What is stock control? Stock control Practices and procedures: Inventory control, sometimes referred to as stock control in inventory management, is u
What is stock control?
Stock control Practices and procedures: Inventory control, sometimes referred to as stock control in inventory management, is used to identify, demonstrate and show how much stock you have on hand at any given time and how you maintain track of your inventory records. In its entirety, it pertains to all components and processes of inventory management, from raw materials to completed goods, that are used in the production of a good or service. By mentioning that, we mean looking at every stage of production, from buying and receiving your stock, storing, selling it and placing new orders for it.
In the below article, we bring to your attention how stock control practices blend with technology and the current software advancements.
Easy stock control methods
Once you’ve purchased The Right Inventory Management Software for your type business, here are some of the different methods and steps to manage your stock levels for the type of business you have.
1. Use warehouse management system.
A smart warehouse management and inventory control system gives control over to you or your employees to track all items in and out of your store in a more efficient manner while reducing the potential of and common human error. A software like iOSoft Smart Inventory Software enabled with barcode scanners, tags, categories, and and stock level notification features provide real-time tracking of your inventory – an information you can access over your phone or laptop, anywhere. This type of automation is key in your Stock control Practices and procedures.
2. Conduct Stock Reviews
One of the key Stock control Practices and procedures is to determine whether new stock needs to be ordered, whereby you will conduct routine stock reviews. This takes into account predetermined numbers that assist you in deciding whether to place an order for new stock or wait. Using the inventory management software, you can set a minimum stock level so the system can remind you when to restock a particular item. This helps reduce overstocking.
3. Capture your stock count accurately
Knowing your exact stock levels is important for effective inventory management and is a must in Stock control Practices and procedures. You will always have access to up-to-date information with an inventory control system, allowing you to keep track of your orders, purchase prices, items quantity and sales or stock-out. To keep track of every item in your store, including lost, stolen, or damaged goods, perform routine, frequent stock reviews. Here’s where the stock control system comes in handy – the report is always at the fingertips.
4. Work with a system to improve your stock replenishment
It goes without say that a smart inventory management system will make you appreciate the efficiency or running a warehouse or a business store. It’s so crucial to keep enough inventory on hand, especially when demand is high. Automate your purchasing procedures so that replenishment is handled once your stock falls below a given threshold for a seamless flow of merchandise during peak times. You will always have the necessary supply levels, exactly when you need them, thanks to the reports always at your fingertips.
5. Use clear labels for your inventory.
Your items labels should be very clear and easy to read – as a stock control practice and procedure. Fulfillment is quicker and more effectively done with relevant and appropriate labeling. Make sure all of your racks, boxes, and products have labels that are clear and succinct. You can print them using labeling software like iOSoft Smart Stock Control Software, and you can also utilize additional real-time inventory control tools including inventory tags, barcodes, scanners, etc enables in the system.
6. Learn your customers behavior
In your stock control practices and procedures, you can spot trends in consumer behavior when you start keeping note of how frequently you need to refill particular commodities. Be mindful of times when ordering is high and times when it is low. It will assist your company be at the forefront of clients’ purchasing decisions if you anticipate what they want before they even realize they need it.
7. Implement Just-In-Time stock control
Important to note that out stock control system was developed locally to help business automate their stock control practices and procedures. As implied by the name, the software puts at a vantage point of taking total control of your stock. Stock is ordered only when it is needed to maintain low costs and high liquidity. This stock control practice aims to reduce costs by cutting stock to a minimum. Items are delivered when they are needed and used immediately. Running out of supply is a possibility, therefore you must have confident in your suppliers’ ability to meet demand. With the software, your world is at your fingertips.
8. Economic Order Quantity (EOQ)
This is a stock control practice where a standard formula used to arrive at a balance between holding too much or too little stock. If not well versed with these complex formulas, so you will definitely find it easier to employ a stock control software and keep running things like a pro.
9. First in, first out.
When you’re running a businesses that deal with perishable stock, you may opt to introduce this stock control practice in your operations. The aim is to keep goods from degrading before utilization or selling. Stock is identified by date received and moves onto the next stage of the production process in strict and monitored order.
10. Vendor managed inventory
A relatively new approach to Stock control Practices and procedures is called vendor-managed inventory (VMI) which emphasizes the concept of shared risk between the supplier and the customer. The supplier is in charge of maintaining a level of stock at a designated location, typically the buyer’s point-of-sale, after receiving information from the buyer regarding the buyer’s stock requirements. Vendor managed inventory practice shortens the time that inventory spends in the supply chain and lowers the likelihood of understocking – which comes with several risks.
Point Of Sale with Inventory Management Software
Integrated technology can assist your organization in managing your inventory in addition to the stock control practices you have put in place. POS (point of sale) systems and mobile scanners can both be useful to up your game in running your business. An integrated systems like POS & Inventory management software needs to be given the priority it deserves when making technology investments for your business. You could lose time and money if your POS system and inventory management software don’t work effectively together. Manually moving the data between systems could introduce even more errors that will effect your entire business operations. We provide an integrated Inventory management system with a POS system that helps you manage your goods and sell effectively. It comes with hot features/modules that will revolutionize your entire stock control process, accounting, payroll, reports and analytics that are very important for your decision making and future strategies.
Why use a stock control software for your stock control.
At this time and age, eliminating the possibility of human error is a must for any business discerning to succeed in the current tight competition. Implementing automated inventory control will enable you to keep a closer eye on your inventory. Exclusive reports and analytics are available to you at your fingertips, which increases your productivity and financial potential.
iOSoft Smart Inventory Management Software is an all-in-one software that offers a mechanism to track stock from the time they enter the warehouse until they leave, which can assist with inventory control. It has features like barcode scanning, label creation, data management, reporting, and others to make sure your warehouse runs smoothly and all reports are available at the fingertips. If you want to save time and effort in running your business, automated inventory management software is a must for you. It can aid in process monitoring without requiring a significant human resource investment.
Our Inventory management software makes it simple for you to oversee the complete warehousing operation from beginning to end and with complete reports at every stage. Try it today by asking for demo or contact us for more information.
Schedule Your Free Software DEMO & QUOTE.
we believe the pointers above help you make the right decision in Choosing the right inventory software for your small business. We’re here to give you a personalized DEMO of iOSoft Smart Inventory System. We’ll answer any questions you have about pricing, functionality, customizations, and integrations, so you can make an informed decision quickly. Schedule your free online product demo today.