4:51 PM The Importance of Keeping Track of Your Stock |
If you own a warehouse to house products for your business then you will likely be selling bulk quantities on a large scale. This will mean that every day you have large quantities of stock arriving and being shipped out to customers or clients and it's up to you to ensure that you keep track of precisely how much stock you have at all times. In order to have the right amount of stock and to be able to meet demand you need to get your orders in a good while before your current stock runs out. This will allow for the time it takes for your stock to be delivered and will also account for items rapidly selling and catching you off guard. By keeping track of your stock you can do this efficiently and won't be caught out (you should get your orders in at a time where stock is low relative to its nature and how rapidly it's selling). At the same time by keeping track of your stock you can get a bit of market feedback on what's working and what isn't. By getting accurate feedback on how much of a product you have left over, or how quickly your stock is selling, you can then get a feel for which products are the most successful and plan your new orders effectively. At the same time you can also get direct feedback on the success of a marketing campaign or a new website by seeing if your stock diminishes more rapidly. Keeping track of your stock also allows you to cross reference your various documents to ensure that nothing is amiss. For example, your income should tally roughly with the amount of stock you've ordered and shifted, and the amount you've ordered and got in stock should affect your overheads for that month. Similarly if you have a log of your customers' orders (which you should definitely also keep) you can check your stock to find out whether you've actually sent it out. If you haven't then you know that you need to do so quickly or again risk another disgruntled customer. By using the correct software to keep track of your stock as orders come in and out, and possibly a system of barcodes to scan the products as they do, it's really very simple to keep track of precisely what's on the shelves and this will benefit your business greatly. Author is a storage design expert and frequently advises industrial customers to use warehouse rack systems. |
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