A business owner or manager, particularly in the upper end of the small business or the medium business size range, often face a lot of challenges with managing stock. They have just a slightly lower volume of stock than a large company, but they have significantly more stock than a small business.
For these companies, the investment in stock management software is not as cut and dried as for large companies. However, the fact that this is even a concern brings credibility to the need for some type of more effective stock management system that is used by the small business sector.
For small to mid-sized businesses on the move, here are four reasons to consider the addition of stock management software. While there is an initial cost to implement the software, once it is in place it can quickly save time and money while boosting efficiency.
Loss Prevention
With effective scanning or RFID technology, loss prevention across the company can be improved. As all incoming stock, as well as sales, are monitored this can be a key detractor to inventory loss through employee theft.
Stock Movement Monitoring
Businesses can waste valuable time and money in transferring stock within a company. To be able to track and verify where existing stock is before ordering or to prevent stock from accumulating in inventory rooms, stock management software provides real-time information on all stock location.
Reorder Point Development
Knowing the trigger point for placing a new order for stock is also important for business. Ordering too soon means cash outlay and used inventory space that may be better used for other items. At the same time, too long between orders means the inability to fill orders and problems with customer satisfaction.
The ability to simply log onto a dashboard and search for stock, place orders or determine stock movement internally is an important feature. When this can be automated, it provides a wealth of knowledge for managers that boost efficiency and cost-savings.
