managing inventory will save you time, money, and effort with management between multiple systems.

If you’d like to see just how well-tailored software can be for management of your business in the present as well as the future, contact Magaya for a demo.

Most common features found in warehouse inventory management software

When looking at any of the top 10 warehouse inventory management software providers, you’ll see a few features that they all offer. Here, we’ll give a quick overview of what these features are and what they can include.

In this section, we’ll cover the following features offered by the top warehouse management software providers and how they can help with managing inventory.

  1. Third-party integration
    • eCommerce
    • Accounting
  2. Wireless management
    • Cloud support
    • Support for multiple devices
    • Plug-ins
  3. Managing inventory
    • Receiving
    • Drop shipping
    • Individual item management
  4. Order fulfillment
    • Packing lists
  5. Tracking

These sections will briefly cover how these features benefit a warehouse’s management and a quick overview of how Magaya offers a comprehensive solution for any warehouse. However, this is only a quick overview of the most commonly important features. Contact us to see what unique features we can offer your business!

Third-party integration

For some features, a third-party may already handle your needs. Instead of having to learn new in-house solutions or switch between your warehouse management software and your third-party applications and plug-ins, your WMS can be ready to integrate them.

Magaya’s warehouse inventory management software features integration with many common and very useful products as well as additional plug-ins that are available and compatible with Magaya’s warehousing software.

Logistico

Does your warehouse work with eCommerce or would you like it to? Logistico integration makes eCommerce management a breeze to set up in a few short steps!

Logistico can simplify any work you do with eCommerce by managing inventory and marketplace transactions from all of your marketplaces and stores into one center. You can control and manage transactions through this interface as well.

In addition, Magaya partners with and integrates with the following eCommerce platforms:

  • Amazon
  • Big Commerce
  • Bonanza
  • eBay
  • Etsy
  • Houzz
  • Magento
  • Shopify
  • Squarespace
  • Target
  • Walmart
  • Wayfair
  • WooCommerce

Whatever platform you’re on, it’s likely Magaya can succeed in managing inventory for you.

QuickBooks Exports

Most top warehouse management options available today will support QuickBooks. Managing inventory without needing to manually enter every transaction into your accounting software at each step means less staff and accurate records. Integrate your warehouse management system with QuickBooks to make bookkeeping and transaction management a breeze!

Magaya’s inventory management software supports not only QuickBooks but also PeachTree to offer quick exporting, receipt creation, and expense tracking in only a few quick clicks.

Wireless management

Whether you’re moving from device to device or just want to check something from your phone, it’s hard to manage inventory in a warehouse while tied to a desk. Cloud support and multiple device management will free your management and warehousing staff to move freely throughout the warehouse, where they are really needed.

Magaya’s warehousing software supports your team in a variety of ways. We start with cloud support and web-based applications that allow you to better manage your warehouse operations.

Cloud support

Save on management costs, server fees, and the stress of controlling a downloaded system. You no longer need expensive set-ups for managing inventory. Your warehouse management solution can handle everything for you.

Magaya’s WMS is available on the Cloud, so you can control space by not wasting your warehouse’s space on servers, and most importantly have your data backed-up in case of a disaster. Learn here how Magaya can make warehousing easier by using our Cloud Services.

Support for multiple devices

Magaya allows you to manage inventory from a computer, or handheld device. Here are a couple of options to manage inventory away from a monitor.

Barcode scanners 

Tracking inventory can be as simple as scanning a bar code once you include the Bar Code Scanner. Scan inventory when it arrives, during its stay, and when it’s shipped out. Your warehousing software will do the rest of the work to manage inventory!

For barcode scanners, Magaya recommends certain Symbol® handheld devices by Motorola that can support Magaya’s Mobile Application. 

Handheld devices

These handheld devices— plus any additional accessories, access points, and antennas—allow your staff to keep a mobile device handy and ready to go at a moment’s notice. It will help your staff manage inventory quickly and easily anywhere in the warehouse! 

Plug-ins

Not all solutions to manage inventory are the same. Some will come pre-loaded with every feature the provider offers, while some offer plug-ins to help control the size of the WMS your business uses.

Magaya finds plug-ins are a much better solution. Plug-ins, often pre-installed, allow a warehouse to select what support they need and run a lighter system without the features they don’t need. Here are a couple of plug-ins that Magaya can offer in its warehousing software.

packing boxes

Final Mile

For warehouses that could benefit from a system that manages pick-up, delivery control, and signature confirmation for packages, the Final Mile plug-in connects to your warehousing software in only a few short steps.

