It’s tempting to store as much stock as possible in order to keep up with customer demand. It goes without saying, though, that simplicity isn’t necessarily the key to success. When running an online store, managing your stock is essential. Having the proper amount of stock available at the right time is essential to satisfying consumer needs, and this can only be achieved through careful stock management. A cheaper cost of goods sold thanks to an accurate stock control system and more sales thanks to a ready supply of stock are two ways to boost your company’s bottom line. You can save time and effort managing inventory by using a stock control system. This article will cover the basics of stock control for small businesses, including the necessary system software, and requirements.
However, the concept of stock control needs to be understood before moving on with the stock control system.
What Is Stock Control?
Stock control, often known as inventory control, is the act of optimizing stock levels in a warehouse or warehouses in order to stabilize inventory storage costs while retaining sufficient stock to meet client demand.
Furthermore, effective stock control, when done correctly, can save logistical costs while ensuring you always have just enough product on hand. You will need access to tools and data to make better predictions on supply and demand in order to regulate stock.
What Are the 4 Types of Inventory Control?
Even if it’s impossible to know exactly how much stock to have on hand or when to reorder, you can apply certain tried-and-true techniques to improve your forecasts. These strategies aim to facilitate adaptability, precision, and optimal stock levels.
Most online retailers employ the following stock-control strategies:
#1. Economic Order Quantity (EOQ)
If you want to minimize expenses and maximize storage space, the economic order quantity (EOQ) method might help you determine how much to order from the manufacturer.
This strategy, which is sometimes called “optimum lot size,” can be useful for determining how to prevent stockouts, how much of a buffer stock to maintain, and when to place new inventory orders.
Cost of inventory, annual demand, and the price of orders are the three factors on which EOQ is built. In addition, you may try out our EOQ calculator for yourself by clicking here.
#2. Vendor-Managed Inventory (VMI)
Using a third party to handle ordering and replenishing stock is at the heart of the VMI strategy. The vendor takes on the responsibility of managing and owning the inventory used in online retail, along with any liabilities that may arise from doing so.
This strategy allows you to return an unsold product to the vendor and pay for it only when it has been sold. Because of this, companies can hire a third party to handle inventory management on their behalf.
#3. Just-In-Time (JIT)
The Just-in-Time (JIT) inventory strategy is acquiring just enough inventory to meet current customer needs, plus enough extra to swiftly replenish stock for the following wave of orders.
This strategy of stock control is geared toward minimizing overhead expenses and maximizing productivity and profitability by buying just the items that will sell quickly.
There are advantages to this approach, but it also has some major drawbacks. If an e-commerce company wants to use the JIT approach, it needs to be able to properly predict customer demand and have access to current inventory levels in real-time.
#4. Fifo (First In, First Out)
When following the FIFO system, goods must be moved out of the warehouse in the order in which they were received. Regardless of fluctuations in supplier prices, this simplifies the process of determining the cost and value of stock on hand.
This system prioritizes the sale of products with the longest time from their manufacturing or receipt.
While FIFO ensures that unsold stock at the close of the fiscal year has no effect on COGS, it might lead to mistakes in inventory accounting. In addition, there are no tax benefits associated with it.
What Are the 3 Major Inventory Management Techniques?
It goes without saying that one of the most important components of running a successful business is keeping track of your inventory. Maintaining steady sales requires keeping tabs on popular items while also keeping up with fluctuations in the market. Having enough of an item on hand when you need it most is the key to avoiding a shortage. Technology advancements provide more accessibility to inventory.
Businesses must be familiar with the three primary approaches to inventory management. Learning about these techniques can help you choose which ones are best for your company at any particular time.
#1. The Pull Strategy
The pull technique involves working backward from the needs of the consumer. Also, this requires meeting the needs of consumers at the same moment they express those needs. Market research may be updated, forecasts can be refined, and insights into customers’ wants and needs can be gleaned in real-time, all of which can drive future actions.
The lack of a sufficient supply of a product or the failure of advertising to raise consumer awareness would be considered negative aspects.
