Multiple Warehouse Management
Many companies that manage an inventory grow such that their products are stored in more than one location, whether it’s another warehouse or even on a truck or trailer. The ability to see which items are located by warehouse is extremely helpful. Some systems allow you to manage inventory in multiple locations, and even let you make transfers within the software when necessary. The ability to view inventory by location keeps you more organized and allows you to get the inventory you need more quickly.
This is the process of counting the actual number of items in inventory, entering it into your software system and getting the two sets of numbers to agree. This process helps keep your inventory numbers accurate. Software can help with this process by printing a working file and providing a place to enter a physical count from the printed count sheets.
Serial / Lot Number Tracking
Many businesses have items for which they must track serial or lot numbers. In times of item recall, it is crucial that the number tracking system is up to date and quickly accessible. Software programs can keep track of inventory serial and lot numbers upon receipt into inventory. When an item is sold, the number can be selected and will be tied to the customer. If there is a recall or issue, you can then run reports to see which customers got items from a certain range of numbers, making this process much faster than looking back at sheets of paper.
Turnover is defined as the number of times the average inventory on hand is sold and replaced during a period of time. A higher turnover rate indicates your inventory is not just sitting on the shelf getting “stale”. Inventory management software can help clarify what your company’s turnover is by product, which can help identify which items you are purchasing too seldom, too often, too many, etc. which can have a drastic impact on your cash flow.
Unit of Measure “UOM”
Inventory items must be measured somehow, and that is why we have units of measure. We can measure items by the pallet, the box, the bag, the gram, the pound, and much more. Where it becomes difficult is when you need to purchase items in one unit of measure, and then sell in another. Software can help out with this by allowing you to set up your own units within the system. You can also use the software to set up the pricing per unit, so that when you sell an item, the correct amount is taken out of stock, and the correct price is charged for that unit.
These inventory management tools can help keep your inventory running smoothly, and increase the profitability of your business. Utilizing warehouse inventory management software helps coordinate your activities.