Final Mile is a delivery management tool that comes automatically installed with your system, so you can log in from the mobile app as soon as you’re ready.

Once you’ve logged in, you can access your current orders and shipping information and have it begin shipping management right away.

Without needing to invest in specialized equipment, your team can get to work handling the physical aspect of delivery and transportation while Final Mile does the paperwork management.

For on-the-go scanning, Final Mile supports your phone’s camera, Bluetooth scanners, and mobile scanner attachments. Read more about the Final Mile plug-in.

Managing inventory

Inventory control and management is a given with any WMS nowadays. Warehouse inventory management software can track your stock from the moment you choose to order it to the moment it reaches your customer’s doors. A few top software options even include features that “top off” your inventory before it runs out, saving you the effort of having to manually manage your stock levels and handle repetitive orders. 

Receiving

As a part of managing inventory, the top warehouse inventory management software apps now offer tracking and management when the stock hits your warehouse doors. Scanners can record what comes in, where it should go, and manage your inventory in real-time.

Magaya’s warehouse inventory management software offers two options for receiving new inventory, informed and uninformed receiving. 

Informed Receiving

When the cargo is part of managing inventory from your warehouse system and the system expects it, it will collect the shipper and client information, tracking information, and details of incoming inventory for storage.

In these situations, our software will be able to manage how many pallets will be needed as well as assign it location codes for picking later.

In informed receiving, it will handle management for the intake process for deliveries so there’s no last-minute prep and everything can easily be found later. The informed delivery process also includes an overstock function to manage inventory that wasn’t expected. 

Uninformed Receiving

Uninformed receiving, or “blind receiving,” is also supported in Magaya’s WMS. If you receive cargo that wasn’t expected and needs to be manually added, your WMS is still able to simplify the process and can still manage inventory as if it were expected.

Our uninformed receiving process will guide handheld users through adding the stock and storing it when it comes in. Unrecognized cargo can be measured and added so it can be stored and tracked just as easily any previously recorded stock.

Regardless of what comes into your warehouse, our management tools have features to make it easy and organized. 

Drop shipping

Drop shipping makes it easy to manage inventory as well as eases space management. With drop shipping being so economical for many warehouses and manufacturers, the top inventory management software providers have made sure this feature is available.

Magaya is no exception.

We’ve made preparing a drop ship order a breeze in just three steps!

Once you’ve enabled it, you can proceed with making and fulfilling drop ship orders. Enjoy the positive cash flow of this easy management feature in just seconds! 

Individual Item Management

Managing inventory in a warehouse can be helped in a couple of ways that can save your team hours of work.

Never forget to order essential stock items again. Your management tools can watch your stock of certain items 24/7.

Simply let your warehouse management tools know how to manage inventory for certain items by determining the minimum to have on stock in the warehouse, how many to order when you’re low, and who to order it from. You will be notified when it notices a low stock and orders more. Your management tools can manage inventory even when nobody is in the warehouse.

Have you ever had the opposite problem: too much stock in your warehouses that expires before it sells? Instead of catching expired products too late, your warehouse management tools can keep an eye on them for you and manage inventory stats you may rarely get to check.

When your warehouse receives inventory, enter its lot number and expiration date. Not only will the warehouse management tools keep an eye on the expiration date, but they can also manage a shipping time frame so that you avoid items expiring between leaving your warehouse and reaching your customers. 

Order fulfillment

When an order is submitted to you, your warehouse management software can take over the hard part. It will instantly update your inventory, prepare the packaging process, and can even manage the shipment of your products.

Your warehouse management software should have a way to help your team pack orders and get them on their way. Magaya’s management tools help your staff to manage inventory that is leaving, with detailed packing lists available on demand. 

Packing lists

For speedier fulfilments, most management systems for warehouses can prepare packing slips and lists that locate products within the warehouse. Employees can work much more quickly and efficiently knowing exactly what to pick, from where, and where to send it.

Magaya’s warehouse inventory system can generate a variety of packing lists and slips.

Whatever information you need at the moment, Magaya’s management system comes prepared. Locate an item in your warehouse and have it ready to go in no time.

When using our Barcode Scanner Plug-in, a barcode scanner can be used to verify packing lists to ship out.

Our generated packing lists and slips will ensure your warehouse is always able to accurately send out any order that comes through. 

Tracking

Your management software should make sure your customers know that their package is on the way and can keep an eye on it with tracking.