#2. Just-In-Time (JIT) Method
Although the JIT approach was designed to cut down on stock, it may be applied to other areas of a company as well. To achieve this goal, it is necessary to rapidly produce exactly what is needed at any given time. That’s why it’s so important for businesses to cultivate relationships with their suppliers and consumers that are mutually beneficial.
Benefits include better cash flow because less money was invested in equities that would never sell and lower stockholding costs because of less storage space needed.
#3. The Push Strategy
The fundamental principle of the Push approach is the belief that you should distribute your goods as widely as possible (hence the name “Push”). A push system’s end purpose is to distribute stockpiled goods to consumers. Costs can be cut by not keeping an excessive amount of inventory on hand, and without having a lot of cash on hand, things are less likely to be damaged while being stored.
The potential for negative outcomes, such as low sales or a product’s sudden unpopularity, is always present. Businesses with a firm grasp on client preferences and the ability to anticipate their needs would stand the best chance of success with this tactic.
Why Inventory Control Is Important?
Managing stock that works well saves money, frees up capital, enhances storage, and maintains satisfied consumers. Some of the benefits that managing stocks brings to online stores are listed below.
#1. Accurately Keeps Score
Having precise knowledge of what’s in stock is made possible by inventory management software. The most efficient method involves employing a digital inventory system that uses barcode scanning technology to record the addition of new stock and the retrieval of each unit picked for an order. This allows for instantaneous reporting of inventory stock levels.
#2. Facilitates Sound Judgment in Stock Management
Managing stock requires more than just keeping a tally. It also factors in inventory turnover or the rate at which stock is sold and replenished over a given time frame. Since sales are unlikely to be perfectly linear, you’ll need to monitor trends over time and adapt your ordering accordingly.
To avoid delays, speed up operations, pinpoint sluggish or outmoded products, and assess vendors, stock management facilitates communication between the supply chain’s upstream (buying and production) and downstream (sales and product demand) stages.
#3. Minimizes Write-Offs
Accounting for inventory, or keeping track of how much money has been made or lost due to sales, is directly impacted by stock control. Reduce waste, simplify the valuation of stock, and boost your bottom line: these are just some of the benefits of good inventory management that will keep you from having to take a write-down on unsalable goods.
#4. Makes Sure You Have Enough Stock to Meet the Demand
When done right, inventory stock control should allow you to maintain just enough stock in your warehouse(s) to meet customer demand without overstocking. If you don’t want to be late with orders or make clients wait, this is how much extra you should have on hand as safety stock.
Together, demand forecasting and inventory management help ensure that you never run out of supply of a product and never have to put the dreaded “out of stock” statement on your website.
Stock Control System
A company’s stock levels should be optimized so that they don’t lose money or anger customers by constantly going out of stock. A stock control system is used to manage the delicate balancing act between having too much and too little inventory on hand. One example of a database program is a stock control system. There are a plethora of off-the-shelf options for stock control software.
However, a custom database system may be worth the cost if the organization needs to manage extremely large and complex stock holdings. And if you’re simply dealing with a few of SKUs, maybe a hand-managed spreadsheet is all you need.
What Is Stock Control System?
A stock control system, sometimes called an inventory control system, includes all the features necessary for managing and maintaining stock levels. It needs to include everything from inventory inputs, shipping, receiving, and reordering, to product purchasing, tracking, and turnover.
However, recording information by hand in a stock book, on stock cards, or in spreadsheets is the most fundamental manual system. This may be adequate for a small company just getting off the ground, but it won’t be able to keep up with the expansion. A computerized stock control system is required for this purpose.
Nowadays, even large and small businesses use computerized stock control systems. Undoubtedly, there are still many stores, factories, and other enterprises that track their stock using manual methods. Indeed, the investment in an electronic inventory management system may be a frivolous use of capital for some small firms, such as convenience stores, shoe stores, or nurseries. But for some companies, especially those in industries with high raw material and/or completed product turnover, computerized tracking systems have become an integral part of company strategy for enhancing productivity and staying competitive.
