27 Jan
What is Stock Control?
Stock control or inventory control systems are used by eCommerce businesses to identify and keep track of the stock levels. Utilizing a stock control system is a priority for businesses. This allows the business owner to have visibility of stock value, increase profit margins, increase efficiency, and improve customer satisfaction.
The main purpose of stock control management systems is to ensure the business always has adequate stock. Low stock levels or no stock can be damaging to the businesses repetition and affect the profit margins. Stock control management software is designed to provide real-time estimates and ensures the correct amount of supply is available, to avoid stock-out.
Benefits of Stock Control Management Systems
Improved Productivity and Warehouse Efficiency
Using a warehouse stock control system will eliminate time-consuming manual processes. Which improves the productivity of the warehouse staff, and enhance warehouse efficiency.
It is physically impossible to manually track over 1,000 SKUs. Therefore, implementing a stock control management system will scale the inventory as your business grows! With an inventory management system in place, you will always know what’s in stock. Allowing you to order what you need to meet customer demand.
More Organised Warehouse
Implementing a stock control management system will put a stock management strategy in place to create an organised warehouse. A disorganised warehouse would result poor stock management and satisfactory customer service.
Stock control management systems would allow your team to arrange your stock via SKU locations to make it easier accessible. Locating the stock in a particular location means the warehouse operative can locate the products quickly, complete the eCommerce fulfilment process on time and provide a high standard service to customers.
Integrate with Ease
Stock control management systems will make integration with multiple platforms so much easier. Integrating with Amazon, eBay and many other eCommerce platforms will increase optimal efficiency and accuracy. Your stock will be managed from the channel to ensure your stock levels are up to date to meet customer demands.
Methods of Stock Control Management Systems:
There are many methods of managing stock levels, you need to decide what software works best for your business:
Vendor Managed Inventory:
Vendor Managed Inventory (VMI) is one of the most effective stock management systems. Vendor managed inventory involves generating a strong VMI partnership with your supplier. This technique provides the vendor with the control of managing the inventory stock levels and streamlines processes to improve warehouse efficiency.
The VMI system means the inventory is better aligned with customer demand and unwanted stock is heavily reduced. Implementing vendor managed inventory systems will strength the relationship with the supplier and is a cost effective way of managing your inventory!
Just in Time Inventory Management:
Just in time inventory management is a stock management system which involved keeping as little inventories on hand as feasible to meet customer demands. Inventory is ordered when it is needed to eliminate waste, reduce cost, and increase space.
This inventory management system requires reliable suppliers and a very well organised process in time to ensure orders are fulfilled on time.
Batch Control:
Stock management and production are separated into batches by batch control. This simplifies the manufacturing process and ensures that short-term goals are reached. Batch management can also help companies save money by requiring only the raw materials and components required to meet the demands of a single batch.
Conclusion
Implementing a solid stock control management software will help your business track stock levels, help streamline day-to-day operations, increase communication, and improve customer service. Maintaining an optimal level of stock should be always your businesses’ primary emphasis to obtain positive financial results.
Outsourcing with Meteor Space would help elevate the customer experience from engagement through to fulfilment and effectively managing your inventory on the back end.
If you would like to find more about which stock control management system will add value to your business, please get in touch today.
