Keeping warehouse inventory records on Excel spreadsheets has a fatal flaw for businesses – they won’t tell you when it’s time to purchase stock, or move stock between locations to ensure optimal inventory levels.
One of the many benefit of Unleashed’s cloud-based inventory software is its per warehouse controls for stock levels. Tracking stock and setting minimum and maximum levels for each location your business holds inventory means automatic notifications when you’ve reached the minimum levels set for each product line. Also setting a maximum level, or a stock level you should be holding for that location, means Unleashed can generate Purchase Orders for you that fill the stock from the minimum back up to the maximum level.
How do warehouse controls work?
First, per warehouse controls need to be enabled in your Company Settings on the Details tab, which changes it from the default global controls, meaning all warehouses.
You can assign minimum and maximum levels for each product per warehouse on the Inventory tab when creating an individual product. This also allows you to set a different bin location for each warehouse. Alternatively, this can be updated for your products in bulk by exporting your products, updating your products, and re-uploading them.
When stock is running low for one or more products, you will see a low stock alert on your Unleashed dashboard under the Transactions section.
Alternatively, you can use the Reorder Report to see products that have reached their minimum stock level, and generate purchase orders for each warehouse. Unleashed will suggest an order amount for your goods based on how much you actually have on hand, and how many units are needed to bring your stock up to the maximum level you have set.
Stay ahead of low stock
The flexibility to set a minimum inventory level, at which point you receive an alert, means you can run your business with the confidence you won’t face any more expensive stock outs. Setting a low stock alert ensures you have time to create the purchase and have the goods delivered – well before you run out of goods.
Always having the products on hand that your customers want to buy – whether it’s for bricks and mortar retail, wholesale or eCommerce – keeps your customers happy and means they won’t be going elsewhere for what they want.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.