Streamline Your Inventory Process with airSlate SignNow's Pipeline Management System for Inventory
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Pipeline Management System for Inventory
Benefits of Using airSlate SignNow for Pipeline Management System for Inventory
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FAQs online signature
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How many types of inventory management systems are there?
There are several types of inventory management systems that businesses use depending on how they operate. Three examples are manual inventory, periodic inventory and perpetual inventory. Manual methods are the least sophisticated and least accurate, and perpetual systems are the most sophisticated and most accurate.
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What is the most common inventory management system?
1. FIFO — first in, first out. FIFO is one of the most common inventory management methods used in stock operations. This technique helps ensure that the oldest products are used first, reducing the chance of spoilage or obsolescence.
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What are the 4 techniques of inventory control?
Four popular inventory control methods include ABC analysis; Last In, First Out (LIFO) and First In, First Out (FIFO); batch tracking; and safety stock.
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What is a pipeline management system?
Pipeline management is a process by which companies identify where their cash is flowing and then direct that money where it's most productive. This is called “pipeline management.” There are many ways to go about this. The most basic way to do it is to track the movement of cash in and out of your business.
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What are the 4 types of inventory?
The four types of inventory are raw materials, work-in-progress (WIP), finished goods, and maintenance, repair, and overhaul (MRO) inventory. Knowing which items belong to which category allows you to optimize your operations and account for each step of the production process more efficiently.
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How to calculate pipeline inventory?
Your pipeline inventory can be calculated by multiplying your lead time by your demand rate. For example, let's say the lead time for an item is three weeks, and you order 50 units per week — your pipeline inventory would be 150 units.
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What are the 4 types of inventory management system?
The four main types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI). Each method may work well for certain kinds of businesses and less so for others.
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How to manage pipeline inventory?
Five tips to managing pipeline inventory and decoupling stock Track, Track, Track. The first step to managing pipeline and decoupled stock is to track where they are in the supply chain. ... Stay Up to Date with Disruptions. ... Consider Safety Stock. ... Automation. ... Use a real-time Inventory Management System.
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[Music] hey everyone welcome back to lace channel my name is mickey today i'm going to tell you how a real warehouse management system works i'm going to show you how it works and i'm going to show you how the system combined with the right process could fix your entire warehouse now i keep getting a bunch of customers that reach out to me like mickey i really want a warehouse management system i really want to scan product in and out of the warehouse whenever i give them a price they absolutely freak out they're like whoa whoa whoa we weren't expecting to pay that well then you weren't expecting to truly track inventory you weren't expecting to track you're out of stocks you weren't expecting to look for your expired product or reduce the amount of expired product in your warehouse you weren't expecting to know exactly what product is on what palette and what bin that's what warehouse management means now the purpose of today's video is for you guys to pay attention if you're evaluating a warehouse management system it doesn't need to be ours it could be anyone's but they should all have this functionality and that functionality should mesh with the process perfectly so that you make the right decision for your business and so that you track every single product coming into your warehouse and out of your warehouse with an actual process anyways let's get right into it so any good warehouse management system is based around labeling you label all the product coming in you label your racking system and you scan the labels of the product that came in and you scan it into the labels on the rack so for the purposes of all warehouse management systems you need two labels you need a racking label like this and you need a pallet label or case label like this very straightforward then each of your warehouse employees should have a little scanner okay should look something like this is a zebra tc26 and when you open it you're normally going to have a warehouse application that looks a little bit like this this warehouse warehouse application is tied directly to your accounting system or it should be tied directly to a back office system where you can see the inventory live right because from that back office you're going to place your purchase orders you're going to fulfill sales orders you're going to do all of your main bulk operations and that back office system should connect with this little scanner so now let's go through each of the functions of the scanner the scanner first and foremost needs to have the option to receive goods when you receive okay you are going to essentially scan against an existing purchase order now as you're scanning against that existing purchase order the system will calculate or compute any discrepancies let's say that the vendor brought you a pallet of 100 cases of an item now let's say you break down that pallet and you count 80. well when you're receiving you would input the 80 right here and the system would automatically make that adjustment for you not just that but any good warehouse management system right from the little scanner would have a little print button so that you can print your label that's a label that's going to go on those 80 cases or on that palette of 80 cases all the way around it that contains the product's information product lot number product expiration date product serial number depending on the type of product we're talking about that is how you're going to track the product once the product's been received once you've scanned against the purchase order the second thing in every good warehouse management system is some kind of check-in module so if you can see here on this side there's a little check-in button that button is designed so that whoever is putting the pallets away when they come get the product from the receiving bay they put the forklift in the product they scan the pallet and the system will tell them exactly what bin locations have space available for that product now the beauty of this is is that the system should know exactly where you should put the pallet where it fits where it doesn't fit where it belongs because obviously you don't want somebody taking something extremely light like a carton of eggs and putting it where the bottles are because obviously you want to pick normally in your warehouse from heaviest to lightest and you want to run the most efficient route in your warehouse so when you check in the system should tell you exactly exactly where the product goes so i'm going to go ahead and load up a check in so you can see right here here's the item okay and any good warehouse system would tell you exactly what bin location the product goes into now once you go physically check this product into the warehouse what you're going to do is you're going to take this scanner you're going to shoot the laser to your bin location okay and what that's going to do it'll check in the palette that you have into that bin location now you know unequivocally that that product that lot number that that manufacturer number that serial number whatever it may be that expiration date is residing within that bin location now this is beautiful because when you go pick now you know exactly where the product is as you're picking so let's go into the next example let's say for instance that now you have a sales order that came into the system that sales order calls for 10 or 15 items and you need to be able to hand a little scanner like this to somebody in the warehouse so that they can go scan each