What could bad stock management mean for you? Or better, what could great stock management mean for your business? It’s a common scenario among small businesses: too much time spent trying to meet everyone’s demands – or anticipated needs – that they lose sight of managing their own business needs. If your business relies on supplying stock to customers, it is integral that you have a system that manages stock levels, accurately. Irrespective of over supply or under supply situations, bad stock management can result in huge financial losses, or worse.
Stock can be a fickle thing to manage: customers’ needs change; customers change; seasons affect demand, etc etc. Basically, stock management is not the simplest of processes and trying to manage it manually can be both hugely frustrating and inaccurate.
Maybe you have several stock issues but haven’t been able to pinpoint the actual problem. This may sound simplistic to some, but customers often tell us they didn’t realise how ineffective their stock management was until they put an effective system in place. Common issues include holding too much stock which ties up cash; purchasing too much stock with the hope it will move, which can lead to financial loss as it’s eventually sold at a discount to recoup expenses; and inaccurate records (spreadsheets are notorious for this) often result in items being bought which are already in the warehouse. These are just a few examples of what poor stock management can result in, and rest assured, there are more!
We’ve said it before – it’s our business, so it’s no surprise – automation software is the way to go for any business today that deals in stock. It’s alarming to find out how many people we speak to who still use spreadsheets to track their products' movements. Besides being cumbersome, these are hugely reliant on time and administrative staff. Despite all best intentions, human error is a reality and mistakes do happen. Good in theory, but less so in practice. Hence, the need for automation software!
What is automation software? Simply stated, it’s a software program that completes tasks which were previously completed manually. Whilst many companies are making the switch, we still encounter quite a few that are still doing it ‘the old way’, and suffering the financial consequences.
Stock management and accuracy: it’s a situation we know and understand all too well. As such, we have developed software to take the pain out of paper records, improve accuracy and even help manage individual customer trends. Our software also helps bring about further efficiency with automated run lists to ensure a driver’s day is at its optimum productivity and stock required is based on customer’s actual needs, not assumed! Imagine, if you can, being able to buy new stock based on historical sales that are accurate; knowing where your stock is located at any point allows you to move stock to locations where selling is optimised rather than in areas where it’s not moving; and finally being able to get rid of spreadsheets; by using a centralised system you have a single reliable source of truth!
There really is no longer any need to pull your hair out with incorrect stock management, ie excess stock, lack of stock, or worse guestimate of stock! If any of this rings home and you recognise the need for automation software to better track your stock, and ultimately your bottom line, then give us a call!