Stock control software information

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Create work orders on-the-go, get noti NetSuite vs ShipStation. Fishbowl vs Cin7. Inventory control is a complex process with multiple moving parts, quite literally.

Any business that deals in physical products needs to maintain its inventory, whether that means transporting or selling products, or assembling them into a different product.

In each case, it's essential to always have the right amount of necessary goods on hand. Selecting the right inventory control software to help you with this process can make your job a lot easier, but choosing that software can be a challenge.

The subtle differences between "inventory control" and " inventory management " can also be confusing. This article will help guide you through this process, so you can choose the inventory control system that best fits your business needs.

What Is Inventory Control Software? Inventory Control Software vs. Inventory control sometimes also called "stock control," a term used synonymously means monitoring a company's inventory of products to ensure that slow-selling or little-used items are not overstocked.

Batch control - managing the production of goods in batches. You need to make sure that you have the right number of components to cover your needs until the next batch.

If your needs are predictable, you may order a fixed quantity of stock every time you place an order, or order at a fixed interval - say every week or month. In effect, you're placing a standing order, so you need to keep the quantities and prices under review. First in, first out - a system to ensure that perishable stock is used efficiently so that it doesn't deteriorate.

Stock is identified by date received and moves on through each stage of production in strict order. Stocktaking involves making an inventory , or list, of stock, and noting its location and value. It's often an annual exercise - a kind of audit to work out the value of the stock as part of the accounting process. Codes , including barcodes, can make the whole process much easier but it can still be quite time-consuming. Checking stock more frequently - a rolling inventory - avoids a massive annual exercise, but demands constant attention throughout the year.

Radio Frequency Identification RFID tagging using handheld readers can offer a simple and efficient way to maintain a continuous check on inventory. See the page in this guide on using RFID for inventory control, stock security and quality management. The simplest manual system is the stock book , which suits small businesses with few stock items. It enables you to keep a log of stock received and stock issued. It can be used alongside a simple re-order system.

For example, the two-bin system works by having two containers of stock items. When one is empty, it's time to start using the second bin and order more stock to fill up the empty one.

Stock cards are used for more complex systems. Each type of stock has an associated card, with information such as:. More sophisticated manual systems incorporate coding to classify items. Codes might indicate the value of the stock, its location and which batch it is from, which is useful for quality control. Computerised stock control systems run on similar principles to manual ones, but are more flexible and information is easier to retrieve.

You can quickly get a stock valuation or find out how well a particular item of stock is moving. A computerised system is a good option for businesses dealing with many different types of stock. Other useful features include:.

The system will only be as good as the data put into it. Run a thorough inventory before it goes "live" to ensure accurate figures. It's a good idea to run the previous system alongside the new one for a while, giving you a back-up and enabling you to check the new system and sort out any problems.

There are many software systems available. Talk to others in your line of business about the software they use, or contact your trade association for advice. Avoid choosing software that's too complicated for your needs as it will be a waste of time and money. Radio Frequency Identification RFID allows a business to identify individual products and components, and to track them throughout the supply chain from production to point-of-sale.

An RFID tag is a tiny microchip, plus a small aerial, which can contain a range of digital information about the particular item. Tags are encapsulated in plastic, paper or similar material, and fixed to the product or its packaging, to a pallet or container, or even to a van or delivery truck. The tag is interrogated by an RFID reader which transmits and receives radio signals to and from the tag. Readers can range in size from a hand-held device to a "portal" through which several tagged devices can be passed at once, e.

The information that the reader collects is collated and processed using special computer software. Readers can be placed at different positions within a factory or warehouse to show when goods are moved, providing continuous inventory control. Using RFID tagging for stock control offers several advantages over other methods such as barcodes:. The costs associated with RFID tagging have fallen over recent years, and continue to do so, to bring the process within the reach of more and more businesses.

The benefits of more efficient stock control and improved security make it particularly attractive to retailers, wholesalers or distributors who stock a wide range of items, and to manufacturers who produce volume runs of products for different customers. Keeping stock secure depends on knowing what you have, where it is located and how much it is worth - so good records are essential. Stock that is portable, does not feature the business' logo, or is easy to sell on, is at particular risk.

A thief coming in from outside is an obvious threat. Check the security around your premises to keep the risk to a minimum. In a store, thieves may steal in groups - some providing a distraction while others take goods. Teach your staff to be alert and to recognise behaviour like this. Set up a clear policy and make sure staff are trained in dealing with thieves. Offering to help a customer if you are suspicious will often prevent a theft.

Avoid using confrontational words like "steal" if you do have to approach a suspected thief, and avoid getting into a dangerous situation. It may include the following:. Growing businesses should look to cloud software for stock control.

There are many benefits to having your business in the cloud. Businesses that have scaled their business efficiently with cloud-based software include:. Getting the stock ordering process right is an important part of effective stock control.

It is important to ascertain from the beginning what type of inventory system would best suit your business. The two options are periodic systems or perpetual systems, of which the latter is highly recommended for accuracy and ease of use.

You need to determine what you have on hand and its value — including finished goods and raw materials. Look at your sales reports to identify your best sellers, which are making the most gross margin, and which items are slow-moving and old. These are just some of the many aspects of stock control that should be considered. It is a good idea to start how you intend to carry on, that is, by implementing an inventory management software system that is expertly designed to facilitate excellent stock control.

Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland. Getting the most out of your On-demand delivery is booming, and at the centre of this so-called quick commerce is the dark store — the customer-free store where online order Inventory management is key to the success of any business, big or small.

It encompasses a wide range of tasks, all of which should streamline your su Contact us Careers About us. Check our help guide for more info. Ground Training - Beginner Learn the fundamentals of inventory management.

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