In addition, the recent advancement of robust computer systems that can meet a wide variety of record-keeping needs, including inventory management, in one integrated system has also led to the rising popularity of electronic inventory control choices.
Features of Stock Control System
The key features of a stock control system are outlined below. You will know exactly what to look for when you shop around, whether you are new to the market or looking to enhance your current stock control solution.
#1. Establish Proper Ranks of Command
Structure establishes hierarchy. By limiting the actions of particular employees within a piece of software, you can prevent accidental crossing of the wires. Duplicate orders are less likely to occur as a result.
It’s tempting to let everyone in on the action while utilizing project management software. Having unrestricted access can be useful, and it may even be simpler with only two or three staff.
However, if more than five people need access to the software, it could become unmanageable if sufficient training isn’t provided. It’s prudent to set up tiers of authority with specific managers and executives in charge of each one.
“Too many cooks spoil the broth” (or is it “too many plumbers twist the pipes”) is a common adage. In either case, software use necessitates the delegation of authority.
Without permissions, managing stock is like trying to do so with pen and paper.
Multiple authority levels improve training. It simplifies software and hardware learning. Especially if they’re just starting off with your company. Furthermore, one must invest effort into learning proper tool usage. Employees may not always have a natural understanding of your company’s procedures. Limits assist ensure that stock is managed efficiently by all team members.
It’s vital to remember that ranks of authority are flexible.
This allows you to establish a foundation that is firm enough to support learning and operation, yet malleable enough to accommodate change as the company evolves and its employees gain experience. It’s also useful in everyday life. If a manager is sick or traveling, they can delegate authority and revoke it.
Your team will be better able to manage essential components and personnel needs by delegating authority. Orders can be managed with ease and the company can avoid unpleasant and costly shocks.
#2. Use the Device’s In-Built Barcode Reader
Physicality is also present in the process of stock control.
Although it is possible to have the required components shipped to you, it will always require individual work to log and add components to a stock/inventory database after they have been received.
Integral to most modern inventory management systems is the use of barcode scanners. And then there’s the matter of physically transporting them to their final resting place in a warehouse, storage area, or transport vehicles. Having the ability to speed up data entry can be a godsend, even if specialized stock software won’t help you transfer the parts you need. Barcode scanning is useful for this purpose.
Stock management is simplified with the use of a barcode scanner, such as the one depicted in the figure above, or one integrated into a mobile device.
In addition, barcode scanning is an integral part of any effective stock control system.
Keeping track of your inventory in a digital archive is a huge time-saver when using barcode software for stock control.
This package can only improve the speed with which users enter data. The stockroom manager may easily scan and log all the delivered parts in a matter of minutes when they arrive from the supplier. This will allow them to aggregate information against the stock categories you have entered.
Barcode scanning allows for accurate, real-time inventory management. It can be seen by anyone regardless of where the components are sent to or where they ultimately wind up.
#3. Online Backup and Storage Services
Your company’s engineers will be more mobile if they have access to stock data from any location. They can find the components they require whether they are on the road or at their desk at home.
Because of cloud computing, waiting is no longer an issue.
Now more than ever, it is critical that your team has the means to effectively perform their duties from any location. This is especially helpful for time-sensitive tasks and last-minute scheduling thanks to cloud-based technologies.
#4. Automatic Supplier Integration
Integration with third-party vendors and suppliers is a valuable asset in any stock control system. A company’s interactions with its suppliers can benefit greatly from such linkages.
When placing orders for materials and filling out purchase orders, you’ll inevitably have a lot of contact with suppliers. That’s why it’s so important for these exchanges to be exact, instructive, and clear, as silly as that may sound.
It’s a good option to think about if supplies are low or you’ve run out entirely. With these tools, your team can quickly and easily place purchase orders with vendors for the necessary supplies.
The time saved by using automation to generate a PO rather than typing one in by hand is substantial. To guarantee:
- For any task, you can always find the necessary materials.
- The necessary paperwork is completed quickly.
- Keeping track of what you’ve bought and when is a breeze with the help of purchase order history.
