For any business, stock control is important from both ends of
the spectrum. Reason is that if an enterprise lands with too much stock,
it would be tying up its financial resources unnecessarily and longer
than required time span causing losses for the business. On the other
hand, having stock too little in comparison to the requirement will have
major impact on the growth and sustainability of any business. Either
of the eventualities is unwarranted for healthy commercial enterprise
and that is why stock control is very important for any business
organization; big or small.
Neglecting Stock Control is Fatal Error
Unfortunately, many entrepreneurs do not understand the utility of effective stock control and land in unwarranted situation in result. Halting the cash flow with excess stock and preventing meeting the needs of valued customers with low stock balances are two consequences of neglecting stock control in a business. In either case there could be huge loss and even the stability of the enterprise could be at stake.
What is Stock Control?
Broadly speaking stock control is the sum of the policies, practices, as well as the procedures followed in an enterprise for stock management. It has to be consistent with the pre-determined standards of services offered by the enterprise. Else, there could be chances of losing the goodwill which is so essential for a successful business. Since manual control of stock and stores landed the entrepreneurs in a lot of problems in the past, the recent trend is managing the process using an effective and efficient POS system.
Types of Stocks to be controlled
Broadly speaking, stocks could be strategic without which an organization cannot run and non-strategic that is not essential for running the organization and can be conveniently sourced. Major types of stocks that are to be controlled in an enterprise are as follows.
Benefits of Stock Control with POS System
While manual control of stock will involve significant amount of efforts, time, and money, introduction of an efficient POS system for the purpose could prove to be very fruitful for an entrepreneur. Major benefits of use of the system is that the end objectives of maintenance of standards as well as cost reduction are both possible using such system that might not have been so easy with some manual system in place. '
Who would not like to have an automated and useful system for stock control replacing the stale and outdated manual system?
Neglecting Stock Control is Fatal Error
Unfortunately, many entrepreneurs do not understand the utility of effective stock control and land in unwarranted situation in result. Halting the cash flow with excess stock and preventing meeting the needs of valued customers with low stock balances are two consequences of neglecting stock control in a business. In either case there could be huge loss and even the stability of the enterprise could be at stake.
What is Stock Control?
Broadly speaking stock control is the sum of the policies, practices, as well as the procedures followed in an enterprise for stock management. It has to be consistent with the pre-determined standards of services offered by the enterprise. Else, there could be chances of losing the goodwill which is so essential for a successful business. Since manual control of stock and stores landed the entrepreneurs in a lot of problems in the past, the recent trend is managing the process using an effective and efficient POS system.
Types of Stocks to be controlled
Broadly speaking, stocks could be strategic without which an organization cannot run and non-strategic that is not essential for running the organization and can be conveniently sourced. Major types of stocks that are to be controlled in an enterprise are as follows.
- Stocks held by the retail centers that is usually the finished goods.
- Stocks held by manufacturers that can be a combination of finished and unfinished goods as well as raw materials for manufacturing the products.
- Stocks held by local authorities that could be of varied ranges.
- Stocks held by corporate bodies that once again would be of varied types.
Benefits of Stock Control with POS System
While manual control of stock will involve significant amount of efforts, time, and money, introduction of an efficient POS system for the purpose could prove to be very fruitful for an entrepreneur. Major benefits of use of the system is that the end objectives of maintenance of standards as well as cost reduction are both possible using such system that might not have been so easy with some manual system in place. '
Who would not like to have an automated and useful system for stock control replacing the stale and outdated manual system?
Pbsapos is the one stop solution point for those looking for effective POS system for their enterprise introducing automated and error free stock control processes. Such a system can go a long way in establishing the enterprise and move it on the way of significant profit making.
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