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Organizations of all types and sizes are leveraging online retail technology to offer their goods to customers all over the world. A winning e-commerce strategy can take your company to the next level, but first you need to figure out how you’ll manage your inventory and customer service. This is where a warehouse management system (WMS) comes in. These tools give you everything you need to manage products, streamline processes, and save you money. Here’s what you need to know.

What is a WMS and How Does It Work?

A warehouse management system (WMS) is a type of software that is widely used in the manufacturing and retail industries because it tracks all materials and goods as they come in and go out of the warehouse. In basic terms, a WMS helps optimize all your warehouse processes. 

It’s extremely important not only because it tracks all materials in your warehouse, but it can also create systems to streamline how workers pick products and pack orders. It provides you with the ability to track merchandise entering the warehouse, being packed onto shelves and into various places, and when it leaves the warehouse for order fulfillment. 

Since the warehouse management system has all the information at hand, when a customer sends an order, it will immediately be able to check if the products are available. Instead of a person manually cross-referencing the order and the stock, the WMS will automatically mark the order as ready for packing. This saves a great deal of time and effort. In fact, many WMS services end up paying for themselves when used effectively.

Why Use Warehouse Management Systems

Part of the online retail landscape means being able to fulfill any order as efficiently as possible. In order to do that, you need a warehouse management system to understand where all of your materials and goods are in the warehouse to ultimately reduce order latency, processing costs and order errors. 

A warehouse management system can help you speed up your order fulfillment, and it can also help you keep track of what is selling well. When you’re able to see what products are leaving the warehouse the most often, you can find new ways to optimize the way you set up the warehouse. You can track raw materials when they come in and make sure they’re in the best place for stocking and manufacturing. The best-selling products can be next to the loading dock or the packing area, as opposed to being on the opposite end of the space.

Types of Warehouse Management Systems

Integrated Vs. Standalone WMS

• There are two types of warehouse management system software you can use to stay on top of all of your incoming and outgoing product operations.
• An integrated WMS is normally an add-on from your existing Enterprise Resource Planning (ERP) provider. ERP systems manage invoicing, accounting, and tracking inventory. The warehouse management system takes the orders and directs the order picking process, inventory and receiving and shipping of products. When everything is able to integrate into one system, it’s much easier to keep track of which orders are best to invest money in.
• If you have a product that’s selling very well but has a low profit margin, you could choose to restock a product with a higher profit and slightly lower sales instead. You can keep an eye on all of these financial analytics with an integrated warehouse management system.
• A standalone warehouse management system is feature-rich software that primarily serves the function of warehouse management. Therefore, it might have limited functionality for other aspects of your business, such as inventory or accounting. Since it is tailored to warehouse management, this type of WMS can have advanced reporting features that will help you level up your warehouse.
• Overall, it depends on how you manage priorities in your warehouse.

On-Premises Vs. Cloud-Based WMS

• In basic terms, an on-premises WMS is one in which you are responsible for hosting and maintaining both the hardware and software associated with your system. While this gives you complete control over things like uptime and security, it also comes with a large upfront cost because you are responsible for all components. You will also need to keep your WMS regularly maintained.
• While very small organizations can be comfortable using on-premises WMS, managing everything yourself can be a headache. Alternatively, cloud-based WMS systems are typically charged on a subscription basis, but they are hosted on a remote server. Things like bug fixes and software updates are handled by the vendor, and you typically get a guaranteed level of service uptime when you sign up.
• The more an online retail business grows, the more you need to assess the most effective way to manage all of the products. Customers have high expectations when it comes to shipping and even order packaging these days, so it’s important to eliminate confusion in the warehouse. Saving all the time and resources involved in on-premises systems can be a good way of doing just that.

How do I choose a warehouse management system?

Most organizations should start by deciding what features they need in their system and how much they are willing to spend. After that, they can request more information from a provider about how they can tailor a warehouse management system to their business effectively. 

What are warehouse management activities?

In general, all warehouse activities for retail revolve around receiving materials, picking products, preparing documents, and packing orders. A warehouse management system tracks all the activities of the on-site labor and makes it easier to understand.

What are some benefits of a warehouse management system?

Some of the benefits that you might see from a warehouse management system include reduced labor costs because of more efficient labor allocation, more streamlined warehouse processes, improved inventory accuracy, accurate demand forecasting, improvements in warehouse security and safety, a more optimized warehouse layout configuration and improved supplier and customer relationships.

Are warehouse management systems secure?

Like most types of software, the best warehouse management systems offer many levels of security. When choosing this type of system, you want to look for security features like two-factor authentication (2FA) or multifactor authentication (MFA), documentation that shows frequent security updates and patches, intrusion detection, the monitoring of user activities, data encryption and privacy protection.

