Stock control or inventory control is used for tracking and managing company’s inventory or stock. Efficient stock control allows having the right amount of stock at the right time to ensure that capital is not tied up. Stocks are of four types:
• Raw material
• Stocks of unfinished goods
• Finished goods
Stock can be categorized according to its value. It provides guidance for planning expenditure on new and replaced stock. If you have limited capital, you can concentrate on the areas of greatest value to fulfill demands of customers.
Deciding on the stock levels depends on the size, nature of business and stock type. Stock must be in appropriate amount as too little or too much stock is not suitable for business. In case of too little stock, businesses face loss when they run out of stock and lose their customers while in case of more stock, capital is tied up and business might face short of money.
The Best Method Used To Control Stock:
There are various methods that are used for stock control. The most advanced and preferred method is using stock control system for deciding what, when and how much to order. Stock control software identifies the minimum stock level and notifies businesses to re-order those particular products immediately. Moreover, it allows for regular stock review to ensure stock level up to the predetermined level.
The use of stock control system is best because
• It helps to keep balance between holding too much or too little stock. Moreover, it guides to have the right number of components to fulfill business needs.
• It helps in Stocktaking which involves recording the list of stock and its value. It has a significant role in inventory control, stock security and quality management.
• It is flexible where information can be easily managed. It quickly gives a clear picture of a particular stock item and can handle multiple stock items at a time. An added benefit of using this automatic stock is automatic monitoring which never let the business go out of stock.
Why Business Owners should use Stock Control Software?
Business software is very important to use as it brings efficiency in a business. Retail businesses are very common and require a proper system and staff to prevent theft and to ensure business success. The advanced technology has changed the overall scenario by bringing great improvements. The efficient, easier and cost effective stock control system has made life of retail business owners easier than before.
Following are some of the notable benefits that stock control software brings for businesses:
• Stock Control Business Software solutions keep businesses protected from thieves via strict user access control system. The software provides outstanding security via RFID tags to deter any sort of theft.
• A store with more defected items can affect reputation of a business. Stock control software helps in Quality control ensuring all the items are free from defects. It helps in tracing faulty products quickly and efficiently. Use of stock control system helps in achieving a certain standard of quality management that depicts your seriousness about quality control.
• The Stock Control System stores details about each product which is essential for company’s accounting to maintain the desired stock levels. This is essential to prevent unnecessary cash to tie up in business capital.
• It is not desirable for a retail business owner to keep his customers waiting for a particular product in case of shortage. This will allow customers to move towards competitors that can have adverse affects on business sales. Therefore, a stock control system is good have to keep the products in right quantity is essential to grow your business and achieve business goals.
• The stock control system guides business owners about restocking on basis of current demands. When the stock hits the minimum level, the stock control software tells to reorder certain products that are getting short. On the other hand, it also gives information about the products that are available in extra quantity and those that are not moving fast for selling.
• The cost of using stock control system is far less as compared to its benefits. That’s why it is the most preferred option of all businesses.
• Keeping the good records is essential for its security. Here comes the role of a reliable stock control system which provides complete information of the stock required for its security.
Using this advanced technology, businesses prevent unnecessary losses and increases business revenues. Using a stock control system depicts a professional business and a professional attitude.
How to Choose a Right Stock Control System?
A large number of stock control software solutions are available for wide variety of businesses. Business owners choose them according to their business type and size. The first task is to make a checklist of business requirements. The business may require:
• Multiple prices for items
• Automatic updating of stock levels
• Quality control
• Multiple users at the same time
• Prices in different currencies
For all these requirements different types of software are available. Choosing a wrong product can pose various problems; therefore, it is quite important to get an expert advice in choosing the right software solution.
How to get the Best Stock Control Software?
There are many software development companies that provide unique business software solutions to cater business needs. If you choose a reputable company, you can get reliable products. The stock control software offered by various companies differs in quality and features. Therefore, it is suggested to choose a company after getting reference from friends or relatives who are already using software of that particular company. Checking customer reviews is another way to check the professionalism of a company.
We are a software development company in Malaysia that is providing reliable products for small and medium sized businesses. We offer remarkable and unique software solutions to fulfill the need of current businesses. We value our customers and after considering their demands and business type, we guide them well about the best software solutions that will benefit them. Whether you want stock control software, business software, payroll software or any other, we have a wide variety of customized software business solutions. Contact us today for guidance and the best business software solutions.