Things that You Should Check in a Stock Control System
It is essential to note that it is a liability to have too much inventory on hand since it ties up capital that you need to handle more urgent business expenses. On the other hand, running out of stock will translate to loses in sales. But this software will automate the stock management process allowing you to keep the right amount of inventory required to optimize sales and make the most of the available storage space. By the end of this topic, you will discover more features that make a good stock control system.
The first thing that you should consider is scalability. A good stock management system should have room to grow. A scalable stock control system can handle many users, the large capacity of inventory and upgrades. You find that this is vital because it will prevent cases where your business is forced to change the stock management system to cater to growing business. One thing that you should know is that changing the system will interfere with your inventory and website as this process is always time consuming and expensive to rework.
Besides, you should also consider tracking feature. In this case, you need to have a system that tracks your inventory at every stage using barcodes, serial numbers, RFID tags and many more. One good thing with tracking tools is that it makes it quick to process data from the point the products make their way into your warehouse. Besides, it will also give you an accurate audit of product movement. You find that this inventory software company provides traceability software that is built with pick and tuck away in mind feature. This way you will be in a position to reduce loitering in your warehouse and boost productivity and security.
Also, we also have demand planning function. It is essential to note that inventory management requires forecast into what consumers want when they want it and the appropriate time to ship the products. Therefore, it is vital to have a system with real-time demand functionality as it will use the past and forecast data to predict the demand. This is vital as it will help in maximizing productivity as well as reducing the wastage of time and resources.
Last but not least, we have events monitoring tool. One good thing with this feature is that it generates real-time notifications about the events procedures. With this you will be in a position to run reports from the most updated data. You find that this is essential because it will allow you to make important business decisions faster.