Essential features of stock management for your business
Inventory control revolves around two types of business strategies i.e. quantitative and qualitative. What this basically means is that your asset base should not only include high-tech tools, but also the right number of tools. For a company to implement a robust inventory management routine, it is absolutely imperative that both these factors be taken into account. While organizations spend a lot of time devising inventory budgets so that quality isn’t compromised in any way, they forget that the next stage depends entirely on how you manage that quality. The smart move would be to make a one-time capital investment and then focus your efforts towards an outstanding stock management application.
The critical issue with inventory control is having low stock. While it’s easy to store extra stock in your warehouse – it can be quite damaging as well. Unused items are likely to suffer from natural calamities, expire and break down more often. This is why it’s wise to always operate at the optimal stock quantity. When you deploy just the accurate amount of stock, you increase the risk of shortages. These low inventory stock problems can be monitored easily. You can do this through a cloud-based inventory control and tracking tool. This software not only lets you take care of stock, it also tends to improve performance and productivity in the long run. A sound inventory management program focuses on the following metrics to deal with low stock:
1. Schedule minimum stock alerts
Inventory shortages can cause inconveniences for businesses when they go unattended. Oftentimes it happens that you forget to keep track of how much of a certain asset has been used. When you are about to start a project and you suddenly realize that the item you need is out of stock. To handle this, you try finding the list of suppliers and if you are lucky enough, you will get the tools you were looking for, in time. While this is the best-case scenario, it is also possible that new stock takes days or weeks to arrive.
Such unexpected delays slow down work operations and reduce efficiency. You can control these situations with the help of inventory control software. This software allows you to set minimum stock threshold levels. Doing this automatically creates new purchase orders in advance so that stock is bought on time. Streamlined procurement management leads to asset optimization and allows employees to meet task deadlines.
2. Arrange for timely asset stock reviews
The best inventory control practices involve constant monitoring of stock. While it is tough to manually supervise your stock at all times, you can do it with the help of a tool. This is important as it lets you act proactively on stock levels at all times. Automatic inventory management makes this job easier for you. With the help of barcodes and asset labels, all your inventory items can be tracked. These labels also enable you to store information, relevant to inventory stock, at a single place. You can then access this data easily, at the time of stock audits.
Inventory tracking and stock control software lets you conduct seamless audits to examine stock usage and ownership. Regular inspections give you the opportunity to make necessary arrangements beforehand. This way if you are low in stock you can start looking for vendors and order on time. Stock reviews and audits let you plan in advance to ensure productive workflows.
Monitor stock use through frequent audits
Read more: Improve your bottom line with small business inventory tracking software
3. Track depreciation of your inventory
An important feature of asset consumption is depreciation. While you are using a certain asset, you should take into account its rate of depreciation as well. This is important because no inventory item stays good as new throughout its lifespan. All tools and machines have a useful life after which they should be disposed of. So, what does this have to do with stock management? Well, as soon as equipment starts to wear off, its functions slow down and it will have to be replaced at some point in time. When this starts happening, you can calculate roughly how long an asset will last. This indicates that you will have to order new stock whenever you get rid of old equipment.
Asset lifecycle management with inventory control software handles depreciation of all your tools. A systematic record allows you to forecast how much inventory you will need to order. By doing this, you can avoid low stock situations and conduct efficient management processes.
Record asset depreciation for optimized utilization
4. Maintain accurate suppliers’ data
When it comes to inventory stock, an important thing to consider is vendor management. All your asset supplies have different vendors with specific requirements. This information can become very complex and pretty much useless if not stored properly. Data on vendors includes a lot of things; costs, maintenance schedules, stock renewal dates and various other services. The ideal solution would be to store all these details in such a way that you can use them whenever you want. An organized database comes in handy when you are dealing with inventory stock.
Say, for instance, you want to order more stock of a specific asset. How do you find out which vendor you bought it from last time? By using inventory tracking software, you can access all this information under service vendor management. The easily available information allows you to conduct faster transactions and cut down on overhead costs.
Optimize stock for higher efficiency levels with inventory control software
Inventory management can be a struggle if you do not invest in the right tools for the job. You can have the best assets and still not obtain the desired results. This can have serious consequences and keep you from attaining your business objectives. The ideal solution would be to choose an appropriate online inventory control software for your company. By doing this, you can easily store all your asset related information at a single access point.
Unlike manual records, your business data is secure and protected against unauthorized use. This way you always rely on your database to carry out effective inventory management. The software also lets you solve issues related to low inventory stock in a streamlined manner. Get this software for your business today to overcome challenges related to stock maintenance!
Read more: Managing the 5 types of inventory every business has with inventory control system
Share queries related to inventory control software
EZOfficeInventory is an inventory control software, used by a multitude of companies and small businesses globally, for seamless stock management to increase business productivity.
For more assistance, drop us an email at support@ezo.io.
