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Increase Inventory Management Performance with WMS and Asset Management

Increase inventory management performance

Effective inventory management lies at the core of successful supply chain and business operations. Companies worldwide are constantly seeking ways to enhance their inventory performance and optimize costs. In this informative article, we delve deeper into the world of Warehouse Management System (WMS) and asset management, and how these two essential tools can elevate your inventory management to a higher level. We will explore the benefits, best practices, and inspiring case studies, providing you with the insights needed to optimize your inventory management and grow your business. Keep reading to discover how you can increase inventory management performance using advanced technologies and strategies.

 

What is Asset Management in Inventory Management?

Asset management in inventory management refers to the process of effectively managing, controlling, and optimizing the physical assets and resources of a business. These assets and resources are involved in the inventory and supply chain operations of an organization. These assets, also known as physical assets, include:

 

  • Warehouses and storage spaces: Managing the locations where inventory is stored, including layout, organization, and optimization of warehouse spaces.
  • Transportation vehicles: Managing vehicles such as trucks and vans used to transport goods between locations.
  • Equipment and machinery: Managing machines and equipment used in the production, handling, or storage of inventory.
  • Inventory levels: Monitoring and managing the quantities and status of inventory items, including inventory, tracking, and reporting.

Asset management in inventory management goes beyond simply tracking inventory levels. It also involves making decisions about the lifecycle of these assets. Within asset management, considerations include when to invest in new equipment, when to perform maintenance, and when to dispose of assets.

 

The goal of asset management in inventory management is to improve operational efficiency, control costs, minimize risks, and optimize overall supply chain performance. It utilizes technologies, processes, and best practices to help companies maximize the value of their physical assets, all while complying with regulations and meeting the needs of stakeholders. This enables organizations to better respond to changing market conditions, resulting in a significant competitive advantage in your industry.

 

What is a Warehouse Management System?

A Warehouse Management System (WMS) is a software solution that supports the full management of asset lifecycles in a warehouse environment. These assets include physical items such as inventory, buildings, and technicians involved in warehouse operations. A WMS plays a crucial role in improving your performance and risk management in your warehouses.

 

This system helps you accurately track inventory levels, streamline your decision-making around inventory management, and comply with regulations. It utilizes specialized software and technology to optimize your warehouse infrastructure, resulting in more efficient processes.

 

A WMS can also support you in making decisions by providing you with real-time information about your inventory and warehouse activities. By implementing a WMS properly, you can increase your revenues while achieving a better balance between inventory levels and operational costs. It enables you to improve your inventory management performance and achieve competitive advantages within the supply chain.

 

Why Integration between Asset Management and a WMS is important

The integration between asset management and a WMS is crucial due to the benefits it offers throughout the entire lifecycle of assets. Bringing together asset management and a WMS has several key reasons:

  • Optimization of asset usage: By integrating asset management with a WMS, you can effectively utilize resources such as warehouses, transportation vehicles, and equipment. This results in more efficient deployment of these resources, saving costs and improving overall performance.
  • Real-time tracking and management: Integration enables real-time tracking and management of assets. You can accurately track the location and status of assets in your supply chain, essential for decision-making and planning.
  • Risk management: Proper integration provides better risk management for assets. You can plan preventive maintenance and monitor assets to prevent failures, reducing unplanned downtime and costs.
  • Compliance and reporting: Integrating asset management and a WMS helps comply with regulations and generate reports. This is essential for audits and meeting legal requirements.
  • Efficient inventory management: An integrated system allows you to accurately align your inventory levels with demand. This reduces costs and improves product availability.
  • Optimization of decisions: It provides you with the tools to make informed decisions about the lifecycle of assets, including determining the right time to replace or upgrade assets.

Discover how Bizbloqs can transform your inventory management and improve your business efficiency. Contact us today for a free demonstration and see how our integrated solutions for asset management and WMS can help optimize your supply chain!

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Willem Ten Asbroek

CEO, Bizbloqs Management Solution B.V.

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PRODUCT SELECTOR

Welcome to the BizBloqs product selector. This is a tool we designed to guide you to the right subscription for your business.

If you are not sure how to answer a question, or you are not comfortable with the recommendation, please simply contact us and discuss it with one of our experts. It is our duty and pleasure to guide you to the best of our ability, making sure you arrive at the right well-informed choice that suits your needs perfectly.

INTRODUCTION

BizBloqs offers Business Processes as a Service (BPaaS) and has created a range of subscriptions that service the specific needs of customer profiles we have encountered often in the market.

Our solutions are designed in such a way that we can service the smallest businesses for their basic needs, while the same platform can service the most complex and elaborate logistic requirements as well. This level of scalability allows all our customers to make their subscription grow with their needs, no matter how rapidly they grow or increase the complexity.

STATEMENT 1

I only need very basic features and care most about my outbound process.

GAMBIT

Gambit is our entry-level solution that covers the basic needs for companies that are looking to digitize their order fulfilment processes.

The emphasis of this subscription is on the outbound processes, handling all common requirements with ease. Gambit includes the ability to integrate a web shop on the frontend or an ERP system in the backend.

Furthermore, you can connect your Gambit solution to a supported transporter of your choice. Your order fulfilment and stock management have never been easier.

STATEMENT 2

I only need basic features, but inbound and outbound processes are both very relevant for my requirements.

PAWN

Pawn is the second-tier subscription of BizBloqs. It offers all the capabilities of Gambit, but also adds full control over the purchasing process. If you are looking to take your business to the next level by digitizing all your warehouse processes altogether, Pawn is the right solution for you.

It offers location management out of the box, supporting one location per article as the standard. All basic processes any small or medium business might need are included, all based on the years of experience and elaborate expertise of BizBloqs. We have taken the best practices of implementations in the past so you can benefit from the best of our capabilities.

STATEMENT 3

I need some advanced features; my situation requires location management and/or we need digital support for batch picking. You could say my needs resemble a wholesaler, reseller or large web shop.

KNIGHT

Knight takes your digital logistic capabilities to the level you might see at large companies with a professional setup. In fact, BizBloqs services several companies at this level with its Knight solution. It offers the possibility to manage an article across multiple locations and offers digital management for your batch picking.

Knight is the right solution for you if you need to optimize fairly complex processes or large operations. If location management is a big part of your business, Knight is the right subscription level for you. This solution is popular amongst wholesalers, resellers and web shops in particular.

STATEMENT 4

I want a standard solution, but with all the bells and whistles. I manage multiple locations and zoning across my warehouses and deal with a lot of orders.

BISHOP

Bishop is the ultimate standard subscription with a wide range of features beyond the capabilities of Knight. It allows for dynamic location management, which allows you to keep track of your stock on the move at all times.

You can manage multiple locations and assign various location zones as per your requirements. Bishop can handle a great number of orders without effort. If this ultimate subscription still doesn’t meet your needs, you would need to consider a custom solution that is tailored specifically to your requirements.

CUSTOM

Clearly it will not be possible to make a straightforward recommendation for your needs. That’s perfectly fine, we have the expertise and experience to address your challenges. You will need to work with our experts to digitize your processes and define your workflow.

Our solutions are designed in such a way that we can service the smallest businesses for their basic needs, while the same platform can service the most complex and elaborate logistic requirements as well. We can do this without development in almost all cases, simply by configuring our solutions to reflect your situation perfectly.