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What is Storage Space Allocation?
This is a measure of how efficiently different types of inventory are allocated to different types of storage space.
How to calculate Storage Space Allocation?
This is more qualitative and depends on your specific warehouse layout and storage methods.
What is the business impact of Storage Space Allocation?
Efficient storage space allocation can lead to cost savings and improved warehouse efficiency.
Industry benchmark for Storage Space Allocation
There isn't a universal benchmark as this is highly dependent on the specific business and industry.
How to improve Storage Space Allocation?
- Regularly review and adjust the layout as per the changing inventory.
- Implement ABC analysis to prioritize inventory based on demand.
- Implement a Warehouse Management System (WMS) with layout and bin optimization capabilities.
- Use slotting optimization software to place items based on size, weight, and sales velocity.
