Name: Spire Integrated Accounting, Inventory and Sales Management Solution
Brand: Spire
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6 Effective Tips For Multi-Warehouse Inventory Management

Effective inventory management for your growing business is crucial. As your company transitions from a single-warehouse to a multi-warehouse model, you can encounter problems with inventory accuracy. Small problems that are easy to solve before your business growth, have now become big problems. When you have more than one warehouse, you need a multi-warehouse inventory management solution. With that in mind, we have 6 tips for you to consider:

Tip 1: Optimize Communication Flows Across Warehouse Locations

Making sure that all warehouses are on the same page is harder than it sounds. If you are not using the right inventory management software, each warehouse is going to have its own filing system. Each warehouse will have its own order system, and its own way of maintaining inventory. Thus, the goal of any inventory management system should be smooth, cross-warehouse communications. When you have a streamlined process in place, mainting it becomes easy. There now exists consistent communication flow between and among the different warehouses.

Tip 2: Ensure That All Data Remains Synced Across the Organization

If you are not using an integrated warehouse inventory management solution, you may experience time lags as different warehouses update their systems. Thus, it’s very important that you look for ways to implement real-time data. Real-time processes allow for a flow that covers all the major facets of inventory management. This is especially true if you are regularly transferring products from one location to another.

The real advantage of a warehouse inventory management software is that it has an integratedaccounting and sales function. This means that as soon as sales orders come in that information flows directly to your operations and logistics team. If there are changes to inventory stock, these changes immediately show within the accounting system. This transparency is appreciated amognst company managers who regularly run reports giving them the confidence that all data is synced.

Tip 3: Re-Evaluate How You Do Warehouse Inventory Stock Counts

Since there are multiple ways counting inventory, your business needs to re-evaluate its method used in managing one warehoues. For example, what works well with just a handful of high-value items in one location will not work nearly as well for another warehouse location with thousands of lower-value products.

The problem with inaccurate, delayed, or otherwise flawed inventory counts is that it leads to problems for your inventory-centric business. Incorrect counts bring your orders to grinding to a halt. Chief among these problems is the ever-present threat of an inventory stock-out. With just a single warehouse location, it might be possible to detect a depleted stock level of a popular product. However, with multiple warehouse locations, it is easy to assume that “the other warehouse location” must have ample supply of this product. You can’t afford to assume. A multi-warehouse inventory management missing takes the guess work out of the equation, iltimately resulting in your customer’s satisfaction.

Tip 4: Change the Layout of Your Warehouse Locations

There are a few best practices for warehouse inventory management that are commonly shared across all industries. Chief among these is that high-volume and popular products should always be stocked near the loading dock (i.e. the exit). Over time, the time savings from this approach can really add up. When it comes to the overall layout, you also want to make sure that people pulling product off the shelf are not caught in a giant maze.

If you find that executing orders is taking too much time and leading to shipping delays, then it might make sense to create maps of the warehouse that can be shared with employees. And it definitely makes sense to label each shelf, each zone, and each area of the warehouse very clearly. In many ways, warehouse layout is just an optimization problem: your goal should be to reduce the overall path traveled by employees as they fulfill orders, and to make the most popular products easily accessible on the shelf.

Tip 5: Optimize Warehouse Locations For Geography

Geography always plays a role. In the best of all possible worlds, your warehouses would be located as close as possible to the end customer. Ideallt, instead of waiting for a product to travel from one end of the country to the other, your product arrives in the customers hands within 1-2 days. Saving on shipping and transport costs, and creating the best overall customer satisfaction.

The reality is not all your warehouse locations are located within close proximity of yourcustomer bases. For one, there is the issue of higher labor and rental costs associated when a warehouse in a very densely populated metropolitan area. Moreover, there may be regulatory or tax issues involved with having a warehouse in another state, province or country. For that reason, warehouse location involves a number of factors, including the trade-off between rental costs and transport costs for a certain region. Tracking all these factors and their costs is a crucial part of your multi-warehouse inventory managment solution. You want to make sure that you have the ability and ease to account for everything – regardless of where your warehouses are located.

Tip 6: Look For Cost and Time Savings Based On Inventory Data Flows

As a responsible business manager you are constantly looking to streaml your logistical and operational flows. One way of doing this is by tapping into all the data that your business generates. Information about order transport and shipping times is helpful when you want to expedite shipping processed to move products from one location to another. Or, data entry into the system from accounting and sales teams is crucial in order to anticipate consumer demand for a particular product.

