The manufacturing business consists of various processes and multiple raw products. These products then become final goods which can be sold to retailers. Thus, excellent inventory management for manufacturing is essential.
What is inventory management
Inventory management for manufacturing is no different from any other type of inventory management. Only because you still need to deal with storage, tracking, managing and ordering. Typically, manufacturers are seen as suppliers to retailers, but actually, manufacturers also have their suppliers.
These suppliers supply manufacturers with the raw material from which the final product can be made. As a result, inventory management is a process that starts when you place an order for raw material and continues until the final product lands in the hands of retailers.
Inventory management for manufacturing
Moreover, if you wish to avoid unnecessary expenses and improve cash flow, excellent inventory management is the key. However, you should consider using software to prevent problems like unsellable dead stock, delayed turnover and order cancellations. Inventory management software like Multiorders helps you become more organised, informed, scalable and well prepared for unexpected situations.
Stock monitoring is vital as it allows you to monitor your stock constantly. Most ssolutions offer a cloud-based centralised dashboard which you can access from anywhere in the world. Besides, you can follow your inventory 24/7 and make any necessary changes the moment an issue occurs.
When we talk about inventory management for manufacturers, it is essential to have the possibility to access various reports. These reports should help you monitor stock turnover rates, find the most valuable customers and specify most effective stock quantities.
For example, with Multiorders inventory management software you get various reports automatically. They get regular updates and you get the newest insights. Such as sales summary, low stock report, top customers by generated turnover and many more. If you need more specific details, you can always request a custom report.
Besides, you can choose a different time frame for the reports. Even more, you can download any of the reports and save them for future reference.
When you are trying to find the most suitable software for inventory management for manufacturing, you should consider inventory control. To successfully control your inventory, you need to be able to quickly locate the items you need. Thus, the search option is a must.
When you can quickly search for an item by quantity, category, SKU or even create a custom search, you know that you have found something worth considering.
To avoid overselling, it is important to have reorder points set. This means that you can assign the lowest amount of each item that triggers a notification. The system lets you know that a product is running low on stock. In this case, you will always have enough time to place a purchase order and receive the goods on time.
Invoicing sounds like a small and unimportant part of inventory management for manufacturing. However, if you fail to fill the right information you may suffer huge losses or even worse, get dragged into court. Therefore, your inventory management software has to have an automatic invoice generating tool.
For example, you can provide you business information in the settings of Multiorders. You can then customise what information will show up on the invoice. Afterwards, whenever you need one, Multiorders will automatically generate it for you. You will only need to send it to your customer. That can be done in one click straight from the Multiorders dashboard.
Additionally, you can customise your other documents like shipping labels, delivery notes, packing slips and purchase orders.
Multichannel integrations include not only multiple e-commerce but also POS and shipping solutions. Having these third-party integrations saves you an enormous amount of time as you do not need to re-enter data into several programs.
Multiorders inventory management software
Multiorders software has all of the features mentioned above and many more. You can try it for yourself without any payment. Just register for the free trial and start using Multiorders in seconds.