Businesses of all shapes and sizes need to keep track of inventory. However, when a business has multiple locations or simply stores its inventory in several places, keeping track of these items automatically becomes more complicated. Fortunately, thanks to inventory management software, it’s never been easier or more efficient to keep track of inventory across multiple locations.
In this article, we’ll examine precisely how inventory management changes with multiple locations and then discuss some proven best practices for tracking inventory across multiple locations.
How does inventory management change when multiple locations are involved?
When a business needs to track inventory in multiple places, inventory management is no longer as simple as jotting down what’s in stock in a single storage closet on a sheet of paper. Instead, to maintain accurate inventory lists in real time, businesses must implement an inventory management system designed to reflect the realities of storing supplies, materials, and assets in different locations.
This is especially true when a business is just beginning to scale. It’s possible that, in the past, the company could keep track of inventory with the help of a single point person and then an inventory spreadsheet. But now the business has expanded, and the inventory storage processes have grown more complicated. That point person can’t be in two places at one time. As a result, the business needs to find an inventory solution that’s collaborative and can be updated in real time.
This only becomes more important as the business continues to grow. Add a third or fourth location, and the days when a single person could manage inventory alone are truly gone. By this point, even businesses relying on inventory spreadsheets are ready to implement an inventory solution that features more automation. That’s usually when, if it hasn’t already, inventory software comes in.
This easy, comprehensive guide will help you:
Free Ebook: Getting Started With Inventory Tracking
Best practices for managing inventory across multiple locations
Whether your business has two inventory storage locations or hundreds, the following best practices have been proven to save companies time, stress, and money by streamlining inventory processes, reducing human error, and offering an at-a-glance understanding of current inventory holdings across multiple locations with the click of a button.
1. Pick a system that can grow with you
Assuming your business has already implemented standard best practices for keeping inventory physically organized, the next step is selecting an inventory management system to make day-to-day operations easier.
While it is true that some companies can keep an eye on inventory in different locations using a well-formatted inventory spreadsheet, these systems are still at risk for jumbled numbers and other human errors. Additionally, these spreadsheets do not sync with key automation features like barcodes and QR codes, meaning that inventory-related tasks will remain time-consuming, and it will be virtually impossible to keep track of inventory in real time as it moves through your business.
This is why more and more businesses that track inventory across multiple locations are turning to inventory management software. Such solutions work not only on computers but on smartphones and tablets, enabling inventory management on the go. What’s more, these solutions are flexible, intuitive, and collaborative. Employees and team members can work together to keep track of inventory without ever stepping foot in the same warehouse, storage closet, or even the same state.
Additionally, inventory management software such as Sortly is designed to grow as your business grows. There are all sorts of different versions of this software, from a free version to an enterprise one. Use the features you need, secure the user seats required for now, and upgrade only as your business scales.
2. Insist on perpetual inventory management
As previously mentioned, perpetual inventory management is key to the best inventory management strategies. And that’s even more true when a business stores inventory across multiple locations. Perpetual inventory management occurs when a business keeps track of and updates inventory levels every time an item arrives, is relocated, or is used or sold.
The chief benefit of perpetual inventory management is that businesses will always know exactly what’s in stock, where it is, and how much of it they have on hand. This knowledge leads to many other unlocked benefits, including more accurate and confident ordering, lower overhead costs, improved inventory control, fewer costly mistakes, and reduced risk of inventory shrinkage and obsolescence.
Note that perpetual inventory is virtually impossible to maintain unless barcodes and QR codes are utilized.
3. Tag all assets with barcodes and QR codes
It’s already been established that bar codes and QR codes are among the most critical automation features for businesses that store inventory across multiple locations. What many companies do not know is that every single item they have in stock can be tagged with a barcode or a QR code, even if they did not come with one.
To achieve this, utilize inventory management software with a barcode and QR code generator. Sortly, for example, makes it easy for users to generate a custom barcode or QR code for every item in their inventory and then print the code using virtually any printer and regular label paper.
Suddenly, every item in every stockroom can be scanned with a smartphone or tablet in a flash. Employees at every location will be empowered to keep track of inventory as it moves through your business without stopping to jot something on their clipboard and then transfer it to a spreadsheet or a shared document later.
Barcodes and QR codes are efficient, virtually error-proof, and one of the best ways to improve productivity and stockroom transparency. They also automatically create a chain of custody for every item your business keeps in stock. This data, along with all the other information about your inventory, can come in handy for all sorts of audits and reviews, including resetting standard operating procedures and improving inventory control efforts.
About Sortly
Sortly is an inventory management solution that helps you track, manage, and organize your inventory from any device, in any location. We’re an easy-to-use inventory software that’s perfect for large or small companies. Sortly builds inventory tracking seamlessly into your workday so you can save time and money, satisfy your customers, and help your projects succeed.
With Sortly, you can track inventory, supplies, parts, tools, assets, and anything else that matters to your business. It comes equipped with smart features like barcoding & QR coding, low stock alerts, customizable folders, data-rich reporting, and much more. Best of all, you can update inventory right from your smartphone, whether you’re on the job, in the warehouse, or on the go.
Whether you’re just getting started with inventory management or you’re an expert looking for a more efficient solution, we can transform how your company manages inventory—so you can focus on your business. That’s why over 15,000 businesses globally trust us as their inventory management solution.
Start your two-week free trial of Sortly today.