The more that your business can become proactive, and not just reactive, the more successful that it is going to be. By leveraging these top tips for multi-warehouse inventory management, you can ensure that your business stays one step ahead of the competition.

Business Growth with the Right ERP Solution

In the business world, rapid growth is a strategy that needs to be well thought out and fast. For some small to medium-sized businesses the dream of eventually becoming an industry giant is more than just a dream. The ultimate goal is to have significant pricing power, strong brand awareness, and a nearly unlimited supply of new orders. However, that growth comes at a cost – literally. All the extra finance and labor resources are a need to manage that kind of growth. That’s why many fast-growing SMBs are now embracing business management software to help them manage that boost.

Prepare the Foundation for Future Growth

Is your business unprepared for a rapid sales maturation? When you have a bestselling product, you might find it hard to keep that product in stock. If every time you receive a new shipment it sells out quickly the result can be devastating. Or, you might not be ready for all the extra resources you need to deal with calls, inquiries, and requests. Working overtime might be necessary, but can your SMB afford to live in a perpetual state of overtime? Would you want your employees to work nights, weekends, and holidays to keep up with customer orders? The consequences of such a scenario would hit your payroll pretty hard. Implementing a business management software provides better processes that secure a strong foundation for the future of your bussiness.

Business management software can have an impact in several different ways. First, the process of automating much of your inventory or logistics will free up essential resources, like employee hours. Secondly, you gain the ability to change production planning and delivery schedules regularly. The results will make your company much more proactive rather than just reactive to changing market conditions.

Scalability

The very best business management software will help scale your business. What this means, in practical terms, is that you won’t “outgrow” your business software as soon as you install it. As the complexities of your business increase, features in your business software that help you manage this evolution are needed. Many software packages are “one-size-fits-all” and don’t allow you to scale up as your business become more complex.

You need a solution that you can use three months from now and three years from now. Making sure that you aren’t installing, uninstalling, and re-installing new software every time you hit a milestone is integral to your growth strategy.

Flexibility and Adaptability

Right now, would your SMB be able to adjust if a supplier suddenly could not meet its obligations? Could you manage the situation if consumer demand for a product suddenly takes off overnight? What if external market factors (such as broader changes, local or national economic changes) suddenly turn for (or against) you?

If you are still managing your business with paperwork, spreadsheets, and calculators, you would have a tough time adjusting to market-changing factors. The good news is a reliable business management software helps you to respond and adapt to these changes. A robust solution will have business intelligence reporting capabilities that can help you spot new trends in advance. For example, when a supplier gradually cuts back on the volume of product, you can spot this trend and be proactive instead of reactive.

In another example, powerful business management software can help you develop intelligent solutions to common problems. Like, re-routing deliveries and supplies. The result is you might be able to avoid more considerable bottlenecks within your organization.

Productivity Gains

One component in business growth is the overseeing of productivity. Examining the past two decades, one of the biggest drivers of business growth throughout North America has been technology implementation. The pace of technological change is only increasing due to the demand in expanding the company’s overall production.

The first step in leveraging these gains is to extend a business software solution that allows more efficiency in your productivity. The result is more flexibility with things like departments and multi-location. Or functionalities like knitting units together or margin price adjustments on the fly.

Finding the Right Growth Opportunities

Not all growth opportunities are created alike. Some growth opportunities – such as distributing a product via new channels and platforms – might make sense for your business. However, other growth opportunities might lead to many problems for your business if you lack the resources or the ability to allocate them appropriately. For that reason, many SMB owners are now turning to ERPs. Quickly, business owners see the ROI from a well implemented solution.

With a bit of scenario testing, you can stress-test various business strategies and find out which method is optimal. For example, is it better to sell a higher volume of a low-margin product or a lower volume of a high-margin product? With business management software, you have the data, insights, and information to answer these questions in a way that makes sense for your business.

Key Growth Considerations to Keep in Mind

If you are preparing for rapid growth and significant changes in volume, you will want an integrated business solution to help you quickly include new functions and departments; deal with sudden or fluctuating demand, and provide transparency into crucial business processes. Of course, you will need a business management software solution that provides accurate, real-time data for optimal decision-making.

