Tracking your inventory is vital to every company because you want to know what inventory you have and exactly where inventory is at any giving time. It’s so important, larger companies have designated departments to track inventory. Why would you build a whole department to track it? MONEY!
There’s a number of different ways companies use inventory. Both retailers and wholesalers buy and sell products. These types of businesses carry inventory that consist of the products they sell and buy. Manufacturers use inventory differently, their inventory consist of raw materials or items they use to build products.
As you can imagine, keeping track of all their moving inventory is vital to the success of the company. Many companies have a lot of money invested in inventory, so knowing where everything is at any given moment is always important. That leads to the obvious next question, how do we track inventory effectively?
How To Track Inventory
There’s 3 ways to track inventory, manually, using software or a combination of the two.
No matter what you use, you track inventory to know exactly how your inventory is moving.
If you track inventory manually, that can work when you’re a new business. However, large companies use software and if you want a more efficient fulfillment process, you’d use software too.
Here at Thill, our order management software helps you track all of your moving inventory.
Go back a few decades ago, companies had to manually track inventory. Can you imagine having to track thousands, tens of thousands of products daily? As you can imagine, human error was a problem, accuracy was a problem. As OMS technology became available, companies rushed to automate their inventory tracking.
Companies that own their inventory have a lot of money invested into it. Due to this, you want to know where inventory is.
You also want to know the status on your inventory, such as;
- It is damaged
- Has it been returned
- It is on hold
- Has it been rejected
- Has it been accepted
Keeping a close eye on your inventory also deters loss and theft, which can easily add up if you’re not in control of your inventory management.
Inventory Tracking Methods
There’s a few different ways you can track your inventory.
One of the most popular and common tracking methods is by using barcodes. Also referred to as universal product code (UPC), Barcodes are commonly used by grocery companies and retailers. These companies are able to scan the barcodes to find products, see how many are in stock, check on different sizes.
Barcodes can also be used to track inventory, get product descriptions, product prices and its unit of measurement.
The other method used to track inventory is called radio frequency identification or (RFID). RFID technology comes in 2 forms:, one being active RFID and the other being passive RFID. Active RFID works best in environments where security issues exist and requires real-time tracking information. Passive RFID works best when used with handheld scanners and where security issues are not a concern.
Ecommerce Inventory Tracking
While barcodes are great for tracking inventory in physical stores, what about ecommerce platforms?
There’s a few things you need to consider when track inventory through an ecommerce store or website.
If you’re using a popular ecommerce platform, such as Shopify or WooCommerce, it’s important your inventory software integrates with your ecommerce website.
Our order management software here at Thill does just that, giving you real-time updates on your inventory. We have several integrations that will work with your ecommerce sites, such as
- Shopify Fulfillment
- Amazon Fulfillment
- Ebay Fulfillment
- Magento Fulfillment
- WooCommerce Fulfilment
- KickStarter Fulfillment
Some of the largest investments your company makes involves inventory. Inventory management for an E-Commerce business can be complex if the right pillars are not in place.
Larger ecommerce retailers can have tens of thousands of SKUs to manage, keeping real-time updates on your inventory at all times is a priority task for all companies.
Thanks to the technology that Thill Inc. offers, companies of all sizes are able to track their inventory in real-time.
This allows you to make the “right” decisions at the “right” time, no guessing, no questioning, you know exactly where your company sits in every possible scenario. Plus, for those of you that operate in the ecommerce space, our OMS integrates with all the popular ecommerce platforms.
Our powerful order fulfillment software (OMS) can help you grow your ecommerce business through efficient order fulfillment services. Give us a call today and speak to a fulfillment expert to learn how.