Keeping in close contact with your suppliers is crucial if you want to keep up a positive working relationship with them. Moreover, it teaches you how to manage money and analyze financial flow.
If your process is smooth, you won’t have to worry about your engineers being without the materials they require. Or that you’re losing money at an alarming rate. Teams may more readily increase their rate of successful repairs on the first attempt, which in turn boosts customer satisfaction.
How Does Stock Control System Work?
In order to better manage their stock, businesses can make use of the many features available in stock control systems and apps. Barcodes and stock control systems are the backbones of most modern inventory control systems, with all relevant data about stock kept in a centralized database. Barcode labels are used to keep track of inventory and may be scanned into a computer to provide details like the item’s price, quantity on hand, where it is located in the warehouse, and more.
However, with the best stock control software, users can monitor stock levels as they travel from one location to another inside the same building or across other buildings. Some stock tracking apps are only available on mobile devices, while others also include desktop counterparts so that stock may be monitored from any computer. Warehouse managers can choose from a variety of inventory management software developed with their needs in mind. If you’re in the market for an inventory management app, keep your business’s unique demands in mind. This includes features like alerts for when a stock drops below a certain level, automatic reordering, and data analysis and reporting that may be used for things like forecasting.
Types of Stock Control Systems
Following an overview of stock and the function of a stock control system, we will go on to a discussion of the two primary types of such systems.
#1. Periodic Stock Control System
Unlike regular tracking methods, periodic inventory systems only provide insight into the stock at the start and finish of a predetermined time frame. Physical counts are the backbone of a stock control system like this. When taking inventory, any remaining funds in the purchases account will be transferred to the inventory account and adjusted to reflect the final inventory’s cost. Beginning inventory is the preceding period’s ending inventory, therefore whether an organization uses LIFO, FIFO, or any other mechanism to determine the cost of ending inventory is irrelevant.
Furthermore, a periodic stock control system has a few drawbacks. First, routine business operations are disrupted significantly during physical inventory counts. Therefore, personnel may rush through physical counts due to limited time. Due to the lack of constant monitoring, errors and theft are more likely to occur in periodic inventory systems that do not use inventory trackers. As time passes between inventory counts in a periodic system, it becomes more challenging to pinpoint the source of inventory differences. A periodic stock control system demands a lot of manual labor and is, therefore, more suitable for smaller organizations.
#2. Perpetual Stock Control System
In a perpetual stock control system, objects are tracked when they are added to and removed from stock, from one location to another, by employees picking them, and when they are scrapped. There are businesses that use perpetual inventory systems because of the accuracy of their data and the fact that they require fewer physical counts. When properly administered, perpetual inventory systems also provide consistent accuracy in inventory tracking.
When combined with warehouse inventory—a database of inventory quantities and bin locations updated in real-time by warehouse workers using barcode scanners—this type of inventory control system excels. Mobile apps are a form of a perpetual stock control system.
Furthermore, a Perpetual stock control system isn’t without its problems. To begin, the implementation cost is higher than necessary because these systems cannot be maintained manually and require special hardware and software, which is a problem for firms with various locations or warehouses. Perpetual stock systems require regular upkeep and updates, which can add significant expense to the system. Since perpetual inventory users don’t do physical inventory counts on a regular basis, which is important even when utilizing inventory trackers, there is a risk that the recorded inventory will not accurately reflect the actual inventory as time passes. Consequently, the recorded inventory records do not correspond with real inventory counts because of inaccuracies, stolen items, and incorrectly scanned objects.
Stock Control System Software
In order to keep track of how much of each product a company has in stock at any one time, stock control system software is important. Purchasing, assessing suppliers, forecasting needs, optimizing orders, and many other processes may all be managed with the help of inventory control software.
Furthermore, the flexibility and comprehensiveness of stock control system software are indispensable in a production-based firm. Among these options are capabilities like stock-level projections, asset tracking, stock-level databases, and stock-level records.
A company’s stock control system can affect every facet of operations, from supplying accurate product data to aiding sales teams to give you the insight you need to modernize inefficient internal procedures. Businesses can benefit from identifying and eliminating production and shipping bottlenecks with the help of stock control system software. Also, read INVENTORY CONTROL MANAGEMENT & SYSTEM: Best Practices.
