If you have stock in your business, then you need stock control. Stock control or inventory management is used to manage and track your stock.
Whether you decide to keep a small or large amount of stock depends on the size and nature of your business.
Do you know:
- The value of goods you are holding?
- Which items are running low or overstocked?
- If any item is nearing or is past its expiry date?
- Which batches, serial numbers etc. went to which customer/user?
In an ideal world you want to minimise the value of stock you hold whilst ensuring that there is enough stock to be able to meet customer demand. Obtaining the correct balance is not easy.
Having a good stock control system in your business will lower costs, improve efficiency. It will also ensure your stock levels can meet fluctuations in customer demand. A good stock control system will give your business a competitive advantage and improve profitability. If products are always available when required, then your customers will be happy.
Overstocking increases costs for your businesses. Holding stock is an expense due to money being tied up which your could have for other things.
If you run out of a product, you could lose a sale to a competitor. Hold too much of a product and it may become obsolete, ending up costing you money.
If you use a good stock control system, it will enable you to know the value and location of your stock at any given time.
In many industries, it is also important to know the expiry dates, batch numbers, and serial numbers of products. Ensuring accurate use & recording of this data is at the forefront of the NHS’s “Scan4Safety” initiative.
Barcoding is the key to modern stock control systems. The process is made a whole lot easier, simply by scanning a barcode when an item is received, then again when it is used or sold. There is no need for manually entering all the information. Barcodes can hold a huge amount of information; e.g. product code, serial numbers, batch numbers and expiry dates which automatically update the computer software.
GS1 barcodes are the industry gold standard for Manufacturing, Warehousing and Healthcare. For more information on GS1, check the GS1 website.
StockAssist, from KMsoft is our stock control package. Created by our team of UK developers, it addresses the needs of many businesses, in the Healthcare, Automotive, Retail, Manufacturing & Logistics sectors.
For more information, e-mail: firstname.lastname@example.org, call us on 01786 349 350, or contact us here.