Stock Management

Stock Management

Undoubtedly, one of the most important issues concerning companies and companies in the current period is the issue of stock management. Stock; It refers to the finished or semi-finished products that he always has at hand in order to ensure its continuity without interrupting its production in case of a sudden need. Since stock management will enable you to supply products to customers instantly, you will both ensure customer satisfaction and increase your profit rate. At the beginning of the factors that affect the stock management are the behaviors of the customers, customer demands, warehouse capacity or supplier relations.

What is Inventory Management? How is it done?

Stock management refers to how much stock you should have on hand. It is also one of the important elements of e-commerce. There are a number of factors that those who want to set up a new e-commerce site should pay attention to. These are as follows;

  • You should definitely set a lower limit for the stocks of products you have: For regular stock management, it is very important to know and manage how much of each product you have. It is important that you know when to ship your products. Therefore, you should set a lower limit and have the product ready at hand.
  • It will be to your advantage to establish good relations with suppliers: You should always keep good relations with the suppliers so that you do not experience any problems while supplying the product. Because in any problem, your sales can be seriously affected.
  • Be sure to have a second plan for sourcing products: It is important that you always have your products in stock. For this, you need to set a plan B. Because in case of any malfunction, your supplier company may not send you the product. To avoid such problems, you should always have the option of plan B.
  • You must get your product naming right: Naming the products will help you categorize the existing products. For example, when an order arrives, it enables the warehouse clerk to easily find the order and send the correct product.
  • Have your warehouse system in order: Having a tidy warehouse environment makes your job easier while managing stocks. Because having a certain order in the warehouse prevents problems in the ordering process and allows you to ship faster.
  • You should always be prepared for the unexpected: You may experience an increase or decrease in sales at certain times. You should always be prepared in order to keep your company afloat in such adverse situations.
  • You should streamline your warehouse controls: It is very important to regularly check the products you have in your warehouse.

How to Track Stock?

Inventory tracking can be done in many ways. You can follow up with your own writing or excel table or with many other methods. In addition, you can do stock management and online stock management with parachute. At this point, Paraşüt allows you to follow current account, income and expense. At the same time, it allows you to manage stock with many integrated features such as invoice and online tracking.

Elements to Consider for Effective Inventory Management

  • Time to take stock
  • Inventory costs
  • FIFO
  • Unexpected crises
  • Time to take stock
  • Stock limit

What are the Advantages of Stock Management?

  • In order to determine the profit and loss after the accounting periods, the current situations are evaluated by making stock counts.
  • Inventory management allows firms to take or control stocks.
  • It ensures that product information is always up to date.
  • It is useful in measuring the sales of products.
  • The stocks of products that sell less or more can be updated.
  • Your income will increase as you will understand which products you will sell more and which will not sell more day by day.
  • It helps the production process to continue continuously. thus, production does not come to a standstill due to lack of product.
  • Sales processes and supplies are streamlined.
  • Cost accounting is done easily.
  • Production processes are easy to manage.
  • Material loss is minimized.
Labels: Stock Management
June 15, 2022
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