The best way to do this is classify your SKUs by velocity, otherwise called as SKU Velocity. The SKUs that sell fast and a lot in quantity will be your high SKU Velocity SKUs, which let us call A, then comes B, they sell less fast than A Velocity SKUs and then comes C, the slowest selling SKUs. Classify all your SKUs into SKU Velocity A SKUs, SKU Velocity B SKUs and SKU Velocity C SKUs. And typically a best of the breed WMS has this ability to automatically record SKU Velocity based on the quantity sold. If you don't have this data then you need to go back to the sales history for the past one year or so.
Then for picking purposes group your locations based on proximity to your shipping dock, meaning the pickers will have to walk less distance to do these picks. They will be the locations holding the Fast Moving SKUs, so in an aggregate the pickers are walking the least to make these picks, let us call them locations X, then comes locations that are Y, they are Medium moving Locations, then come locations that are Z, they are the Slow Moving Locations, you want these locations far off from the shipping dock in the deep inside of the Warehouse/Distribution Center. So now locate all your Fast Moving SKUs with SKU Velocity A into X locations, then SKU Velocity B SKUs into Y Locations and SKU Velocity C SKUs into Z locations.
Do the same thing for Putaway as well.
Also there may be changing business scenarios and seasonal SKUs, you need to account for that. For Seasonals that are fast moving typically you cordon off a corner of the warehouse, locate everything there and then pick everything from there, you probably have to do this for a few months, let us say 2 to 3 months, then empty that space and use it for something else.
Also check out my book Puga Sankara's Supply Chain Blog - that is a must read before spending Hundreds & Thousands of $$$ on your MBA or Masters Degree to get the best ROI or before starting your Entrepreneurial journey.