Why stock control is important to a Business entity

A business occasionally runs out of certain items. This happens for a number of reasons: unexpected popularity of a particular item, such as one that has attained fad appeal among schoolchildren; an unusually large purchase, such as buying up all of a store’s hotdog buns for a party; or a failure by the manufacturer to make and ship on time certain items. Stock control is a way the retailer avoids running out of stock through tracking what is on hand, what has been sold and what is on order.

The following are some of the reasons why it is important to do stock management:

Cycling Inventory

Retail inventory consists of what products are on the store shelves plus the products in boxes in the storage room. As customers deplete the stocked shelves, more stock comes out of storage to replace what has been sold. Keeping track of the inventory on hand allows the store owner or manager to know when to order additional stock of the items before they sell out. Having records of what gets ordered allows you to better refine what you sell in the store to maximize your profits.

 

Organized Sales

 As goods are sold, the inventory should decline by the amount of sales. Sometimes, there is less inventory than expected, which normally means goods have been stolen or misplaced. Identifying missing inventory helps the retailer know to improve store security or inventory tracking procedures. Tracking sales over years also helps the retailer know how much to order of certain products at different times of the year.

Flawless Orders

Keeping track of goods on order allows a retailer to verify that replacement stock has been ordered. Monitoring order status alerts the retailer to possible delays in delivery in time to find another source of those goods from an alternate distributor. Manufacturers and distributors occasionally face fulfillment problems due to weather, machinery breakdown, labor strikes, unexpected demand and transportation problems. A detailed system of stock control keeps the customer satisfied and the retailer in business.

The Robisearch Point of sale system has the purchasing and stock control management feature that will help your business keep up with the inventory.

 

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Top 5 Features for a good Inventory Management System

Top 5 Features for a good Inventory Management System – Inventory, often called merchandise or product, refers to finished goods and materials that a business holds for sale to customers in the future. These goods and materials serve no other purpose in the business except to be sold to customers for a profit. The value of a company’s inventory is usually one of the largest assets on the books.

Inventory management systems support the activities of purchasing product, analyzing sales trends and on-hand inventory availability  as well as liquidation of product for wholesale, distributors, eCommerce retail and manufacturing companies.  Managing inventory is a critical component to Supply Chain Management.

Robisearch LTD offers software for manufacturers, wholesalers, and distributors, the purchasing departments who are responsible for acquiring the new product and reordering existing products.  In retailers and e-commerce companies, the purchase and reorder of inventory is done by merchants (buyers) or inventory control personnel. 

Top 5 important inventory management features

Here are some of the Top 5 Features for a good Inventory Management System that Robisearch’s ROBIPOS offers.

1. Improved inventory control and forecasting/projection

As simple as this sounds, this should top your list. How should this new system assist in managing and controlling inventory?  Here are a few  major features and functions you can get in Robisearch’s POS software:

  1. A robust item master module such as product costing methods and product characteristics.
  2. Projecting and Forecasting demand – As in, the system will calculate the quantity of a product required forward over a time horizon.
  3. Provision of the channel view for multichannel businesses such as Wholesale and Retail.
  4. Streamlined Analysis and purchases functions.

2. Barcoding & Scanning

A barcode is a visual, machine-readable representation of data. Essentially, it is electronic data entry using a scanner.  The data contained in the barcode is typically tied to something, lot number, customer shipment, or a purchase order. Once scanned, this data is accessed and displayed for the user to learn more information or take an action.

Bar code functions may be provided by the vendor.Robisearch’s inventory software support the use of barcode.

3. Improved, actionable inventory analysis

As we said earlier, there are literally hundreds to thousands of data elements in inventory management systems.  What “out of the box” inventory management analyses are offered and do they fit your method of managing inventory?

Robisearch’s System points the purchasing agent or inventory manager to which products to take action on. For example, the system flags potential stock outs; calculates recommended purchase orders; and candidates for overstock liquidation.

4. Configurability

This feature allows a single system to be set up and configured for two different business entities/companies so that each has a different “look and feel” or personality.  In this way, the more comprehensive systems are successfully implemented across industries and merchandise without customization.

Robisearch’s systems have configurability to some degree, let’s see what does it allow you to accomplish. 

Examples of configuration include: 

  1. A product with different colors and sizes may be configured in a way to show total product sales and stock on-hand by style or base product.
  2. A role (group of users) or individual configuration table of users that allows for the set-up of data security functions within your organization for updating and viewing data.
  3. Flexibility for controlling different types of hardware or interfaces connected to the inventory management system.
  4. Adoption of your detailed expense accounting structure.

6. On-premise versus Software as a Service and Cloud system

For many companies, cloud-based and Software as a Service (SaaS) subscription made inventory management systems more affordable than on-premise implementations and supported systems because they are based on the number of users and data storage usage,  Additionally, implementation is accomplished in a shorter timeframe because they are a service requiring less IT time internally. Robisearch’s POS software supports both On-Premise ans as a cloud software; The key question here is what is the right IT strategy for your company? 

 

 

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