Stock management system
Everyone knows stock out means money in, but without a clear view of your goods from initial receipt to ship date, your company’s largest asset could be losing you money.
The key to an efficient and profitable business is total visibility into the stock process from start to finish, along with management tools to help you maintain optimal stock levels year-round. An effective stock management system helps you streamline all the moving parts of your warehouse—from recommending optimal stock levels all the way to keeping your supply chain organised and running smoothly.
How inefficient stock management puts you at a disadvantage
Stock is usually one of the largest assets a company owns, which is why stock mismanagement is one of the top reasons small businesses fail.
Inefficient asset stock management can decrease your profitability in several ways:
- Too much stock. Having more stock on hand than you need can cost you. You pay for more warehouse space, which is expensive, and perishable items can spoil before you’re able to sell them.
- Longer lead time. Staying ahead of the curve on retail trends helps you capitalise on the popular items customers want at the moment. If you’re slow to adapt to the changing market, however, customers will look elsewhere and you’ll surrender market share.
- Too little stock. Customers will order from somewhere else if you don’t have what they want in stock. At the very least, stockouts will cost you sales. If they happen often, you’ll lose customers.
The benefits of effective asset stock management
Investing in an stock management system can yield excellent ROI. Not only does an stock management system make it easier to get your products to the customers who want them, it can provide valuable insights so that you’re ordering the right stock at the right time and in the right quantities.
Here are some examples of how investing in stock management pays off:
- Cutting costs
- Maximising labour
- Saving space
- Happier customers
Order stock in the right quantities at the right time so that you’re never over- or under-stocked.
More productivity and less time wasted looking for missing items or tracking things by hand.
Well-managed stock leads to more efficient and organised warehouses.
Orders ship faster and are more accurate, leading to satisfied customers and upheld service level agreements.
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