5 Inventory Management Hacks Using Foycom’s Advanced Features

Whether you have a wholesale or an eCommerce business, managing inventory is cumbersome. Most traditional tools lack the scalability and flexibility required to fit in with the ongoing changes. Data transparency is almost negligible, causing wrong picks or delayed packing. These events will not only hamper the warehouse operations but also ripple through the entire supply chain. 

That’s why Foycom has come up with a smart, intelligent inventory management software. It offers more than simply tracking the stocks. Rather, it brings the goodness of workflow automation, unified reporting dashboard, real-time analytics, and many more. That being said, we have further illustrated the 5 best hacks to streamline inventory management using Foycom software. 

Eliminate inaccurate stocking with rule-based reordering

It’s not easy to maintain the right inventory level, especially for the fast-paced commerce industry. Ordering too less means missed sales. On the other hand, ordering excess means stock burnouts and wastage. The key here is to find the right balance based on your business turnover and the historical sales data. 

Foycom has designed a smart inventory management software that allows businesses to implement rule-based reordering. Here, you can define the minimum and maximum stock for every SKU your warehouse deals with. Once the marker crosses the minimum threshold, the system will automatically send alerts for a reorder. You can also configure a direct replenishment order placement to avoid manual intervention. 

To top it off, reorders can be customized based on different parameters, like:

• Sales velocity
• Lead times of different suppliers
• Demand patterns based on seasonal data

You can also integrate the reordering system with smart supplier management feature. This will help you find the most reliable and cost-effective vendor to ensure the stocks remain at optimal levels throughout the year. 

Use barcode and RFID scanning for error-free stock handling

Manually entering the stock details into the system often leads to errors. Missing or adding a single digit will lead to inaccurate stocking. This will further cause customer complaints, inaccurate reports, and misplaced stocks. Your business efficiency will take a blow and that too in the worst possible way. 

That’s why leverage the scanning feature of Foycom’s inventory management software to streamline warehouse operations. Integrating barcode and RFID scanning feature will help you track stock movements in real time. Whether it’s an inbound merchandise batch or an intra-warehouse transfer, the system will log in data instantly. 

Here are a few benefits you can enjoy. 

• Faster receiving of inbound merchandise
• Order picking with minimal errors
• Real-time inventory adjustments
• Reduced training time and efforts

Get complete visibility and easy transfers between multiple locations

Managing an inventory distributed across multiple warehouse locations require a synchronized system. Otherwise, there will be huge discrepancies in the stock levels. For example, Warehouse A can have be understocked while Warehouse B might be overstocked for a specific SKU. Such level of misaligned data can lead to order miss, incorrect picks, and delayed order fulfilment. 

That’s why you need the smart inventory management software from Foycom. It comes with a centralized dashboard that offers a unified view of inventories from all locations. Hence, you can view and manage the sticks without worrying about data discrepancies. 

To top it off, it also allows automation of intra-warehouse transfers by:

• Tracking the stock availability in real-time
• Generating transfer requests and automating approvals
• Storing logs of stock movements with higher accuracy

Monitor expiry-sensitive products with batch-level traceability

Businesses hailing from industries like food and beverage, cosmetics, and pharmaceutical need to be more vigilant with their stocks. Perishable items cannot be retained at the warehouse for too long. Otherwise, they will become invalid once the expiry date is crossed. 

That’s why Foycom has integrated a batch and expiry tracking module in its ERP software. It will keep the floor managers updated about the stocks nearing their expiry dates along with the exact location. Here are a few ways this module will help streamline the inventory management operations. 

• Smooth stock rotation based on First In First Out logic
• Customization of shelf rules based on different SKUs
• Traceability of defective batches immediately during a recall
• Prevention of regulatory compliance issues

A pro tip is to set automated alerts for products nearing the expiry dates in the system. This will help the floor managers stay vigilant. 

Leverage past sales data to predict future inventory needs

Lastly, businesses can capitalize on the analytical tool from Foycom to gain valuable insights. Historical data can be traced and mined to accurately predict future demand, optimize stock levels, and implement seasonal readiness. 

Here are the parameters you can monitor with this smart inventory management software. 

• Sales trends by category, region, or SKU
• Inventory turnover ratios
• Backorder frequency
• Supplier performance

Conclusion

Foycom has indeed done an excellent job by designing an agile, adaptable, and scalable inventory management software. It can help businesses streamline warehouse operations, prevent holding cost surcharges, and speed up order fulfilment. So, it’s not the time to contemplate. Rather, run a thorough analysis of your business and get the software implemented on time.