Magaya’s warehouse management solution makes tracking management easy. Establish your tracking preferences, email template, and which events will trigger the notification. After that, if you still need to manually send the confirmation, you can do so in just a couple clicks from the transaction management page.

Tracking management bringing peace of mind to your customers is a breeze with Transaction Tracking. Transaction Tracking is compatible with Logistico without any additional software.

inventory management

FAQ

What is warehouse inventory management?
Warehouse inventory management, or WMS (warehouse management system), is software designed to solve the challenges and streamline the processes warehouses face every day. Their primary focus is to manage inventory within warehouses.

Warehouse management software providers offer services that maximize a warehouse’s resources while minimizing efforts and mistakes. Warehouse software can plan storage of cargo, manage expiration dates, handle packing and shipping, and inform your customers of their orders’ progress so they, too, can be prepared.

Warehouse management software makes warehousing easier than ever!

What is the best software for inventory management?
Warehouse management software is best to manage inventory inside a warehouse. Each provider’s solution to manage inventory is different, so the best system will depend on your needs.

With Magaya, you can manage inventory while it’s in-transit—planned or not—and store it efficiently. Our warehouse management software can track details about inventory like the size of products as well as lot numbers and expiration dates. Whatever your warehouse stores, we likely have a perfect solution for you. Schedule a demo with us to find out if we could be the best management solution for your warehouse or warehouses.

What is the best warehouse management system?
See above: “What is the best software for inventory management?”

How do you manage warehouse inventory? Inventory control can be done by hand if you have a small warehouse. However, even as a small warehouse, it’s tedious and time-consuming. Software is a much more reliable and efficient option whether your warehouse is the size of your closet or a chain of warehouses you run nationally or internationally.

Your software can manage inventory in a warehouse from beginning to end. It can predict and prepare for incoming cargo, store it efficiently, help you pack it quickly, and set you up for efficient and fast shipping with tracking.

Your warehouse management software can do your bookkeeping in less time with accounting reports. Most management software will integrate with QuickBooks to make accounting fast and easy.

Controlling the process every step of the way makes warehouse management accurate and reliable, which is an asset to your company and a benefit to your customers.

See here how a warehouse management system can benefit a warehouse, and contact Magaya to see how it could benefit your warehouse. 

What are the four types of inventory?

There are four basic types of inventory:

  • Raw materials and supplies
  • Unfinished products or Work-In-Progress
  • Finished goods
  • MRO supplies

Raw materials and supplies are purchased by the manufacturer to produce the stock. This could include flour for baked goods or wood scraps for furniture.

Unfinished products or Work-In-Progress (WIP) inventory are semi-finished goods stored in the production facility that may even be saleable. In a bakery, this could be par-baked bread or unfinished cakes. In furniture, this could be finished shelves without hardware or packaging. WIP inventory is often considered waste and should be minimized.

Finished goods are the completed products ready for sale. Finished goods exist in two industries. In one industry, finished goods are made in anticipation of purchase and are often ready for incoming orders. For these industries, managing inventory and storage solutions are an inevitable necessity to track this inventory. In the second industry, finished goods aren’t made until an order is placed.

MRO supplies and goods are any maintenance, repair, and operating supplies. This type of inventory sometimes called “consumables” encompasses any inventory kept on hand to keep processes and machinery within the organization running smoothly. MRO supplies can include machine oils, cleaning supplies, and even labels.

Of course, not all warehouses and manufacturers face the same day-to-day challenges, and each one will consider different types of inventory for each situation. There are tens of common inventories tracked by warehouses.

Warehouse inventory control for a company with many types of inventory is much easier with software. A reliable software will manage inventory no matter how many types you may want your warehouses to stock.

What is the difference between ERP and WMS?
An ERP, or Enterprise Resource Planning, is a comprehensive management system that plans for an organization across every department. An ERP software helps with accounting, communicating with manufacturers and carriers to create well-balanced stock and efficient shipping procedures, and can still manage inventory wherever it is in the supply chain. An ERP makes the management of a large organization much easier to control.

A WMS, or Warehouse Management System, is sometimes confused with ERP, but this form of management focuses on warehouses. Warehouse management systems ensure orders are fulfilled and on track, and your warehouse stays well-stocked without the complication of extraneous features your warehouse may not need from it. A warehouse management system can be referred to interchangeably with ERP in some contexts. Magaya’s solutions are comprehensive and varied enough to seamlessly transition between an ERP and a WMS.