Thinking about assets might take your brain immediately to your bank account. However, asset tracking is the practice of understanding all the physical assets that you have in your possession and tracking them. When you’re starting a business, asset tracking for your physical assets is necessary, so you know what you have and how to manage them.

Asset Tracking Defined 

Asset tracking occurs when a company tracks its physical assets. In order to do this, your Asset Tracking System must include a mobile barcode scanner or a radio-frequency identification (RFID) reader.

Your physical assets can be things like generators, vehicles, computers, or other technological equipment. Assets provide value to your organization and are important for your organization to function economically. Tangible assets are these physical items, while intangible assets are things like contracts, software you own and patents.

Assets are not the same as inventory. Assets are individual records with a quantity of (1). If you’re working in an organization that regularly stocks inventory, you may want to explore an Inventory Tracking Solution.

Benefits of Asset Tracking

It is extremely important to have a detailed asset management system for all of your assets. When you’re starting a business from the ground up, you have to be aware of what adds value and what you could possibly sell or get rid of to make more space in your workspace. 

It helps to know what you have so you know what you need to upgrade or replace in order to remain at the cutting edge of your industry. You can cut costs and, also find better, more efficient ways of doing things. Your administrative employees will be able to work faster because they’ll have a very detailed log of materials to reference. 

Investing in asset tracking is also good for keeping accurate company records and understanding what your taxes will be because of accurate breakdowns for each department. Asset tracking is also required recordkeeping in some industries, so it’s good to stay ahead of the game.

How To Track Your Assets

Barcode Asset Tracking 

Larger physical assets may have a barcode label attached. You can find a lot of different apps with scanning software that can help you manage these items and have an up-to-date log of all of them right from a mobile device. Since it’s electronic, it can be accessed by all the employees who need it. Asset tracking software is especially useful if you have multiple offices or employees who have to work off-site. 

RFID Asset Tracking 

RFID tags broadcast the location of your assets. This is a good method for making sure there are no mistakes in your asset tracking. These do require handheld scanners, so it’s important to decide how many of these you’ll need in order to get started. 

GPS-Based Asset Tracking 

Asset tracking software that uses a GPS tracking device can transmit through cellular networks or satellites. The benefit of this system is that it can communicate across distances and keep accurate, up-to-date logs for everyone using it. 

There are mobile GPS asset tracking devices, and they can also be hardwired into a large piece of equipment. You’ll also be able to set alerts in a geofence so you can keep track of your larger items. If they go anywhere, they’re not supposed to be, you’ll know immediately. GPS asset tracking software also lets you keep everything on one, easy-to-use dashboard. Fleet management systems can be simplified with a GPS asset tracking system. 

Asset Tracking Software

The first decision you must make is to add scanning capabilities to your existing Asset Management System or purchase a new Asset System that includes state of the art scanning capabilities. 

Asset tracking software integrates all of the various elements of tracking assets into one package. Rather than relying on hard copies of paper or manual spreadsheets, software can help you keep all of the assets in one system and update them when they need maintenance or need to be replaced. Tracking important physical assets and having a record of their movement is extremely important. 

This software is especially helpful the more high-tech you go with your tracking. For example, GPS-based systems give you a visualization tool to see where various larger assets (like trucks) are during the day. You’ll be able to give more accurate times to your customers for service requests and product delivery. GPS asset tracking also allows you to improve security measures with geofences: you’ll get a notification if a valuable piece of hardware goes where it’s not supposed to.

Benefits of IT Asset Management Software

IT asset management software can greatly contribute to the success of your organization. Having a system in place provides more order, control and insight over your systems and assets as well as providing a clear picture of what you currently have. Information stays up to date helping teams track the complete life cycle of assets. 

Some key benefits of IT asset management software include the following: 

• Reduce costs: IT asset management software helps to reduce costs by assisting in the financial success of any company. It allows you to know what assets need to be replaced or updated, providing insight into resources that are not being utilized in cost-effective ways. ITAM can help ensure only compliant technologies are being used.
• Improved security: ITAM systems not only help to keep track of assets but also reduce the risk of unforeseen security attacks. These attacks can seem worse if the asset is not being tracked or managed. IT asset management gives you a better understanding of which devices, tools and services are a threat and how. Assets being tracked can also reduce the risk of lost or stolen items and aid in the recovery.
• Increase productivity: IT asset management increases employee productivity through better organization, more accountability and allowing organizations to make well-informed decisions.
• Save time: ITAM software saves time by reducing the result of errors and eliminating the need for outdated systems such as the use of spreadsheets and manual uploads. You won’t have to spend countless hours sifting and sorting through papers. Equipment oversight provides a clear picture of asset status, saving time and money, and removing a lot of manual work.
• Centralized operational system: A good portal will have a centralized dashboard storing all information in one place. This system allows employees and IT teams to monitor vendor data, warranties, lease terms, agreements and make for more visibility and accountability.
• Information up to date: Assets can be tracked by multiple people in multiple places allowing for better organization, less misunderstanding and unforeseen errors.

