Reasons why accurate stock management is so important
Companies use stock control to maintain an appropriate level of materials on hand to meet customer demand. If it’s not in stock you can’t make a sale! We’ve summarised the main reasons in having a good stock management system below.
Efficient stock taking.
Don’t rely on a walk around your store or warehouse to see what is in or out of stock to make your purchase orders. By using an accurate system to report your stock levels, all your information is visible to you and in one place. It’s also a good way to keep your eye on what is selling well and what is not so you can make orders in relation to this.
Don’t over Stock.
Knowing how much to buy and when to buy it is perhaps one of the most important business skills to have for any retail company. You want to spend your money wisely. By identifying what in your inventory sells well you can respond to this. Similarly if there are items that don’t sell well respond to this by making offers and promotions to help move the product off the shelves.
Identify issues with stock.
If your stock inventory is reliable you should be able to notice problems straight away. You might find that stock is going missing or that something just doesn’t add up, this could identify problems with your security or staff members incorrectly recording stock.
As mentioned you will have a good idea of what your customers are buying if you are managing your stock correctly. There will come a time when you will not have something that is being asked for and by knowing instantly that it’s unavailable and when it’ll be back in store you can still keep the customer happy. You don’t want to lose your customer to a competitor.
This isn’t something you have to alone. By using Retso Studio software you can quickly check your stock levels, purchase orders and sale orders in one place. If you are looking for a complete solution to managing your retail supplies or are unhappy with the one you currently use, please get in touch with us.