Reach Your True Growth Potential

In conclusion, business management software is all about helping your SMB reach its true growth potential. Instead of giving up new opportunities, you can quickly scale into future growth. You can do so in a natural, organic manner that leaves your company plenty of ability to navigate new market twists and turns.

Try Spire FREE for 30 days and start growing your business.

Real-Time Inventory Management For The Growing Business

Real-time inventory management is a way to streamline your operational business processes and gain more visibility into your inventory at any time. If you have not yet adopted real-time inventory management, here are five great reasons to start:

Reason #1: Greater Reliability

With software that provides real-time transaction posting, the data for your inventory provides your team with a more accurate count of quantities in stock. If an item leaves a warehouse shelf, it will immediately show up as a change to your inventory. As a result, your sales team will not be able to over-commit items when they are not on hand. Having reliable data empowers your employees by giving them greater confidence and ensures customer satisfaction by not overpromising and underdelivering.

Reason #2: Enhanced Visibility

Another reason to embrace real-time inventory management is that it creates a more detailed view of what’s happening within the organization’s operations. Having deeper insight is helpful, especially during peak periods, such as the busy holiday shopping season or a super sale. However, during busy times, businesses often overlook essential aspects of their inventory management to keep up with customer demands. Having insight into meaningful data on your day-to-day operations will better help the organization prepare for those busy times.

Reason #3: Easier Reporting

Ever want to run an on-the-fly management report for a meeting or presentation and can’t because the whole process just takes too long? One advantage of using a real-time inventory management system is the ability to produce accurate reports at any time. Having on-hand access to the correct numbers allows your management team to respond to sudden spikes in supply or demand. When you can rapidly evaluate margins on item prices and immediately adjust your pricing if need be, your business owns a substantial competitive advantage.

Reason #5: Better Scalability

As your business grows, investing in a system that can grow with you is a wise decision. Software solutions that allow your business to sustain that growth and continue it are solutions that will last you a long time. It would be best to have a solution that will not cap out or break down as your inventory grows. The ability to seamlessly replenish quantities of popular inventory items by rapidly issuing a purchase order is crucial. Immediately having that newly created PO and updating the expected amount on hand makes it so that your salespeople meet customer demands.

Reason #6: Cost Savings

While there are upfront costs in implementing a new system, putting in the time to calculate what your expected ROI will be is worth it. Understanding the beneficial results from fewer stock-outs, shortages, and canceled orders has a financial impact on your business. How much time do employees dedicate to manually tracking inventory, producing reports, or waiting for accurate counts before placing orders? Consider how much you spend on software assurance, add-ons, and band-aid solutions to “make it work,” only to be disappointed. In short, a new real-time inventory management solution can pay for itself in far less time than you might think.

A practical and feature-rich inventory management software like Spire can drive significant value for your business. Spire can make your business more efficient, more productive, and better equip your team to respond to changing market conditions.

Are you interested in hearing about Spire’s real-time inventory management to manage your business better? Get in touch with us!

Customer Service vs. Customer Experience: What’s the Difference?

In business, we hear several terms such as “customer service” and “customer experience” being bandied about without knowing what they truly mean. Often, there is confusion between these two terms and sometimes, they’re erroneously interchanged. So what’s the difference between them?

Customer service is provided in person or via technology before, during and after a purchase. Retail stores have employees that are available to assist customers when they come in. Customer service through technology can occur on your website via live chat or by phone. Whether in person or through technology, customer service is seen as a part of the overall customer experience.

Customer experience is the perception a customer has about a company. It is the sum of direct or indirect experiences, such as their first impression of the brand, meeting employees, reading news about the company or hearing stories through friends. Customer experience refers to every single interaction a customer has with the brand and includes customer service. Because of this, customer experience is more subjective and pertains to how a customer feels about the company over a long period of time.

Customer service and the entire customer experience can affect the customer’s loyalty. It’s possible that if one falls short, the customer may start looking elsewhere in the future.

While both customer service and the customer experience have differences, both are linked together and affect each other. Paying attention to both is good way to have your company stand out from the competition.

5 Tips to Optimize Your Inventory

Using inventory management software will enable small business owners in the distribution and manufacturing industries to manage their parts, stock, and labor more efficiently.

