Best Warehouse Management Software

Every business today, be it an online or an offline business, requires an inventory. The inventory is a storage house for loads of material and goods that must be managed and monitored daily. Such large inventory can’t be managed manually and hence involves software. The warehouse management software works and tracks the list and contains the entire distribution channel. Proper Warehouse software manages and boosts the business revenue by taking care of the optimum utilization of the resources, vendors, investors, and internal team. Operations in a warehouse include inventory management, picking process, and auditing. Did you know? The warehouse management software (WMS) market was valued at USD 2.4 billion in 2020 and is likely to reach USD 5.1 billion by 2025.

What is Warehouse Management Software?

Warehouse management software is an automated platform for managing warehouse operations. It helps to keep track of inventory, organizes where items are stored, and makes sure orders are correctly and on time. It helps to run the WMS smoothly and efficiently.

Why Need Warehouse Management Software?

The warehouse is the backbone of any business. E-commerce retailers rely heavily on warehouse goods. Hence the need to properly manage the warehouse components is a necessity. Warehouse management software takes care of the stock record.

It involves details about the available material and goods in stock, stock location, stock level, real-time inventory management, automated purchase management, routing and tracking shipments, and multiple order management. It cuts down the manual labor task of recording and maintaining the files for individual stocks. Keeping paper files is always a tremendous task with a big stockpile in the storehouse.

However, before switching to automated software, companies tried to switch over to Excel and spreadsheets. But again, with the bulk of material stored in the warehouse, the accuracy and spontaneity in recording the data and the facts were hardly achieved. Moreover, the challenge was to update the data manually every time and keep track of the shipments. Hence, the warehouse management tool came into the role. The software eliminates the need for manual management and does not involve a team to update and track the stock. Once entered and updated, the software takes care of all the details associated and keeps the details in the record to be accessed anytime.

What are the Types of Warehouse Management Software?

Warehouse management solution (WMS) serves as a boon as it facilitates e-commerce businesses to manage their daily operations. Without a WMS, companies may risk falling behind on inventory control, picking, and shipping their orders, which translates into lost time and money. The most popular types of WMS software often utilized by third-party logistics businesses include:

1. Standalone Systems

   If you are a business with a low budget, you must consider the standalone system as it only includes the most important feature of SaaS WMS software. It thus caters to all needs of small businesses.  

   These systems are typical on-premise systems deployed on the business’s native network and hardware. These can be used only for their warehouse management features.

   Features: 

   • Receiving
   • Put-away
   • Picking
   • Shipping
   • Bar code scanning
   • Tracking of the expiration date
   • Cycle count

   A standalone warehouse management program lacks many of the tools and features present in an integrated software solution that includes warehouse operations and inventory tracking management. However, these are ideal for small businesses with basic needs.

2. Cloud-Based Systems

   This web-based warehouse management solution has various features that help lower operational costs. The software facilitates the speedy implementation of warehouse management strategies. It boasts of higher data security protocols essential for medium to large-scale businesses managing high-value inventory.   

   Advantages of this cloud-based warehouse management solution: 

   • Minimized Cost
   • Easy to Use
   • Quick Implementation
   • Scalability

3. Supply Chain Modules

   This advanced and feature-oriented warehouse management solution is ideal for businesses of all sizes. The main goal of this system is to automate inventory management, product cycles, sourcing of materials, and other common tasks. Unlike other warehouse management tools, it supports the management of the entire supply chain.

4. ERP Modules

   Enterprise Resource Planning (ERP) software is a tool that helps to manage the resources of the whole organization or enterprise. It helps manage all of an enterprise's day-to-day operations, from inventory, tracking, sales, and retail to the supply chain. If you are an organization looking to improve software solutions and improve your ROI, ERP modules are an ideal choice.

What are the Benefits of Using Warehouse Management Software?

