In this downloadable guide, you will learn the best practice tools & techniques that all businesses including merchants, wholesalers, distributors and retailers should employ when it comes to effective stock management.
Effective Stock Management Guide Overview
One of the most challenging aspects of running a business is learning how to effectively manage your stock. It’s vital you have what your customers need and want without having too much excess stock, costing you money.
Stock-outs also cost money as customers may go elsewhere and not come back. Whether it’s deciding what and how much to order, when to order, keeping accurate records or determining how to handle excess and shortages, knowing how to efficiently control your stock can help ensure your business’s success.
Your business management system can provide you with the technology and tools to implement an effective stock management strategy.
However, to do this you need to take the time to establish what an effective stock management policy for your business should look like. Only then can you decide what rules, procedures or processes you will enforce via your business system. This is particularly true where thousands of products are stocked.
Many businesses believe that their current stock control procedures are fit for purpose, however, even the most skilled warehouse managers find it difficult to get it 100% right.
Contained within this effective stock management guide is a unique stock stress test. Your answers to the stress test questions might highlight some clear areas for improvement.
In this guide our experts also talk about the benefits of implementing an effective stock control policy and illustrates how it can:
- Saves time and money
- Increase efficiency & productivity
- Improve cash flow
- Improve traceability & increases visibility
- Increase customer service levels
It also contains a section on effective Inventory Management Best Practices in which we talk about:
The traditional stock take that involved shutting your business down for 2 days to record stock on an annual basis is a thing of the past. Rolling stock takes enable businesses to regularly check stock levels, helping to identify discrepancies early on. Handheld device technology allows you to quickly and accurately record stock in this fashion.
Efficient Picking Procedures
Review your current picking procedures. Are they operating as efficiently as you would like them to? If not, then challenge your software system to assist you with this task.
Make sure the only people in your warehouse belong in your warehouse.
Establish an approved stock list for your warehouse
Order only the amount of non-stock or special items that your customer has committed to buy
Process paperwork in a timely manner
All printed picking documents should be filled by the end of the day. Stock receipts should be put away and entered into your system within 24 hours of arrival.
How to Manage Inventory in a Mobile Warehouse.
Mobility in the warehouse can dramatically improve your productivity, resource utilisation, and inventory management.