If you’re not sure just how comprehensive a solution you need, let us know; we can help you determine the right management solution for your business.

What is the best way to manage inventory?
The best method to manage inventory is definitely with software. While some things in life may be easier with technology but done best by human hands, warehouse inventory control is a topic where software excels.

The software can track an otherwise overwhelming array of products, in incredible amounts, in the warehouse or in-transit. It can handle report and list management and even automate communication with incredible accuracy.

Where humans commonly make costly errors, the software is designed to protect you and your employees from ever needing to handle these errors. Thanks to inventory management software, your warehouse staff is left free to do the things that are best done by human hands.

How can you improve warehouse inventory accuracy?
The best way to improve accuracy in your warehouse inventory control is to manage inventory with a warehouse management solution.

Any warehouse can benefit from the accuracy software provides in ordering, inventory tracking, accounting, and packing lists. With software coordinating ordering, storage, picking, packing, shipping, notifications, and accounting reports, warehouses notice fewer errors and more consistent results for their customers.

With handheld devices, warehouse staff and software can support each other with the ability to check and pick goods on demand while updating any changes in inventory in real-time. You can manage inventory by updating your management system on the spot, preventing a customer from ordering inventory you no longer have.

Everyone on the supply chain can appreciate how much software can simplify and streamline your warehousing management.

How do you maintain stock in a warehouse?
By hand, employees must follow a consistent rotation to manage inventory by counting each item and comparing it to ideal numbers. This process is costly and time-intensive, often falling prey to easy mistakes and a frequently out-of-date inventory. This method is especially difficult during a business’s busy period, when there may not be any staff who can set aside time to manage inventory.

With software for stock management, items are tracked when they’re ordered, received, and sent out. Management software immediately adjusts when a set time frame for items passes. When you manage inventory with software, you save on time with manual inventory with more accurate management throughout the day and accounting for fewer errors.

For example, if you know you always need a minimum of four cases of honey on hand and an ideal count of fifteen, then your software can order eleven anytime you reach four cases. With every step in the warehouse updating your software, it will know the second you get low. Your software can send you a notification once it orders so there’s no need to worry about discovering you’re out after a customer makes an order.

How can I maximize my warehouse space?
By hand, you can measure each piece of inventory and either map it out, work by trial and error, or make use of a staff member with incredible spatial intelligence. Prior to software, warehousing really did mean trying to do this by hand.

In 2019, we can now do this with software. Simply input the dimensions of a product into your software, and it will calculate how many you have on hand or in-transit and compare it to your warehouse. Warehouse software can calculate how and where to store each piece of inventory when it comes in. Your staff won’t need to worry about finding it later; your software will remember when it’s time to retrieve that inventory.

If you have multiple warehouses, your management software can serve your warehouse even better by helping you determine where it is most efficient to store your inventory and can even decide to which one to send it to!

Reference section

Types of warehouse management systems
There are a few major types of warehouse management systems.

  • Standalone warehouse management system (WMS) designed to manage inventory within a warehouse and control inventory levels. These are focused, simpler solutions for warehouses that don’t need a lot of extra management.
  • Supply chain management (SCM) controls inventory and can manage inventory beginning with the manufacturer. These are a little more comprehensive than the standalone WMS but not quite a full-service solution.
  • Enterprise resource planning (ERP) encompasses the entire supply chain and even supports the core of a 3PL (third-party logistics) that help make warehousing and transportation run as smoothly and cost-effectively as possible. An ERP may or may not integrate with a WMS. An ERP also has a much more expensive price tag, but for organizations using these tools, they’ll save their cost multiple times over.

For more information on a WMS compared to an ERP, see the FAQ: “What is the difference between ERP and WMS?”

Warehouse management system PDF
Magaya offers manuals in PDF form such as this the Magaya WMS Operations Manual as well as other self-guided solutions and PDFs and tech support. Contact our tech support if you’d like assistance with your questions.

Warehouse management process
The warehouse management process comprises many areas within a warehouse such as managing inventory, storage, fulfilment, shipping, account keeping, and communication between clients. For more information, see the FAQ: “What is warehouse inventory management?”

WMS software
Warehouse management system (WMS) software is any program that optimizes and regulates the processes within a warehouse and can manage inventory for a single warehouse or multiple warehouses. 

Interested in learning more? Book your demo today!










b i u quote

Save Comment
Showing 0 Comment


CONNECT WITH THE MAGAYA NETWORK

Keep yourself, your employees and Magaya users informed of the latest news and updates.