Warehouse management software is a major upgrade for any business- small or large. Implementing warehouse management software can reduce cost, enhance visibility, and enable just-in-time inventory. That's why proper warehouse management is important in business. A few of the benefits are:

1. Reduced Operating Expenses

   If implemented properly, well-designed and better functionality warehouse management software reduces the company's operating expenses. The various warehouse management tools help determine the stockpiles in the warehouse, the expiration dates of products, the floor plans to define storage, and other features needed to maintain the stock well.

2. Transparent and Enhanced Inventory visibility

   Features such as a barcode scanner, serial number, and tagging help determine the accurate location of the goods. It helps determine the products in and out of inventory, giving a real-time update on the inventory.  Such transparency and visibility are required to create and maintain the demand forecast, which provides greater insight into the products that are more demanded by customers and determines the time of the year when the demand for certain products is high. The traceability factor also ensures recall in case of any damaged goods.

3. Just-in-time inventory

   Another feature of the warehouse management software is the just-in-time inventory which refers to the inventory management practice where the stock levels are maintained based on the demand and available goods. Rather than holding the products for long, the Just-in-Time inventory feature ensures that the product needs are fulfilled as and when demand is there. Demand forecasting plays a major role and generates optimal inventory levels to meet the demand without exceeding or underestimating it.

With all the available features and benefits, warehouse management software is mandatory for any business dealing with inventory management. It cuts down the operations time and helps increase the tasks' accuracy.

What are the Key Features of Warehouse Management Software?

The warehouse management software is a multi-management warehouse management software that allows a retailer to maintain the inventory across multiple locations with the help of centralized monitoring and provides tools to enhance order fulfillment.

1. Real-Time Monitoring

   The admin can keep track of the inventory data in real-time and access details of any goods/material from a remote location. The real-time update provides data on current inventory and inventory value and evaluates and monitors the transactions done throughout the day. It updates the list daily and hence provides the exact data and value.

2. Mobile Deployment

   One of the best things about the warehouse management tool is its mobile-friendly interface that can be accessed from smart devices like smartphones, laptops, desktops, etc. It allows the management professionals to set authorities, view purchase orders, raw materials, and finished goods, and track the inventory on the go.

3. Inventory Cost Management

   With goods being sold and added to the inventory, the overall cost of the stock tends to fluctuate regularly. A manual system consumes too much time updating daily and still doesn’t assure accuracy. Warehouse inventory management software updates the list and calculates the cost and requirements regularly with much accuracy. Hence, eliminating the need for manual cost tracking.

4. FIFO Stock Picking

   The goods and materials in an inventory should be utilized based on the first-in, first-out model. Following this would save the materials from getting spoiled due to the expiration of the date. Such inventory is usually found in businesses dealing with eatable materials. The data warehouse management software takes care of the material to be released according to the first in, first out model, saving the loss that might incur if the material gets stale or spoiled.

5. Aging inventory

   An aging inventory is not good for any business. The inventory needs to be tracked and updated regularly. The old products must be dumped, and the new ones to be added as and when required. The warehouse management software updates the admin regularly to keep track of this, so inventory can be managed more effectively.

6. Order Management

   The key to any business is to satisfy and make the customer happy. The fast and error-free delivery of the order is most required. The best warehouse management software is dynamic and takes care of the stock pick-up, invoice generation, and order shipment tracking effectively.

7. Minimized Cost

   It eliminates inefficiencies and assists employees in managing distribution, procurement, and other associated tasks. 

8. Seamless Flow of Inventory

   When managing bin operations seamlessly, WMS may help you out! It has a responsive screen feature and intuitive UI that may automatically adjust according to the device's orientation.

9. Go Paperless

   As the paperwork is eliminated, it offers features that make the transfer a time-saving task.

Factors To Consider When Implementing a Warehouse Management System

The following are the factors to consider while implementing the right warehouse management system in India:

1. Don’t Overlook Usability

   Opting for a complex WMS could be potentially daunting. You must consider a user-friendly interface if you don’t want your team to get confused while working with the system. 

