About the speaker:
Mr. Aditya Sinha is an alumnus of ITM Business School. He is an experienced Supply Chain Professional, currently working as Supply Chain Manager in Instrumentation Laboratory, a Werfen Company. He has over 8 years of experience in this field with a detailed knowledge of Supply Chain and Warehouse Management.
Attendees:
Around 40 students as well as our respected professors joined us in the workshop. Students across various specializations such as Operations and Supply chain Management (O&Sc), FinTech and Financial Markets including the seniors as well as juniors participated.
Agenda
- Insights on warehouse management
- Role of supply chain
- Importance of warehouse management
Insights on warehouse management:
Warehouse management is the control of the day-to-day operations of a warehouse, such as the shipping, receiving, put-away and picking of goods.
Advantages of using a Warehouse Management System (WMS):
A WMS will enable you to analyse current procedures and performance, and implement improvement that will:
- Reduce picking errors: picking errors are costly at any stage of the process – if they are spotted before dispatch, there are the labour costs of re-picking. If incorrect items are shipped to the customer, not only is it expensive to accept the return and process the replacement, but there is the hidden cost of damage to the customer relationship.
- Optimise stock control: there must be a balance between having stock available for customers, and tying up too much capital.
- Maximise use of space: the right proportion of floor storage, vertical storage, racks and pallets for your warehouse will depend on the types of good stored and the patterns of distribution.
- Improve worker productivity: your workforce is likely to be your biggest cost. How much would you save if you improved productivity by 5%? Or by 10%?
- Ensure compliance with Health and Safety regulations: a WMS can guide workers through risk assessments and flag up warehouse safety requirements, protecting your company, workers and customers alike.
Role of Supply Chain:
Supply chain management maintains the balance between the demand and supply and involves activities right from procurement of materials and converting them into finished goods to ensuring delivery at the right time to reach the end-consumer. Hence, supply chain management is the lifeline of an organization.
Benefits of Supply chain management:
- Increase customer service
- Reduce production cost
- Improve quality of products
- Improve financial position
- Development of best marketing strategies
Importance of Warehouse Management:
- Inventory Control and Management: A Warehouse Management System enhances inventory management by decreasing inventory levels, improving order fulfillment, and reducing order cycle time.
- Customer Service and Tracking: WMS also makes organizing and tracking shipments easier through automation. Worker assignments, shipment routes and putaways are all easily managed and tracked. This warehouse automation, up-to-date information and real-time tracking all leads to better accuracy and happier customers.
- Company Productivity: Warehouse Management System adds efficiency, consistency and quality control to the process by helping you move goods through your warehouse at maximum speed, improving every stage of the fulfillment process.
- Return on Investment: Warehouse Management System can improve your sales and increase profits not simply by helping you sell more, but by selling faster and more accurately to happier customers.
- ERP Integration: A good Warehouse Management System will integrate with your existing business management system so you don’t have to replicate systems or procedures.
End Note:
It was a great and unique experience. We enjoyed and learnt a lot from the session about the warehouse management and the methods they use to manage of inventories. We all Thank Mr. Aditya Sinha for giving us such insightful knowledge.