Here are five tips to help optimize your inventory:

1. An Integrated Business Management Solution

One fully-featured business management system will save you money in the long run, rather than having multiple systems to handle your accounting and inventory. A good business management software will include an inventory module to help optimize stock levels. All your business processes will be integrated into one solution, saving you time and money.

The inventory module will store an accurate count of inventory items so you don’t have to tie up unnecessary cash in inventory that’s not selling fast enough. You’ll be better able to calculate how much stock to have on hand, while having enough cash to spend in other areas of your business. A good business management software will identify what stock is moving quickly out of the warehouse and what is still sitting on the pallets.

2. Do an Inventory Count

Even the best inventory control system won’t keep track of human errors. Sometimes, mistakes can happen. A worker can make mistakes on customer orders and sometimes, stock can go missing. That’s when a solid physical count of inventory comes in handy. Spend the time having a formal inventory count, so you can adjust your records in your inventory control software.

3. Apply the 80/20 Principle

In many industries, 80% of your sales will come from 20% of your stock. Once you’ve analyzed your sales patterns you can apply this to purchasing a greater percentage of inventory of your most popular items, while saving on shipping costs by ordering extra stock with one order.

4. Share Inventory Data with Vendors

Share your inventory data with your vendors, so they can assist you in replenishing your stock. An efficient means of communication should be established between you and your vendor, so that they can provide your inventory in a timely manner.

5. Analyze Inventory Reports

Analyze when your customers make orders. Do you have enough stock to ship immediately, or do you make your clients wait? You could be losing money, as you can’t invoice for goods not shipped yet. Unhappy customers will find someone who can meet their needs. Stock should be shipped out in a timely manner, particularly during the busiest times of the year.

Accurately predict how much stock you need to keep on hand for your customers using a business management solution with integrated accounting and inventory features. The software will help you to evaluate each customer’s needs, so you can plan in advance.

Optimizing your inventory will allow you to effectively manage your company’s finances, and have the time to make adjustments as needed. Your business management software will provide detailed inventory reports, so you can see where you need to make changes. An integrated system will be beneficial to your business, helping it to thrive, as you’ll get your inventory under control, and be able to more accurately predict how quickly inventory will flow in and out of your warehouse.

Using Software to Track Your Inventory

If you run a business that requires a lot of inventory, then you know that managing inventory can be one of those aspects that is costly and very time-consuming for you and your staff. Your time is important and you need to find the best inventory control software that will help reduce the amount of time you are spending on fixing errors.

An integrated accounting and inventory management solution will increase your productivity, improve efficiency and streamline processes. This will give you more time to focus on growing your business.

Human error can account for a wide range of mistakes on your inventory balance sheets. Mistakes can be made while totaling, and no matter how many people may check the totals again, your employees may just be tired at the end of the day. Mistakes will slip through. This can cost you money in taxes at the end of the year. With reliable inventory software, products are scanned in, so entering data is eliminated. Totals are calculated automatically and fewer mistakes will be made. This will provide a more accurate inventory report so you can efficiently predict how much inventory you need to order, or figure out what isn’t selling and focus on pushing that product out the door.

It can be extremely time-consuming for your staff to manually enter inventory statistics onto their clipboard. You will no longer need someone to continually count inventory, as the correct number will be available from the software, day in and out. When inventory is sold, the number will automatically be adjusted in your inventory control software. You’re likely running around with your head cut off as staff aren’t keeping track properly. Customers may be getting angry when they place an order, but you have to inform them you’re waiting for new inventory to come in. Customers remember this and may look elsewhere next time. If you have an accurate inventory tracking software, a lot of time will be saved, which translates into saving money for the business as well.

There’s a wide range of inventory control software products on the market. Some are free, some involve a monthly fee, and some cost a one-time fee. Each has their own unique set of features, so it’s important to carefully consider which package is right for your business. Whether you occasionally sell online, or you have a large store where keeping track of inventory is important, you can benefit from an inventory control system.

Inventory control software will allow you to manage all aspects of your business, from purchasing new items, tracking inventory levels, and producing sales and inventory reports. An integrated accounting and inventory management system will be beneficial to your business by saving valuable time spending on repetitive tasks.

Finding the best inventory software will save your company time and money, allowing you to spend more time effectively managing more important aspects of your business.

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