of the items off the bin locations so now every good warehouse application is going to have a pick order okay when you tap on pick order the system is going to display to the user all the pending orders in the system and when they open the order the system will show the user the order the products on that order and what bin locations are located on sorted by the most efficient pick order so right here you can see the first item if you can see in yellow right there okay in yellow it shows you exactly what the bin location is for that item you're going to go to that bin location you're going to take your little scanner and you're going to scan when you scan because you checked in that product the system will pick up the lot number the expiration and the product information and place it on the order that you're picking then you're simply going to work your way down this list here you're going to work your way down the list until you're done at which point you'll finalize now any good picking system when you're done picking an order will allow you to print out a little packing slip if you're shipping at your shipping labels if you're putting it on a truck your your sticker that indicates how many pallets are going on the truck for that order that's what any good picking system should do so that is how picking should work again you go with your scanner shows you where to go get the product scan the bin location captures the data then you print your documentation at the end before shipping the product out or loading it on a truck so the next logical thing to talk about is transfers when you pick from a warehouse the the product and the picking level depletes and you have to transfer from overstock levels down to picking levels any good warehouse management system should tell you exactly where to transfer from and where to transfer to and when you go transfer you should have to scan the the bin that you're going from should have to scan the pallet and then you should have to scan the bin that it's going to when you take it with the forklift down and you put it into its picking bin now normally again on the scanning device down here you're going to see a transfer button okay the system will will ask where you transferring from simple from here okay it'll tell me what products in that bin and then it'll say where is it going to let's say it's going right here okay and when i'm done i submit that's going to generate that transfer now remember i'm doing this by hand because i'm not physically in the warehouse normally you want to scan the bin you're transferring from scan the bin you're transferring to now when you run out of product in your picking bin a good warehouse management system should tell you exactly where to transfer from and where to transfer to and that's exactly what this one does the next thing to talk about is physical inventory accounts for any of you that have ever done physical inventory accounts within a warehouse you know just how difficult it is to count everything in an entire warehouse particularly if your warehouse is anywhere between 30 40 50 100 000 square feet it's almost impossible but with a good warehouse management system you should only have to pick or count the picking floors the picking floor should be counted with much more frequency than the overstock levels because the probability of making a mistake in an overstock level is almost zero whereas within the picking floor you can make all kinds of errors so anyways a good warehouse management system will have the the account button right here and the system will prompt you to select what inventory site you're going to count and then it'll it'll prompt you to scan the bin location so once you get to the bin location you're going to scan it and then you're going to count all the product within it and the system is going to create the inventory adjustment so if there's any overages or shortages that is when that overage or shortage will be applied to both your inventory and your accounting now the purpose of a cycle counter physical inventory account is to find out if anyone's stealing from you if if you're having people that are picking product and not scanning it if you're having people that are not scanning the product that's being received into the warehouse when you count you reconcile any differences to your inventory which is extremely valuable so any good warehouse management tool must have the the way to track and do your physical inventory accounts right from a little scanner like this now last but not least this piece is specific to distributors or people who have delivery trucks where the product goes onto the truck and some product may get returned from the truck so when you scan the product from the warehouse to the truck the truck should go out and make deliveries the thing is in the distribution game or in the delivery game sometimes you have product that's remaining on the truck and is going to return back to the inventory at the end of the day that is where a good inventory management system or warehouse management system should have a route returns option so route returns are essentially things that got refused from a customer they're things that got damaged in route they're things that just need to come off the truck and go back to inventory and basically what you should see when you open up the route return screen is you should see a list of all the the trucks that have ended their day okay so these are the trucks that have ended their day and it'll tell you right here ready for route return that indicates that we're ready to count the inventory being returned from that truck so when you open it what you're going to do is you're going to scan the item once you scan the item you're going to classify it in one of three ways is the item damaged is the item going to be shipped for tomorrow or delivered for tomorrow is the item going to return back to its picking bin because it's no longer needed by the customer well that's what a good route return system does and last but not least automatically let's say that the truck returned with 10 cases of an item you counted eight that you want to return back to stock the two that were missing the system should record that overage or shortage as a physical inventory count so that you can track that lost inventory that is exactly how a route returning system should work if you have trucks without this your inventory over time will no longer match the real inventory now the hardest thing about implementing any of these systems is the process involved with getting all these different modules and these little scanners to work within the warehouse most people think it's as simple as handing this to someone and boom it's going to work the bottom line is anyone that you're purchasing it from is going to bill you for implementation hours for training hours for procedural hours to put the process in place to make sure your inventory is tracked that is why it's so important for you to realize before you get into one of these projects you're not just solving a small problem you're literally tracking the heartbeat of your business you will fix you're out of stocks you will fix your expired products in the warehouse you will make sure nobody's stealing from you you will almost always eliminate all shrinkage okay you will be so successful within your inventory that your business will transform and become exponentially more successful that is why i definitely recommend if you go buy a warehouse management system make sure that it encompasses the components that we've talked about today whether it's our system or anyone else's as long as you do that you will be extremely successful so anyways if you're really interested in checking out our system please click the link down below or right above over my little shoulder here or it might be on this side um it's got a link to the website you'll be able to sign in your information tell us exactly what you're looking for and we'll be able to get back to you to see how we can help you in your business apart from that please like this video like this video super important because we will be posting videos like this every single week to help you in your business last but not least down below is a little subscribe button i'm going to continue to post content i'm even going to make some vlogs where i go out to customers and i film their warehouses if you're really interested in learning about distribution learning about warehouses transforming your business this is a channel for you apart from that i want to thank you so much for tuning in and i hope you have a great day take [Music] care [Music] you
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