Managing inventory is the most important aspect of any product-based or retail business. Using an efficient system makes sure your business always have the right amount of stock on hand. But what if you have multiple stores and warehouses? Managing franchise inventory levels can be difficult for franchise-based businesses. Having more than one outlet to manage, makes it harder to stay organised. It’s critical to stay up to date with your inventory management.
Keeping an optimal amount of stock, not only prevents your business from running out of products but also keeps your warehouses from filling up. This is equally important, as an overstocked warehouse prevents you from ordering more of your high demand items.
By using an Enterprise Resource Planning (ERP) system, you can better manage your growing retail operations. The right system can improve your operations and automate processes. It also minimises how much time you spend keeping track of your products, so you can focus on other areas of your business.
MYOB Advanced is a cloud-based ERP that offers customisations with a variety of Add-Ons to make your system work for you. The Add-Ons streamline everything from point of sale (POS) to your day to day management of stock, sales, staff and profitability.
Managing stock between multiple stores and warehouses
If your business manages multiple stores, it’s likely you send stock between sites. You also need to keep track of what is dispatched from your warehouses. Using a cloud ERP enables you to access live data from your stores and warehouses. This means you know the quantities available and where they are at any given time.
Not knowing what you have in stock, or where it is, is unprofessional. It’s likely customers will go to your competitor to find what they need. Industry whitepapers have proven that if a product is out of stock, 72% of consumers will switch to a competitor.
When it comes to ordering and reordering products, if all stores are linked by a central ERP system, there’s less chance of double ordering stock. All stock is visible and updated in real-time. Processes can be automated, such as ordering stock with a high turnover rate, which saves you and your staff a lot of time. Rather than placing individual stock orders for each product, it’s possible to create an order report. With automation, you can create a unique stock order with the relevant supplier.
How can Acacia help?
Managing franchise inventory doesn’t have to be a difficult or frustrating process. At Acacia, we are an MYOB Advanced Platinum Partner and an industry leader in helping businesses overcome issues, rebound and become more profitable. We help optimise, automate and improve the traceability of your business. Acacia has the knowledge and experience across a range of businesses to provide the most cost-effective solution for your business.
If you run a franchising company and you are interested in talking through the advantages of moving to a cloud-based ERP, contact us to find out more.