There is no denying the fact that stock checks are not an employee’s favourite exercise, especially after a busy day. However, accurate stock management is imperative to the success of a business. Without it, business owners are oblivious to the assets that are available, and to the risks involved with inaccurate stock management. When it comes to owning and efficiently managing a retail business, your stock is a safety net – if it is not management optimally, it can become detrimental.
Here are three ways to improve your stock control with you retail system:
1. Rely on an integrated retail system
One of the best ways in which to improve your stock control is by relying on an integrated retail system that supports integration, up-to-date reporting, and sales predications. Instead of relying on outdated and isolated systems, like spreadsheets, it is important to invest in a reliable retail system that provides a solution-driven approach to stock management. An integrated retail system also ensures a degree of automation, eliminating the need for a manual stock control system which is a waste of valuable time and resources. Ultimately, a retail system encourages higher rates of productivity within a work space, and eliminates the risk of human error.
2. Conduct regular stock take
An ERP retail system is only as effective as those who use it which translates into a healthy rhythm of routine, including regular and accurate stock take. By implementing a more intelligent way of regular stock take this will allow business owners to analyse their stock in overcrowded warehouses, and focus on any abnormalities or issues with the assets on the floor. It gives business owners a better understanding of the surplus stock that is available, stock that did not perform well, and stock that sold in high quantities. Taking a closer look at stock numbers will also allow business owners to improve customer satisfaction by means of ensuring popular products are replenished, ultimately meeting the customer’s demands.
3. Don’t avoid annual stock checks
While regular stock take will ensure a balanced ledger at the end of the month, it is important to remember that annual stock checks are an imperative step in effective stock management. While consuming in both time and resources, it is a necessary process for organisations that have an annual shut-down period. However, it can be made easier with the right retail system, especially when you are faced with the mammoth task of tackling a large warehouse/stockroom of assets. A high-quality and reliable retail system will assist in streamlining the process, allowing your staff to tackle the task with confidence.
Improve your business processes and stock management by investing in an ERP system with KCS. For more information on our services click HERE