Tips to Manage Inventory at Multiple Locations

Organizations whose business is spread across different geographical regions have several inventories at place. The presence of multiple warehouses is highly advantageous for the organization since it will be able to reach its customers with ease. Furthermore, the presence of multiple inventories helps the company in reducing the transportation cost to a significant extent. The only disadvantage of multiple inventories is that they are very difficult to manage, however, this difficulty can be counterbalanced by using the following tips and stock management software.

Keep the stocks at optimum levels

A standardized set of the stock levels is derived using mathematical formulas. The standardized levels are divided into the following categories: maximum level, minimum level, average level, and reorder level. You must use this standardized division to plan the inventory level at each of your warehouse.

Transfer your stocks effortlessly

You can also manage the stock level problem with the help of stock management software. With this software, you can manage the levels of your different stocks through your computer. This is made possible with the help of barcodes and other identification mechanisms.

Have full knowledge of your inventory

A complete knowledge of your overall inventory is absolutely necessary for the proper management of it. A complete information will keep you updated regarding the present situation in each inventory. This live update can be helpful in efficiently managing and delivering your existing stock. Furthermore, this will also help you in the management of transport vehicles.

Identify the warehouse that needs stock

One of the features of stock management software is its analytic capabilities. Using this analytic feature, the software will predict the sales and from this prediction, the inventory that will be under the need of stock can be easily identified.

Automatically replenish your warehouse

The analytic software will help you in predicting the inventories where the stock is about to get less. A productive use of this prediction can only be done if you have replenishing mechanism installed. One of such mechanisms is automatic replenishment. Automatic readjustment can be done by using an algorithm which prompts you to refill the stock once its existing level has gone below a threshold level.