It is necessary that every business owner tackle the stock strategically and effectively. Stock Control System is a must as it can bring differences between the profit and loss. When retailers obtain great stock control management, the expenses will go down, increasing your profit on every sale.
What Is Stock Control
Stock control is also known as inventory control, which is a process of maintaining the right amount of stock. As a result, the business can meet consumers’ demand, while maintaining the minimum costs of remaining stock.
What Is Stock Control System
Stock control system includes all the functions and steps associated with the management and maintenance of the inventory. The stock control system accounts for all procedures starting from purchasing to receiving / re-ordering products.
Within a few decades, this market has been experiencing a new trend of globalization. Businesses have supervised stock control on notepads. Since the last few years, retailers and manufacturers have started to rely completely on stock control systems for their entire inventory management.
Features of Stock Control System
- Assists to maintain a competitive edge and boosts productivity.
- Supports inventory tracking by organizing the warehouse and managing outdated stocks.
- Takes care of sales and shipping.
- Reduces friction in the purchasing process via procurement process of reordering and supplier.
- Integrate with software and other programs like CRM, ERP resulting in maximum efficiency and accuracy.
A proper Stock control management system should be able to offer the following features for effective management of inventory.
- Barcode Scanning
- Stock Notifications
- Generate Report
- Manage Multiple Warehouse and Point-Of-Sale (POS)
- Handle Re-Ordering and Stock Returns
- Purchase Order Records
- Radio Frequency Identification (RFID) Tagging
- Warehouse Management
- Demand Forecasting
Benefits of Stock Control Management
- Proper Management of The Stock
Over stocking or less stocking will result in loss for the company’s business. Less stocks means dissatisfied customers, and over stocking is money loss and wastage.
- Speed and efficiency
Manual inventory management may take retailers a lot of time along with inaccuracy. Whereas, computerised control systems work within hours and give more accurate results.
- Up-to date data
The inventory control system can automatically update the data. In other words, whenever any information on stock is required, then it can be easily acquired.
Differences Between Stock Control System and Inventory Control System
Stock and inventory – these words might appear to be correlated but there is a vast difference between them.
Inventory control system
- Inventory is used in accounting contexts. Therefore, it is valued at cost using inventory accounting methods and average cost methods.
- Inventory includes finished products, work in progress products as well as raw materials.
- Inventory is more used in an actuarial sense rather than business sense.
- Inventory evaluation is done at the financial reporting period.
Stock control system
- Stock is used in business context. Therefore, it is valued at the selling price, which directly affects the company.
- Stock refers to any product that is old by the company to its customer.
- Stock evaluation happens frequently, sometimes on a daily basis.
Choosing the right management system is necessary, as this can bring a difference between success and failure, in the current competitive business world.
ConnectPOS can be a great ally for your inventory management. Contact us for more detailed information.