How to manage multiple inventory locations with Advanced Inventory

Today’s customers yearn for personalization and expect the best price from retailers and manufacturers. They eagerly await special discount deal days and shopping fests that brands kick-off — whether B2B or B2C.

Similarly, manufacturers or retailers struggle to counterbalance the demand of deal-hungry customers. Specifically, retailers or manufacturers with multiple inventory locations face huge bottlenecks.

Gaps in inventory and order fulfillment issues take down the customer delight and experience.

Why is Inventory Management Important?

Undermining inventory management can be a big mistake as several brands fight for every inch to capture the customer base. Retailers should ensure a continuous supply of stock that has been listed. Their online visibility takes the biggest hit when their inventory is empty for too long.

Moreover, inventory management is necessary for Fulfillment by Amazon (FBA) sellers. Retailers need to adhere to Amazon mandates to avoid overload and freeze. With this, retailers can benefit from rich pickings during the high-traffic period.

What Are the Problems in Inventory Management for Multiple Locations?

There is an absence of resilience in most business supply-chain functions. Most retailers or manufacturers don’t have visibility into their stock. They fail to secure high-value goods in transit.

They also fail to get visibility from suppliers. Orders are often fulfilled multiple times, and retailers don’t get visibility into their inventory in real time.

Multi-location Inventory Management is the Sure-Fire Solution

Technology holds the answer to warehouse management chaos. The only way to prevent chaos is through a digital solution that provides clear visibility, streamlines communication and enables better inventory control.

It is a start-to-end warehouse or inventory management system that monitors all movements in facilities. This solution manages the stock and operations of more than one facility in a coordinated way. Here are some ways in which an inventory management System can help:

Master Production Schedule: An inventory management system creates a master production schedule that identifies problems in the supply chain workflow. Manufacturing firms can outline the storage capacity and make better decisions about their inventory. It is generally a Software-as-a-service (SaaS)- based solution that doesn’t need any inventory or equipment.

Automated inventory and management: An inventory management solution is built with workflows for inventory tracking methods. These workflows allow business users to track products and data accurately. All information is stored in one place remotely. Users have the unique ability to access inventory records in some simple steps.

Centralized bill of materials: A retailer or manufacturer can keep standardized records per the legal requirements and avoid errors in tracking multi-component items involved in complex management steps. This ability reduces errors and increases efficiency, which is tedious administrative work.

Real-time inventory tracking: A solution's other relevant capability is real-time inventory tracking in different locations simultaneously. It lets users scan products and assets using an automated barcode system.

Information like creation date, serial number, Date received, Country of origin, Batch number, Tag number, Expiration date, etc. can be easily tracked on one dashboard.

Data Management: Data management is costly and resource-intensive, especially for mid-tier to large manufacturing units. A dedicated inventory management solution can simplify this part, as it can simplify asset condition monitoring, demand forecasting, and analytics reporting.

Reordering system: Cost thresholds are difficult to track and complicate budget management. An inventory management system allows teams to set minimum order quantities, requirements, and cost levers for reordering systems. This way, an inventory management system reduces waste and optimizes warehouse operations.

Conclusions

The ability to oversee and better control inventory is a massive advantage for manufacturing or retail businesses. It accelerates deliveries and fast-forwards time-to-revenue. It streamlines product distribution and also drives down cost and wastage.

Its report management features keep reports at the forefront of compliance and accounting requirements. The system establishes optimized communication systems and turbocharges manufacturing workflows. Units can avoid order duplication and stay prepared to deal with volatile product spikes.

Many benefits come along with it. However, finding the right solution takes time and effort. Most solutions are layered with technical jargon and marketing fizz. Business leaders should opt for a solution with a credible reputation and track record.

QuickBooks accounting software is a good name in this regard. Ace Cloud Hosting experts can help you best use its sharpness.