Lower Your Warehousing Costs with Better Inventory Tracking and Reporting
When looking for expert Cincinnati warehousing and distribution, find out if the company you are considering uses a sophisticated inventory tracking and reporting system (as we do at Redkey Express) to effectively
- monitor customer’s stock levels.
- manage their supply chain efficiently and
- fill their customers’ orders promptly.
What is inventory tracking?
Our inventory tracking process involves continually monitoring the quantity, location and status of items in our warehouses. This ensures each Redkey Express customer using our storage services has the right amount of stock at the right time. With careful inventory management at our warehouses, our valued customers avoid both overstocking and stockouts.
Key components of inventory tracking at Redkey Express
ID methods
We use barcoding, RFID and serial numbers—depending on each customer’s preference and budget—to make sure we know exactly what we are storing for each Redkey Express customer at all times.
Barcodes and scanners are a foolproof way to track items as the come in and leave a Redkey warehouse.
RFID (Radio Frequency Identification) uses RFID tags and readers to automate tracking in real time.
When requested, we assign a unique serial number to individual items for precise tracking.
Real-time monitoring
Inventory management software gives us real-time visibility into stock levels, locations of stock and the movement of stock.
We also use IoT (Internet of Things) devices with sensors that monitor the environmental conditions—such as temperature and humidity–of our warehouses (critical for some items in storage). Additional IoT devices help track items in real-time.
Automated systems
With robotics and automated systems, we can count inventory cost-effectively, without human intervention.
ERP (Enterprise Resource Planning) helps our customers integrate inventory control with other business processes like sales, purchasing and finance.
Data collection and analysis
Transaction logs maintain logs of all receipts, shipments and transfers at Redkey warehouses.
We do periodic physical counts to verify the accuracy of our inventory management system.
Inventory reporting at Redkey Express
This involves generating reports for our warehousing and distribution clients to aid decision-making, forecasting and strategic planning.
Redkey Express inventory reports include:
- inventory status
- trends and
- metrics
We can also tailor inventory reports to show
- Stock levels
- Inventory valuation
- Sales data combined with inventory levels
- Inventory turnover
- Age of inventory
- Ordering and reordering needs
The technologies we use for inventory tracking and reporting
Our inventory management software centralizes data and provides tools for tracking, reporting and managing your inventory in Redkey Express warehouses. Depending on customer needs, we use SAP, Oracle and specialized solutions like TradeGecko and Fishbowl.
As listed above, barcoding and FRID systems enable automated data capture and real-time tracking. These tools have greatly improved our accuracy and efficiency in inventory management for Redkey Express clients.
The introduction of cloud computing in the 1990s has given us scalable and accessible platforms for inventory management. Cloud computing facilitates real-time data access and collaboration across Redkey warehouses.
Machine learning and AI (Artificial Intelligence) help us identify patterns, predict demand and optimize stock levels for our clients. These tools enhance forecasting accuracy and aid decision-making.
How our Customers Benefit
Redkey Express customers benefit from our cutting-edge inventory tracking and reporting with
- higher accuracy,
- lower costs,
- increased efficiencies,
- better data for decision-making and
- enhanced customer satisfaction.
Our system reduces errors in inventory records, and provides better data accuracy. As a result, Redkey Express customers pay lower holding costs and have fewer losses resulting from stockouts or overstocking.
The amount of manual effort is reduced by our streamlined process, which further reduces warehousing and distribution costs to our customers.
Businesses that use Cincinnati warehousing and distribution companies like Redkey Express sleep well at night, knowing the products they need are always available for timely fulfillment.