Stock management entails overseeing every item used to create products including materials, work in progress, finished goods, costs, labor, etc. To do this effectively, your business needs to track all the information and movement from the time materials arrive through delivery to the customer. In between, the many steps involved determine the success of the company. The tools you use to manage these steps are vital to staying apprised of the condition of the business through accurate data, costs, and access to in-depth, analytical reports.
Why is Stock Management Software So Important to Your Business?
Profitability of any product-based business model relies heavily on balancing production with demand. In most industries, demand varies by season or trends, so requires frequent examination to recalibrate production to the right amount. If your demand were steady year-round, you would continually order just materials required to produce the number of products sold. If you were to continue in this manner when demand increased, you would find yourself running out of stock, holding up production and losing out on potential sales.
In the reverse situation, if your demand decreased, you might not have enough storage space, incur additional storage costs, and lose money from inventory not selling, spoiling, or breaking.
Clearly, having an efficient stock management system in place to gage inventory at every stage empowers your business to react immediately to changing circumstances. Although many companies begin with stock management in excel spreadsheets, the manual approach is rarely sustainable for a growing company. Each department will interpret inventory quantities with their own formulas, rarely encompassing the activity taking place in other departments.
To stay on top of current productivity and costs, your business must be able to assess them at any point in time. Careful analysis will guide the all-important decision making that leads to adjusting reorder points, where cash flow is invested, hiring staff, or launching new products.
Seeing where money is lost and saving time on labor will help your business operate more efficiently so you can focus on quality and become more profitable. More cash flow is consumed by inventory than any other area of the business; reigning in costs can give a business the ability to make investments where they are truly needed.
⇒ Gain transparency
⇒ Improve data accuracy
⇒ Streamline workflows
⇒ Save time and money
⇒ Gain valuable insight with in-depth reporting
The Advantage of Using SOS Inventory Stock Management Software
- Track inventory wherever it goes from your supplier to receiving, production, fulfillment, delivery, returns or servicing warranties.
- Integrate data from every department of your business from supply chain, production, fulfillment, sales, or finance.
- Track all types of inventory from raw materials, work in progress, finished goods and assets.
- Manage all types of manufacturing processes
- Keep track of product expiration dates using lot tracking
- Track items that come with warranties after the sale to provide service using serial number tracking
- Use the accounting method of your choice from first in first out, last in first out or average weighted.
- Use a perpetual or periodic stock management system
- Conduct a physical inventory count using any mobile device from any location
- Integrate data with QuickBooks Online, PayPal, BigCommerce, Shopify, WooCommerce (by third-party API), ShipStation, UPS and many more with EDI.
- Perform deep analysis into product performance with over 50 different types of reports.
- Integrate inventory from all sales channels for complete backend control and simplified control.
- Lower labor costs by reducing paperwork
- Enjoy ease of use and quick implementation with no set up costs or obligations
- Integrate data from multiple sites into a centralized system
SOS Inventory was designed to give you a broad spectrum of controls for superior inventory stock management at every end of your business. Get started today with a no risk, free trial to reap the benefits of greater stock control. Inventory management analysis tools give you a competitive edge.