For any organisation that holds stock, effective stock control is essential. Stock control, also known as inventory management, enables you to track and manage stock accurately and efficiently.
The amount of stock you choose to hold is dependant on the size and nature of your business.
Do you know:
- The value of goods you have in stock
- Items which are running low or overstocked
- Products nearing or past their expiry date
- The batch or serial numbers assigned to each customer/user
Ideally, you want to minimise the value of your stock while ensuring you have enough to meet customer demand. Achieving this balance can be challenging.
Implementing an effective stock control system in your business will lower costs and improve efficiency. It will ensure that your stock levels can adapt to fluctuations in customer demand. A robust stock control system provides a competitive advantage and can boost profitability. Ensuring products are always available when needed will enhance customer satisfaction, leading to increased customer loyalty and higher profits.
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 a particular product becomes out of stock and is in demand, you could lose this sale to a competitor. You may also lose a customers’ trusts and loyalty as a result. On the other hand, if you hold too much stock of a product that is not in demand, it may become obsolete and result in profit loss.
Implementing an effective and robust stock control system will allow you to know the value and location of all stock at any given time, across multiple storage locations and facilities.
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
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
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: info@kmsoft.co.uk, call us on 01786 349 350, or contact us here.
