No matter the size of the business, proper stock control is crucial to profitability in a retail outlet. This is why businesses are increasingly moving towards adoption of stock control software, rather than tracking stock by hand. Stock control software offers numerous advantages and features that would be impossible to replicate without taking advantage of technology.
Let’s take a look at a few of the leading advantages below.
Live up-to-date stock reporting
Why send someone in back to count stock, when the technology can do it for you? With barcode scanning, it’s simple for the software to keep tabs on how much stock is still on hand. This gives you ample warning when it’s time to restock. Some stock reporting software packages even allow for automatic stock re-ordering, when on-hand items fall below pre-set levels.
At-a-glance supplier information
Even small improvements in how you do business can pay off with big savings over time. Any good stock tracking system is going to be able to maintain the supplier and re-ordering details for every item you stock, saving you valuable time looking that information up. You’ll see it whenever you check stock levels.
No oracle is perfect, but computers can still be very good at predicting the future when given enough data. Over time, your stock control system will be able to build up a complete view of the sales of any item at any time of year, allowing you to plan your purchases around expected demand. This is particularly crucial if you’re selling seasonal items which could go out-of-fashion by the time the next season comes!
Integration with other databases
The “back office” work of a business isn’t piecemeal, it’s all integrated together, which is why you would benefit from having stock tracking software that communicates with your other systems. For example, your bookkeeping software or an enterprise resource planning system. This sort of integration helps keep everything on track, as well as generating more data to analyze and plan from.
The benefits of stock control software only multiply if you have multiple locations. This is when the system really shines, allowing you to get quick overviews of your entire operation, and what stock is being held where. This simplifies fulfillment, as well as reducing the likelihood of overstock.