Stock Management System Guide
Stock management is critical for any business, no matter your industry or size. Managing your inventory should be at the core of your business for a number of reasons – but to manage your stock effectively, you need a quality stock management system. A stock management system is pivotal to improving safety, security and operational efficiency – especially in the medical sector, for places such as blood banks and breast milk donor banks. If you want to learn more about stock and warehouse management systems, and their wealth of benefits, this complete stock management system guide is for you. Alternatively, check out our very own Savant Stock Control System today for some inspiration.
What Is Stock Management?
Stock management is the practice of managing the stock and inventory within your business. This involves the acquisition, organisation, storage, and monitoring of your stock and inventory.
Stock management could involve establishing a set of guidelines to assist you in making sure that your department and business sectors are constantly supplied with the required stock and equipment needed to succeed as a business. It is vital to enhance customer experience.
Your stock includes everything from your specialised products and goods to your raw materials and packaging. Every action involved with your stock is a part of stock management.
Integrated Stock Management
For a company in the medical sector, your stock may be your medical equipment or MPHOs and require resources like a Hematos Tissue and Stem Cell Matching System. Stock control could even be organising stock on your accounting systems and accounting records – this is possible through employing a range of accounting integrations.
Tracking Changes in Stock Levels
Another aspect of stock management is keeping track of how your inventory changes over time. Doing so enables you to meet customer demand by ensuring that you have the correct amount of each product available.
For a business to be successful, secure and profitable, you must monitor your stock and have the appropriate stock management tools to effectively maintain your stock levels throughout the year.
Implementing a Stock Management System
The medical sector requires a good stock management system to ensure it has the right kind and amount of equipment to carry out medical procedures and treat clients effectively.
By putting advanced inventory management techniques into practice, you’ll not only reduce surplus stock, but you will also make it easier for employees and people in the workplace to access essential resources and move around your site more freely.
In order to conduct your business with precision, your team must always have the right supplies on hand, at the right time, in the right amount.
Why Is a Quality Stock Management System Important?
A quality stock management system allows you to manage and fully control the stock within your business. What makes a stock management system so important is that it brings together many benefits but also reduces risk – you’d likely suffer more problems without one.
Implementing a stock management system will allow you to neither overstock nor understock, both of which would be disastrous for your business in the long run. It prevents you from having financial problems by ensuring you do not stock too much and waste anything, and it prevents you from not having enough stock to stay on top of customer demands.
If you don’t ensure customer satisfaction, customers will order goods from another company, or they will be deterred from using your services, which could tarnish your reputation and limit sales.
Yet another reason why it is so important to employ a stock management system is to keep your organisation or department operating optimally. A system will help organise your stock so that everyone in your workplace or medical practice can work as effectively as possible, without having to worry about stock and equipment. You will worry less about not being able to find certain equipment and having excess stock getting in your way when carrying out duties.
For any business or organisation, one of its major assets is its stock, making stock mishandling one of the leading causes of small businesses failing. A stock management system ultimately ensures that everything is in control. Inventory tracking is also important for new businesses that deal with time-sensitive stock.
Inventory software also has great financial benefits for your business. For instance, it increases your company’s cash flow and gives you a higher stock turnover. Having the right amount of stock to satisfy clients and customers will reduce customer dissatisfaction and allow you to generate more sales as a result.
Shipping management is also part of stock control, so these systems are a fantastic solution for shipping order integrations.
What Should You Look for in a Stock Management System?
Does a stock management system sound like something that could benefit you? If so, there are some things that you should be looking for when deciding to buy one. With a myriad of inventory management options to choose from nowadays, it can be quite difficult to know which system is the right one for you.
It’s essential that you check out each inventory management tool thoroughly when determining whether or not it is for you and inspect what each one offers in terms of stock management. There are many features that inventory management systems include so it’s vital that you know which ones are most important.
We’ll explain what you should look for below.
Scalability is a great feature to look out for. No matter your business size, scalability is imperative for small, medium and large businesses, whether you have several warehouses and facilities, a regular medical practice, or just a small unit. It is essential that you employ a stock management system that is scalable and can change to meet the demands of your business.
If you’re looking for a quality stock management system, you don’t want to have to replace your existing current framework and data assets in order to apply new operational practices and processes, which could be expensive.
Your current IT equipment and software should be capable of seamlessly integrating with the inventory control system. Integration is an excellent attribute for inventory tracking.
You might need to modify your inventory tracking management system if you have highly complicated specifications. Find out from the inventory software provider whether the system can be customised swiftly enough to suit your demands.
Make sure that your management system can be readily integrated with the previous one if you already have an inventory tracking management system and require a new one with more functionality.
The features and functionalities of stock management solutions vary greatly, as do their costs. When looking for a solution for stock management, it’s crucial to be sure that it will not only be reasonable now but will also continue to be so as your business develops. Inventory optimisation can come at a cost, but you don’t want it to be a hefty one.
You also want to ensure implementation costs and holding costs are low. If you have an existing system, remember to deal with ongoing costs. The average cost of these systems can vary. At Savant, our Stock Control System (SSC) comes with major cost savings.
Another feature of quality stock management systems that is commonly overlooked by many businesses is usability and ease of use. While you might want your system to offer a lot of advanced features, you don’t want it to be hard to use – and your staff shouldn’t struggle to get the grips of using it.
A management system should make it easier to manage your stock. You could trial a system to make sure that it will work for you and won’t be too complex to employ throughout your business.
How Savant and SSC Can Improve Your Stock Control Processes
Our Savant Stock Control system (SSC) is a secure cloud or locally hosted stock management system that is designed to support clinical laboratories with their stock. Deliveries, stock issues, supply chain functions, quarantine, discards, stock monitoring, and stock purchasing are all covered by our web-based stock management software.
From providing quality, error-free stock level control to allowing your sites and sectors to take complete control of your finished products and goods, our cloud-based inventory management solution puts you in control without any risk. SSC also provides user permission levels so that you can control and have full access to your company’s data and stock processes.
We also provide specialised warehouse systems to enhance your warehouse operations. Our system allows tracking by warehouse location and includes a warehouse management functionality.
Let Savant Enhance Your Stock Management Today
Savant is a reputable SME with more than 30 years of experience in providing advanced solutions and systems for essential business operations. Our Stock Control system is just one example of these solutions that we provide.
To find out more about our services and how we can help you and your stock control process, get in touch with us at 01524 784400 today.
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