Inventory transfer is a common headache for all business owners due to the challenges it comes with. It is a task that demands proper coordination of staff, communication, and monitoring to be done without any hassle, and it's mandatory for all businesses involved in manufacturing, distribution and warehousing. It's crucial for every business to maintain proper inventory transfer. The best way to optimize the entire inventory transfer process is to first digitize and then automate. Learn more about the inventory process and how to optimize it for the best results.
The process of inventory transfer
To keep the sales of your company up and running, the process of inventory transfer is expected to be seamless. Inventory transfer refers to the shipment of goods from one warehouse to another store or warehouse in order to keep sufficient product supply at every location. Communication and coordination are key factors in this process. Failure to do both effectively can lead to wrong delivery timings or wrong locations. A strong sequence for maximum efficiency in this process includes:
- Identifying the quantity of products that need to be transferred.
- Registering each item being transferred in the system and placing an inventory transfer request.
- Packing and shipping the items with proper safety measures and protocols.
- Registering the items to the inventory list upon receipt.
- Updating the company database.
Each of these steps must be done properly in order to complete the inventory transfer process effectively. This manual process can come with some challenges and is prone to mistakes. Below are common mistakes and challenges that take place throughout this process.
- Identifying the quantity of products that needs to be transferred: Identifying the quantity of products includes counting items that are out of stock, low in stock and in high demand by location. These calculations are done manually and are a lengthy process that can lead to miscalculations. The only way to optimize this task is by using inventory management software, which with real-time data analysis, can easily detect and provide the list of product scarcity at each location. It also allows you to identify and forecast future demands through personalized analytics.
- Registering each item being transferred in the system and placing an inventory transfer request: Registering every item of the inventory transfer can be a tedious and time-consuming task when done manually. If any product needs to get replaced or refunded, that adds up to the already repetitive paperwork. By optimizing this process using inventory management software, you'll be able to register every item quickly and without hassle, and update the database automatically with returns and refunds.
- Packing and shipping the items with proper safety measures and protocols: Packing and shipping is a typical process in most companies that requires a lot of supervision and protocols. Some protocols include tag placement, cover wrapping, and tagging each product. A strong operating process by the warehouse management team plus an inventory management software helps to maintain these standards and protocols.
- Registering the items to the inventory list upon receipt: Upon receiving goods at their destination, re-registering the items is a tedious and manual process that can be lengthy and lead to numerical errors. Using inventory management software can make this process more timely, errorless and provide real-time data checking of all products.
- Updating the company database: It's crucial that a company's database is kept up-to-date. This includes updating the product name, weight, code, batch number, color, etc. This can be a lengthy process if it is done manually via spreadsheets for every product. By using inventory management software, you can optimize this process to read and update every product within minutes.
As mentioned, manually processing inventory transfer via spreadsheets can be a lengthy, tedious, and an error-prone process. The only way that it can be optimized is through using intelligent and integrated inventory management software equipped with intelligence and customized for your company's needs. Read more below to learn about Nuport and find out if they're a fit for you.
Nuport's Supply Chain Intelligence Platform
Nuport connects with APIs of inventory management systems to draw critical insights pulling inventory data. Nuport has features to decrease inventory turnover planning time using data. By using Nuport's supply chain intelligence software, you can automate your inventory transfer decision-making process, ensuring time and cost efficiency for your company. For example, Nuport is able to automate inventory transfer by live monitoring the inventory levels and initiating the requests.
Nuport's intuitive interface is designed with user-friendly features in mind that require little to no training. To opt for inventory workflow automation from Nuport, schedule your demo today!