In addition, warehouse management and barcode capabilities are common in inventory control software, giving customers a comprehensive tool for managing their stock. Integration with warehouse management, barcode, and accounting software is a common feature of a stock control system that lack a comprehensive suite of inventory management tools.
There are some requirements for products to be included in Stock Control.
- Include a single location for keeping track of stock
- Keeping tabs on things requires the use of barcodes or RFID scanners.
- Give us some means of predicting stock levels
Choosing Stock Control System Software
Knowing what to look for in an inventory control system will help you choose the right program for your company.
Discuss your needs with the appropriate personnel in your company, and compile a list of must-have features. Possible components are as follows:
- Acceptance of a number of different currencies
- Capacity to protect a number of storage facilities
- Can develop alongside your company
- Serial/Batch Number Keeping
- Allow for concurrent use by many people.
In addition, cloud-based stock control system software is a must-have for any small growing business. Having your company hosted in the cloud has several advantages.
Overview of the Best Stock Control System Software
Here is the top best stock control system software.
#1. SafetyCulture
SafetyCulture is a versatile stock control system software that can be used by both small and big businesses. This system software provides a comprehensive digital toolkit that allows for streamlined processes, ultimately leading to better stock control. This platform can be modified to meet the specific requirements of any size retail, manufacturing, distribution, or storage company.
Simplify your inventory data entry and inspection with QR or bar codes instead of manually recording goods in a ledger. Then, take advantage of the app’s asset-tracking technology to keep tabs on the whereabouts, condition, and availability of assets within the storage facility. In addition, the information you collect is stored in a centralized database, making it possible to monitor stock levels from any computer or mobile device.
Features
- In-warehouse inventory management facilitated by simplified asset tracking and geolocation technologies
- Create and read barcodes and QR codes to store product information including manufacture and use dates, product codes, and serial numbers
- Stock condition audit forms that can be tailored to your needs
- Notifications and steps to take automatically to fulfill requests, replace broken or expired inventory, and restock depleted shelves.
- Storage facilities equipped with climate control and sensor technology to preserve perishable goods.
#2. Sortly
Sortly provides tools for complete inventory management that are both easy to use and powerful. With this straightforward piece of inventory management software, you can create your own barcodes and QR codes to better see and track your stock levels. Use this trustworthy stock solution to keep up with the demands of your customers.
Features
- Custom notes and tags for organizing stock items
- Access controls and limited permissions
- Dashboard and activity reports
- Custom QR codes and labels
- In-app barcode and QR code scanner
#3. NetSuite
NetSuite is a supply chain management system software used for stock control and the automation of related activities. A centralized system allows businesses to monitor stock levels, forecast client demand, and determine the most efficient means of replenishment. In addition, NetSuite integrates easily with your existing back-end software, allowing you to keep all of your financial and operational data in one place.
Features
- Procure-to-Pay purchasing tools
- Multi-location inventory and order fulfillment
- Inventory visibility in real-time
- Cycle counting capabilities
#4. Acctivate
For wholesalers of all sizes, Acctivate has digital solutions. Automation of purchase orders, serial number tracking, and real-time stock visibility are just a few of the smart solutions that help speed up product distribution inventories across numerous channels. By handling routine warehouse duties, this stock control system software can help your organization expand.
Features
- Real-time inventory visibility
- Order and reorders automation tools
- Warehouse management
- Lot and serial number traceability
- Multi-channel sales and order fulfillment
- Landed cost
#5. Cin7
Businesses conducting both B2B and B2C sales might benefit from Cin7’s stock solutions. Keep tabs on stock, orders, distribution, and reporting from a single interface. Integrations with accounting, 3rd party logistics, and online marketplaces are also possible with this stock control system software.
Features
- Reports and insights
- Automation bots and workflows
- Custom inventory fields and adjustments
- Inventory tracking and controls
- Stock documentation via mobile device
Stock Control System Requirements
Some of the most crucial requirements and features of a stock control system are outlined in detail below:
#1. Inventory Management
Any stock control system’s basic functionality will be to manage inventory, but beyond that, here are some benefits you might expect to see.
