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Stock control gives your business precise control over stock levels therefore enabling you to capitalise on sales opportunities keeping costs to a minimum. Stock control allows you to streamline your warehouse process, avoid over and under stocking and allows you to make accurate stock predictions. Outlined below are the 5 benefits of Stock Control. Our product ConnX Stock can help with each of these benefits, read more about it here.

Maximise sales opportunities

To make the most of sales opportunities sales staff must have clear visibility of all available stock figures. Without this, businesses can quite often miss out on sales. Additionally, if stock details are inaccurate, businesses can run the risk of either overselling or underselling items incurring costly returns or missing out on sales.

By having a system in place to enable this to be achieved, businesses can use accurate stock levels to ensure that all sales opportunities are fully and correctly maximised.

Over and understocking

Stock control can provide businesses with a clear insight into accurate quantities ordered. Narrow observations and estimations are not accurate enough when it comes to deciding what stock to order. This can lead to warehouses overflowing with unsold stock and sales being lost as popular stock has not been ordered in enough volume.

Accurate stock control can allow businesses to monitor popular and less popular items allowing businesses to better invest in stock that they know will generate revenue and forecast stock needed for upcoming promotions.

Greater Stock visibility

Good stock management is reliant on a ‘put away’ process, offering businesses the visibility of stock as soon as it arrives from suppliers. This means companies can get stock booked in to a temporary location as quickly as possible so that sales staff at the front end know that the stock has arrived. Once all booked in, warehouse staff can then place stock in the correct storing locations using the most efficient walk routes, saving time and reducing costs.

A quicker goods in process ensures businesses know exactly what stock they have in at any one time, further promotion of sales being maximised and also greater precision in current stock valuations. Businesses can also easily narrow down weaknesses within their operations and discover the exact areas where improvements need to be made.

Streamline Stock taking and reporting

Stock takes can be a lengthy process, with items not only having to be counted but any necessary corrections in stock levels then also having to be manually recorded. With a system in place stock taking can become streamlined. Conducted on a periodic basis at a convenient time, businesses can maximise the efficiency of their stock taking.

With stock levels already accurately maintained, businesses will find that staff are simply confirming the data they have is correct, with few changes to held figures that need to be made. This effective process means minimal disruption to usual daily operations.

Happy Customers

Accurately tracking stock through the supply chain enables businesses to provide customers with a better idea of the progress of their orders. Additionally, when it comes to general enquiries, staff can inform customers with confidence that the item they are looking for is either in stock, on its way or can be ordered to arrive on a certain date. By simply having the knowledge and visibility of stock across their entire operation, businesses can better communicate with their customers, offering higher service levels that drives buying loyalty as a result.

Read more about our stock control product ConnX Stock here

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