Maximizing the profits in any business requires a well-planned strategy to increase productivity and cut down the operational costs. The supply chain industry in India is witnessing rampant competition and warehouses can easily fall in the trap of higher expenses to things they do not need for increasing their productivity.
Reducing the operational costs is a top priority for the distribution professionals, without compromising the level of quality and customer services that they provide. In fact these two areas should be subjected to constant and gradual rise. While these might seem like simple tasks, executing them is far more difficult. A delay in the implementation of cost cutting measures is not something that distributors can afford.
Even if you feel that your warehouse has the best equipment and high efficiency, there is always scope for improvement. Read on to catch some tips to on how to make more and spend less!
Land cost is a major contributor to your overall expenditure. The smaller the space you use, the more cost effective they are. You can make the most of the space available by changing your storage procedure and storing more in less. Aisles are important for easy navigation of machinery as well as workers. This makes the process of locating products and loading them a lot faster and easier.
Racking up your products is one of the best options for efficient inventory storage and space optimization. Narrow and tall is the most common racking technique. It is important to keep in mind various safety factors when deciding on the ideal racking system for your warehouse based on the kind of products and inventory you deal in.
Purchasing Used Container
Purchasing used and old containers to store perishable and non-perishable inventory at the warehouse can save you up to 40% of the expenses. Well established vendors who deal in used industrial containers are thorough in ensuring that the products have been inspected, cleaned and sanitized appropriately. These used containers can be pallet containers, metal bins, wore baskets, food trays and drums and much more. Given the advantages and cost savings by using these containers, it is a no brainer to utilize them!
Make Use of Technology
There are a number of ways in which you can use technology for your benefit. Making use of a warehouse management system is one of the first steps to become tech savvy. Having access to critical information and specifications at your fingertips saves you a lot of time and makes it easier to find the required data. A number of logistics parks in Hyderabad have implemented these management systems to increase their efficiency of their warehouses. It is also advisable to install RFID portals at various places across the warehouse as it makes it easier to locate lost or misplaced inventory. This also saves on the overall labour costs.
If you are looking for warehouses or logistics parks in India, Indospace has some state-of-the-art spaces equipped with modern technology and accessories.