Stock or inventory management is the process of overseeing the flow of items into and out of your inventory. A well-functioning stock management system keeps stock costs under control and helps to achieve positive cash flow.
Ensuring the right stock is at the right place, at the right time is critical to manage supply chain volatility. Stock control software can streamline operations by consolidating sales information, and giving employees access to current and reliable inventory data.
But what passes for an effective stock management system and what features should you look for?
Stock management software should ideally deliver up-to-date inventory figures, comprehensive financial management and fast, easy reporting capabilities in one easy-to-use interface. It should address the following functions as a minimum:
Inventory management
A stock management system should give you the capability to monitor changes in customer demand, and track input costs for improved production capabilities. This will increase purchasing efficiency and reduce delays in new inventory orders. It will also allow your employees to access up-to-date and reliable information on current inventory, thus achieving complete inventory control.
Financial management
A good stock management system will also allow you to update, monitor and implement special pricing structures across various locations, customers and products throughout the financial year. It will help you keep track of accounts and perform various banking and reporting functions off-site.
Customer management
Your stock management system should allow you to quickly track customer orders, update profile information and record sales figures.
By increasing the speed of transactions and providing customers with up-to-date inventory information, you will increase productivity, improve customer satisfaction and capture more revenue in the long term.
When considering inventory software, remember that the goal of implementing a solution is to keep your businesses’ cash flow on track by better managing operating capital.