Frequently Asked Questions

What is the best way to track assets? 

It depends on how many physical assets you have to manage and how many people need access to that asset tracking software. Barcode scanning, RFID tracking and GPS systems are common for a variety of businesses. 

What is an asset management tool? 

An asset management tool is your asset tracking software where you can keep track of all of your important physical assets in one place. Asset tracking helps organizations improve their operations and cut down on administrative redundancies. 

What is the best asset management software tool? 

It depends on a number of factors: how many user profiles, how many assets need to be tracked and if you need to keep track of assets at multiple locations. 

What are the risks of going without an asset management solution? 

Without an effective asset management solution, you risk losing more assets to theft, purchasing duplicate assets that aren’t necessary and incurring more downtime as maintenance and service needs may not be adequately tracked. You also lose out on the opportunity to pinpoint asset under-usage, leaving you at risk for renewing costly, unnecessary asset leases. 

There are a number of advantages to using RFID technology. Not only are RFID systems contactless, but they also do not require line of sight like other auto ID technologies. For different applications spanning various industries, RFID technologies offer a long-term and durable solutions for better asset management and tracking.

How Does RFID Work?

The tag contains a microchip and an antenna. The microchip stores the Tag # in electronic form.

The RFID reader is a device that emits radio frequency signals. It generates an electromagnetic field that provides the energy for the tag to operate. When the tag comes into the range of the reader’s electromagnetic field it gets activated. A passive RFID tag uses the energy from the reader’s field to power up. The reader sends out a signal that activates the tag. The tag then transmits its stored information back to the reader using radio waves. This information can include unique numbers or more detailed data about the object. The reader captures the data transmitted by the tag and sends it to a Mobile Scanning Device for processing. This can be used for various applications such as asset tracking, inventory management, access control and more.

Overall, RFID is a versatile technology that plays a crucial role in many industries for tracking and managing assets efficiently.

RFID systems are made of three main components: Tags, readers and middleware.

RFID inlays are an essential component of an RFID tag.

• Tags are essentially small memory banks, storing bits of valuable information that can be used for asset management and a variety of other purposes. They use radio waves to communicate with nearby readers, sending over portions of identifying data. The information stored in RFID tags can range anywhere from a single serial number to multiple pages of data.
• Readers, on the other hand, are basically the other end of the information exchange. They are what we use to take those radio waves from the tags and translate them back into useful data. Readers are devices with one or more antennas that can emit their own radio waves and scan the signals of any RFID tags within range.
• RFID readers offer some versatility depending on the needs of your application. You can have mobile readers that you can carry around in your hand to scan tags, or they can be mounted in a single location to scan tags that enter their proximity. Readers can even be built into existing architecture like a cabinet or doorway
• Middleware serves as the essential interface between the reader and your company databases and information management software. Not only does middleware handle communication between the reader and your existing systems, but it also helps to filter, aggregate and interpret all of that data coming from the RFID tags.

What are the different kinds of RFID tags? 

There are two main types of RFID tags: active and passive. Active RFID tags have a battery which is used as a power supply so the tags are always “on.” Passive RFID tags, on the other hand, do not have a battery and are only operable when they are in the range of the RFID reader. There are advantages and disadvantages to both types of RFID tags. Active RFID tags have a much longer read range and can also store more information. On the flip side, they are more expensive and have a shorter lifespan then their passive counterpart.

• Low Frequency – RFIDs that transmit in low frequencies are the simplest and most basic option available. Low-frequency options can range anywhere from 30 to 300 KHz, with very short read ranges – often only a couple of centimeters – and limited data transmission. These frequencies are typically used in applications such as animal tracking for livestock and simple access control.
• High Frequency – Most RFID systems operating in a high-frequency range will come in at 13.56 MHz, though they can range anywhere from 3 to 30 MHz. 13.56 MHz is the standard frequency due to the near-field communication, or NFC, protocol, which was approved by the International Organization of Standardization, or ISO.
• High-frequency RFID systems have a somewhat greater read range than low-frequency transmissions – up to about a meter – and have larger memory options. These systems are becoming more and more popular in marketing and interactive experiences, as well as critical access control and data transfer applications.
• Ultra-high frequency RFID systems can range anywhere from 300 MHz to 3000 MHz and offer the most complex and high-performing capabilities of the different frequency ranges. This type of tag is used for Asset tracking. These have the greatest read ranges, which are largely dependent on the tagged surface and the type of tag used.