Stock levels, product histories, and other inventory statistics and specifications may all be accessed from a centralized location. Data silos can be destroyed by synchronizing data and providing collaborative inventory to suppliers.
When it comes to maintaining productive business partnerships, vendor-managed inventory (VMI) is the way to go.
Automatic shortfall reports could be of interest to you as well, allowing you to address any resulting problems immediately. Don’t ignore inventory problems until the phone won’t stop ringing.
The alerts and reports provide the freedom and lead time to deal with these situations. In addition, a stock control system is a crucial part of launching a successful online store.
#2. Keeping Tabs on Stock
Stock tracking is crucial at every stage, from establishing an appropriate valuation to counting turnover and gaining access to up-to-date stock levels and their locations. Serial numbers, RFID tags, barcodes, and other identifiers can be used by a variety of systems to keep tabs on the stock.
Also, order synchronization, product-lifecycle visibility, multi-location tracking, shortfall prevention, and accurate forecasting are just some of the benefits of keeping track of your inventory.
#3. Management of Transfers
Multi-location businesses can maximize profits by shipping goods to areas where they will fetch the highest prices. There are times of the year, notably around the holidays, when bundling or kitting your products might increase sales. Employees are less likely to get lost in the shuffle and more productive thanks to transfer management.
#4. Purchasing
The purchasing department is crucial to any manufacturing facility that buys in bulk from outside suppliers. The primary use of this feature is to facilitate the making of and dealing with purchase orders.
In many cases, pre-made templates can be used, with the necessary information being pulled in automatically. It can also be convenient for users to be able to email suppliers without leaving the inventory control system.
#5. Delivery
You can speed up the delivery of in-stock items to your consumers by employing practices such as barcoding, using multiple shipping carriers, and splitting orders into multiple shipments. Shipments can be made in a FIFO or LIFO fashion using the lot identification numbers that are provided in some systems.
#6. Deployment
Not all systems support both deployment strategies, so you’ll need to decide which is most suitable for your business before making a shortlist. Products that are stored on the cloud for stock control often have lower upfront costs, greater transparency, and data backup. Privacy considerations and regulatory requirements make on-premise the preferred option for many businesses.
In addition, SaaS, PaaS, and IaaS are just a few examples of the many cloud deployment models available. It is vital to recognize that some products provide more granular deployment choices than others.
#7. Mobile Support
This factor determines whether or not remote process management is possible and the hardware you’ll be using to manage your processes. A mobile website is a feature of many systems that allow users to log in from any computer. You should inquire with a vendor about the availability of a native application if you use tablets, phones, or any other mobile devices.
Additionally, keep in mind that mobile OS-specific support is common. Most sellers care about supporting the most widely used platforms. So, make sure the inventory app you buy is compatible with your current setup.
What Is the Most Common Inventory Control System?
Common approaches for stock control include the Economic Order Quantity (EOQ), the Inventory Production Quantity (IPQ), and the ABC Analysis. Each inventory model uses a unique method to determine the optimal stock level.
Stock Control System for Small Businesses
The backbone of an effective stock control system is stock control software. And there are literally thousands of possibilities available to you.
So, your business needs inventory management software, but where do you even begin looking?
However, most stock control system is designed to serve specific small and large businesses. This implies your specific business requirements should be taken into account while deciding on the best inventory management software.
The most effective stock control system simplifies routine tasks and provides insightful data. An effective stock control system will accomplish this without overcharging for features you won’t use.
Overview of the Best Stock Control System for Small Businesses
By enhancing your tracking and stocking capabilities with software, you can regulate how quickly your business expands. Find a stock control system that has the scalability you need to introduce new services as your business grows. Here are the top best stock control system for small businesses.
#1. FreshBooks
FreshBooks is best recognized for its accounting capabilities, but it also serves as a simple stock control system for freelancers and small businesses with minimal requirements.