2. Level of Customization

   When choosing the right warehouse management tool, the level of customization plays an important role. There are chances that your business needs may be completely different from other businesses ' needs. 

3. Prioritize Business Requirements

   Ensure you create a preliminary action plan of WMS and its working in your business environment. You need to identify gaps in your processes and discover how implementing the warehouse management software (WMS) can help bridge these gaps. 

4. Interfacing Capabilities

   Always remember that the best warehouse management software (WMS) in India should easily interact with the existing equipment and ERP platform. To match the specifications of your new WMS, make sure you replace every other system in your warehouse. 

5. Don’t Overlook Training Needs

   It is often observed that managers overlook the importance of training their team members on the new system. When you choose and implement a new WMS, you must give prior training to your team to ensure optimum utilization of the warehouse management program.

Best Warehouse Management Software Systems

Let’s discuss the best warehouse management software systems to adopt:

1. NetSuite WM

NetSuite WMS is a cloud-based solution crafted to enhance warehouse operations, offering streamlined functions like receiving, storing, and shipping goods. It optimizes both warehouse and manufacturing processes, boosting efficiency and accuracy throughout the supply chain.

Features

2. Softeon

Softeon software provides a comprehensive platform for efficient warehouse management. With features including inventory tracking, order processing, and labor management, it adapts seamlessly to various warehouse environments, enhancing overall efficiency and scalability. Softeon is a cloud-based solution that provides innovative solutions for the supply chain.

Features

3. Odoo Warehouse

Provided by Odoo, it is a cloud-based warehouse management tool that has a modern user interface and intelligent workflow capabilities. Odoo warehouse seamlessly integrates with the Odoo ERP platform, offering versatile features such as inventory management, order processing, and barcode scanning. Its high customizability and scalability make it suitable for businesses of all sizes and industries.

Features

4. HighJump

HighJump offers a powerful solution to optimize warehouse operations, providing real-time visibility into activities for informed decision-making. Its scalability and flexibility cater to diverse industry needs, offering future-proof, mobile-enabled solutions tailored to warehouse requirements.

Features

5. Infor Inventory

Infor Inventory streamlines inventory management processes with features like tracking, order processing, and real-time visibility. It helps businesses reduce stockouts and enhance order accuracy, making it a top choice for warehouses across various industries and business sizes. Infor is one of the best warehouse management tools for any business size and serves its solutions for all types of industries.

Features

Market Trends In Warehouse Management Software

The latest market trends in the WMS software provide great flexibility in organizing logistics operations. These trends help organizations to optimize the space based on their inventory needs. Some key trends include:

1. Cloud-Based Solutions

   With Cloud-based software solutions, users can access the application from any device using an internet connection. Using a cloud-based solution makes it easier to maintain the system and improves its security. It seamlessly helps increase the productivity and also reduces the security risks. 

2. Visibility & Analytics

   Warehouse management software aims to offer real-time visibility into warehousing activities. It is the ability to monitor, update, or track information and order status, enabling flexibility and improved operational efficiency as it moves through the supply chain.

   The supply chain visibility helps to make the data readily available for the stakeholders. 

3. SaaS (Software as a Service) Models

   The warehouse management software (WMS) market is increasingly favoring Software-as-a-Service (SaaS) models. It offers flexibility, scalability, and cost-effectiveness for businesses of all sizes. With SaaS, companies can access WMS solutions through the cloud, reducing infrastructure costs and streamlining operations. 

4. Eco-friendly and Sustainable Practices

   WMS trends adapting sustainable methods to reduce the environmental impact of warehouse operations. Using the renewable source of energy helps to reduce the energy cost and the reuse of old products helps to reduce material use, lower costs, and eliminate store inventory.

   WMS operation helps to reduce unnecessary paper waste and will reduce the environmental impact of the business.

Conclusion

In summary, warehouse management software streamlines operations enhances efficiency, and boosts profitability by automating processes and providing real-time data insights. It's a crucial tool for businesses aiming to optimize inventory management and remain competitive in today's market.

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