Last week, we addressed the importance of having a scalable inventory management solution as you grow your business. As you start selling on multiple channels, you may decide that adding more storage locations to your business lets you get your products to your customers faster.
Warehouses are usually located at strategic locations to minimize additional costs of transporting the product. The last mile in a delivery network can be the most challenging, making up to 28% of the total cost to move goods.
In addition, having multiple storage facilities also help you to reduce your risks, as you won’t have all your eggs in just one basket. But managing multiple storage facilities can leave you feeling like too little butter spread over too much bread. So today, we’re here with the top three things to look out for when it comes to maintaining inventory control across multiple locations:
You can’t be in two places at once. When things start to get busy at your main location, you may find yourself too swamped with work to give your employees at the other locations the attention they deserve.So if you’re managing staff across different locations, establishing weekly meetings over video call is a great way to get everyone together. Also, to ensure that your entire staff is on the same page, you want to make sure that they are all using the same inventory management system.
Your warehouse layout should reflect the popularity of your products. A great tip to improve productivity is to place popular items near the packing and shipping area so that it’ll speed up the pick, pack, and ship. When it comes to deciding on what items are popular, studying sales reports gives you an idea of how to arrange products inside your warehouses according to their individual locations.
Mispicks usually happen as a result of human error. Instead of manually tracking and managing your inventory, try to automate the process as much as possible. If you’re still using spreadsheets or old software that are taking a long time to load, it may be time to upgrade to a scalable inventory management solution.With a scalable inventory management solution, you’ll be able to stay on top of stock levels and ensuring your storage facilities have enough supply to match the market demand. Business intelligence will be a great help when you’re trying to identify the fluctuations in consumer trends and preferences that shape market demand
Moving to cloud-based accounting, eCommerce, and inventory management software lets you create a one stop solution for your business, as you’ll be able to manage everything from a single dashboard.
Having multiple storage facilities in prime locations is key to growing your business as you’ll be able to get products quicker to your customers. As you’re expanding into new countries and sourcing products from all over the world, it may be time for you to look into 3rd Party Logistics as a solution to navigate the tricky waters of international business transactions.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.