Ordering, storing, monitoring, and controlling inventory are all aspects of stock management.

Management of inventories is necessary for all materials, from raw materials to finished goods that a company utilizes to create its goods or provide its services. So stock management encompasses all aspects of a company’s inventory.

Different types of stock

The four primary types of stock or inventory are as follows:

Components and raw materials

Stock that is prepare for use in the manufacture of goods.

Work in progress

Unfinish products that are still be produce.

Finished goods

Things that are ready for sale.

Consumables

Inventory that will be utilize every day to operate the business and needs to be update, such as fuel and office supplies.

Stock control and management

Stock control, also known as inventory control, is used to demonstrate how much stock you have on hand at any given time and how you keep track of it.

Businesses that sell tangible goods require inventory. And it applies to all items used in the production of a product or service, from raw materials to finish goods. But it addresses stock at every stage of the manufacturing process, from purchase and delivery to use and reorder.

Stock control aims to balance the costs of acquiring and holding stock while ensuring that the company always has enough inventory for its customers.

Effective stock management enables you to have the appropriate amount of stock in the appropriate location at the appropriate time.

It ensures that capital is not being held up unnecessarily and protects production if supply chain issues arise.

It can mean the difference between a loss and a profit, which makes stock control important. When done correctly, it reduces expenses while raising your profit margin on each sale.

Stock management is the process of ordering, storing, managing, and regulating goods.

Every resource a company uses to create its goods or services, from raw materials to completed commodities, is subject to stock management. Therefore, stock management includes all aspects of a company’s inventory.

Other names for stock management include stock control and inventory management.

Why is stock management important?

A business can free up capital by managing stock well because inventory is a significant asset that reflects capital that is currently being used up.

Understanding the mix of different types of stock and acknowledging the demands on that stock are required for effective stock control.

This helps to maintain a reasonable level of stock, balancing the need for surplus supplies with the need to reduce tied-up capital.

How efficient stock management enhances customer service?

As wholesalers, retailers, and distributors, the success of your business depends on how well you manage your stock.

When clients are on the other end of the phone, manually verifying stock levels in your warehouse will get you a bad reputation that you don’t really deserve.

As your business grows, it might become difficult to keep track of your incoming and existing goods.

The advantages of using technology to manage your inventory, however, go beyond eliminating the administrative work involve in keeping track.

It can also help you save money, enhance customer service and even expand your sales opportunities.

Stock is continuously changing. Your inventory levels are impact by the deliveries, replenishments, returns, purchases, and sales that occur every day, week, and month.

This has an impact on the level of customer service you can offer and may mean the difference between keeping a regular customer and losing the sale.

You can be upfront with your consumers and enhance communication if you have total visibility into your stock levels.

Building trust with your consumer through open communication and avoiding disappointment early in the buying process will help you both grow closer.

Stock management software

The first system in Pakistan that has solve the problem of managing inventory management systems is the Nvntri system. It is 100% free inventory management software.

Nvntri believes in quality and does not compromise on standards. And also it helps small and large size business owners to grow their businesses.

Order fulfillment and inventory management users can handle all of their own E-commerce channels with Nvntri’s help.

The best part is that Nvntri gives training, support, video tutorials, and articles to assist you in setting up your account.

Use fantastic features such as app integration, SKU creation, local store administration, reports, and analytics to ensure you get it right with Nvntri.

• Increase your sales by integrating your app with your website and app. And also using an all-in-one inventory management solution, you can sync your data with the system.
• One-stop inventory management solution SKU generator is a free tool that assists you in generating SKU for your items, regardless of how long the list is.
• Local store management—with this dynamic management feature, you can stock and also track your local store.
• Reporting and analytics provide more timely and accurate insights into how well a company is performing.
• Nvntri values retailers’ privacy and will never, ever share their information with marketplaces or any other source.

Better choices lead to better outcomes, and better outcomes lead to more profitable companies with only Nvntri.

Process for stock management

On the eight steps of the inventory management process, all inventory plans are built. Following are the steps.

• Your location ship the product. This is the time when your inventory adds the first time.
• The product is examine, sorte, and kept. Whatever method works best for your storage space—cross docking, dropshipping, or another—you can opt to utilize this.
• Inventory counts are kept track of. This can be done using a perpetual inventory system, a physical inventory, or an inventory cycle count.
• Orders from customers are place. But customers can buy from you in person or online through your storefront.
• Orders from clients accept. In your POS system, this is probably an automated procedure. This is the time if you engage in dropshipping when you give the order to your supplier.
• Products drew from inventory. SKU numbers are used to locate these products, which are then packaged, shipped, or delivered straight to the customer.
• The stock levels update. A perpetual inventory system will automatically adjust your stock levels. Each transaction can be manually record and a physical inventory will reveal any changes.
• Reordering is prompte by stock levels. And also you can streamline this process and ensure that you have the supplies you require to satisfy demand by calculating your reorder point for each product you sell. The just-in-time inventory model includes this as a key element.

As a result, if nvntri has not already integrate into your business processes, this is your chance. Click Nvntri.