Even if you simply sell a few products or want to add product sales to your service business, inventory management is still time-consuming and labor-intensive. This is especially true if you sell through several channels or from different locations.
Also, if you also use it for accounting, FreshBooks is the best stock control soft for you.
If you’ve never used stock software before but want to see what all the fuss is about, FreshBooks is your best bet. For those who are on the fence about investing in stock control system software, this is a helpful answer.
#2. Zoho Inventory
When it comes to small businesses multi-channel selling demands, the Zoho stock control system is a popular choice. It’s compatible with a wide variety of services, including Shopify and Amazon. By coordinating information across all of your sales channels, you’ll have better control over inventory and costs.
Furthermore, the Zoho stock system also includes fundamental tools for managing stock. Because of this, it is a great option for companies of any size with low-to-moderate inventory requirements.
Standard capabilities of the Zoho inventory management system comprising:
- Inventory control software. Using Zoho’s stock control system software, small businesses with a requirement to sell through many channels may synchronize stock levels in each. You can also optimize your stock levels by setting up re-order points for automatic re-ordering.
- Order management. You can effortlessly keep track of orders from customers with the help of order management. As an example, this function can automatically transform purchase orders into invoices as part of the fulfillment process.
- Analytics and reporting. Using this feature, you may make data-informed choices to better serve your customers. When compared to other available systems, Zoho Inventory’s reporting features are severely lacking.
Furthermore, end-to-end inventory tracking is another standout function of Zoho Inventory management. Features like serial numbers facilitate the monitoring of stock levels.
Zoho Inventory, while inexpensive, may not provide the most adaptable system for stock control. It’s not as good as some rivals at making predictions or generating reports.
#3. Veeqo
If you run a retail or wholesale company with requirements to sell through several channels, Veeqo is another popular stock control system software. The software claims to be a shipping platform in addition to managing stock.
Like Zoho Inventory, it provides an easy-to-use interface that consolidates all of your sales channels into one location for streamlined administration. It also has tools for tracking orders, keeping tabs on stock, compiling reports, and managing inventories at a warehouse.
Veeqo’s ability to handle large orders quickly thanks to its built-in barcode scanner sets them apart from the competition. Stock-taking is sped up as a result as well.
The platform has earned praise for its convenient shipping features. Over 15 major shippers, including UPS and FedEx, are integrated into its shipping system. The portal also includes delivery options including real-time tracking and cheap shipping costs.
It may take some time to get set up, but after that, everything runs nicely. If you need a flexible and expandable solution for managing your stock yet need to get up and running quickly, this is the perfect stock control system software for you.
#4. Brightpearl
Designed specifically with multi-channel retailers and wholesalers in mind, Brightpearl combines a retail management system with an inventory management system. The software can simplify the processes involved in inventory management for businesses. Also, the more expensive package includes all the standard tools for stock control. The cheaper option for companies with fewer than 1500 orders per month, however, has many additional restrictions.
Brightpearl’s great feature is that it was developed with huge transaction volumes in mind. If you’re looking to switch away from Stitch Labs, Brightpearl is a great option. After being acquired by Square, Stitch Labs will close in the spring of 2022.
In addition, Brightpearl’s dedication to updating its control system software is commendable, although it occasionally results in software issues.
Conclusion
In conclusion, any successful online retailer would be lost without their stock. Keeping the correct inventory on hand will keep consumers satisfied, reduce the likelihood of backorders, and boost profits. By automating formerly time-consuming tasks, improving your logistical workflow, and providing you with a real-time picture of inventory levels, an effective stock control system may do much of this for you.
Stock Control System FAQs
What Is the Golden Rule of Stock Control?
When it comes to stock control, the most important thing to remember is to get both the quantity and the frequency of restocking activities just right. This will allow you to keep expenses as low as possible while still maintaining profitability and growth.
What Is an Example of a Stock Control System?
A corporation, for instance, might have a regular order of 500 items placed every third Sunday of the month. This kind of inventory control is most helpful for businesses that have steady demand and consistent contracts, but where orders are irregular and infrequent unless they have a significant lead time.
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