Stock – Inventory – Stock Management – Part Management
Stock sometimes called inventory more of a “U.S thing” I agree but still probably the most important factor in your retail or distribution business to manage and get right.
If you are a retailer, distributor, manufacturer you sell and purchase stock. You hold your stock somewhere or in many cases many locations, you need to have the right product in the right place at the right time “that’s a little marketing term” and you need it to sell to your customers.
Stock in essence should be easy to manage, you purchase the item then sell that item keeping the profit in the middle, stock however is rarely that straight forward – Stock, even throughout the purchasing process has many areas it can fail and land to you incorrect. Sending a purchase order to your supplier, waiting for the goods to arrive a lot can happen even in this step.
The most common mishap is not receiving what or the correct quantity you ordered, when this happens what do you do? Do you make countless calls to you supplier – check it again to make sure you counted correctly, accept the order hoping your supplier amends the invoice correctly? Do you have a system that can manage this including, partial deliveries the ability to close a Purchase order and create a new one from the missing stock or simply close it and send the update P.O back to the supplier stating what actual stock you received.
Other mistakes can be the distribution of stock after it has arrived. If you have multiple locations throughout your physical premises that hold stock or if you have many physical locations that your business operates from? Can your current system manage multiple locations can it transfer easily and transparently into these locations and with this process is every stage tracked? Using a system from us “Positive Solutions” we have these functions built in for fast transparent and accurate stock management for locations be it under one roof of in multiple locations!
Inventory Movement, following from the above, can and do you know where and what has happened with each stock part from Purchase Order right through to invoicing and delivery. Adjustments – missing goods – pilferage – incorrect stock count – audit trail – reconciliation – manual adjustments – transfers in and out – offline inventory – supplier adjustments – waste – perishable goods – serialised items what and where all these are and what stage in your stock cycle are they in. Positive Solutions supply you with a solution that knows at every stage what is meant to be where and for how long it has been, easily spot missing and misplaced stock. Reconcile between locations, see what is on order and what is due for delivery soon. Simple tools to make you more efficient.
Count it correctly, like the carpentry term measure twice cut once, stock should be counted at the time twice and inputted once, even simpler if you use handheld technology “PSS supply this” you simply let the handheld scan the item and it completes the calculations for you. If you have the same stock part in multiple locations make sure you take note of this on your stock count sheet “if you do not have a handheld solution that will do this for you” we have seen many times that stock in multiple locations is either under counted or over-counted depending on the individual counting.
Stock is a complex part of your business the one that makes you money as it’s the products you sell, manage this aspect of your business correctly and you will thrive. Positive Solutions can empower you with the tools and technology to make this a process driven part of your business making you more profit each with each and every order and stock count.
Call us today for more advise and information 01 6296058.