Stock and Inventory management has an important role to play in running a successful business. If you’re in manufacturing, distribution, retail, hospitality, or any other industry, your organisation needs to keep track of its stock levels. This can be a laborious task of regularly tracking inventory levels manually and updating your records.
Many problems can occur if you hold too much stock, in some cases, you will need a lot of space for storage. On the other hand, products can perish over time and that can force you to dispose of the outdated stock. If you hold too little stock this can result in customer dissatisfaction and lost sales.
With the right inventory levels, you can increase sales and attract new customers, leading to a much improved bottom line and hence become more profitable.
As your business grows, you will need to invest in inventory control in order to simplify and reduce the number of mistakes that are due to human error which can result in significant time and cost savings.
It’s important to be aware of how well your stock is moving when making crucial decisions, a simple inventory report shows your product’s popularity, warns about necessary product re-ordering, and informs you if the stock is being misplaced or if any products are overstocked, and much more.
Automated stock control systems can make your business more organised, improve productivity and increase profitability.
Barcode scanning technology has replaced paperwork and manual counting of stock reducing a lack of time that is often spent searching for misplaced stock.
Having reports about current stock levels and overseeing storage helps to easily monitor and keep control of your budget. You are able to get information about stock whenever it is needed.
In conclusion, a small investment in inventory control can improve your company’s cash flow, keep records up to date, simplifies and automates your operations, improves business efficiency and reduces inaccuracy saving your company time and money.
