For businesses housing certain product lines across various locations, the ability to transfer stock between their branches and warehouses both efficiently and in the right quantities soon becomes a necessity. By obtaining full visibility of stock across each of their sites, companies working from multiple locations are able to move stock around accordingly in order to meet demand. If stock levels for an item in one location cannot keep up with requirements, businesses can then transfer stock from another location that has a surplus. By working in this way, other sites within the business essentially become suppliers like any other, with the only difference being they often offer a more efficient and cost-effective method of obtaining more goods compared to purchasing additional stock.
However more often than not, businesses operating from multiple locations will not have access to the information they need in order to know what stock will be required in the near future. The result of this is businesses half filling a van full of stock from one location to send across to another site, only to find a few days later they need their driver to do the same trip again in order to transfer more stock. This not only means time is being lost but also the cost-effectiveness that businesses are gaining by transferring stock instead of purchasing new stock is being reduced as well. Therefore in order to make stock transfers as accurate and as worthwhile as possible, businesses should not only be sending a vehicle at full capacity when transferring goods between sites but also using previous stock usage data in order to anticipate the stock that should be sent.
Structured Management of Stock Movements Between Branches With OrderWise
Solving this problem is the OrderWise Stock Transfers module, which allows businesses to manage the process of transferring stock between multiple stock locations. As well as arming businesses with full visibility of stock including goods in transit, users are able to utilise the Transfer Report to quickly and easily determine demand that can be fulfilled by transferring stock across from other branches or warehouses.
Now a major enhancement has been made to the Transfer Report that enables this widely used facility to work even more intelligently than it has done previously. In version 11.1 of OrderWise, a brand new Transfer Reorder List has been made available that enables users to top up their required stock transfers with additional goods that are forecasted to be needed.
Quick & Accurate Stock Transfer Forecasting With New Transfer Reorder List
Firstly, users will choose a number of days, weeks or months to which to look ahead and then run the Transfer Reorder List. When this is run, OrderWise will then look at the usage of stock over the chosen time period in order to produce a list of items that have been transferred across previously. The Transfer Reorder List will then be displayed with stock quantities that will likely be needed based on both the current sales order demand and the calculated forecasted demand. Users will then simply choose the stock and the quantities they wish to include on the next stock transfer created on the back of the Transfer Report.
Thanks to this great new functionality, businesses using OrderWise Stock Transfers are now able to achieve a smarter, more cost-effective method of handling the transfer of stock between multiple locations. By quickly forecasting what stock is likely to be needed in the future and easily reordering these items, OrderWise users are able to keep costs down and customers satisfied through maintaining accurate stock levels across their various branches.
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