Characterisitcs of a stock control system:
- They are able to record how many of a particular item is in stock
- Have a record of when new orders of a specified product are due to be delivered
- Can be used to search for the details of the supplier e.g. name, address, phone number
- Used for Just in Time (JIT) ordering (items only ordered as they are needed)
- They can produce lists of products stocked and suppliers
- Hold minimum and maximum stock levels (can warn when minimum stock level reached)
- Automatic reordering when minimum stock level reached
- Automatic ordering can be overridden by staff if necessary
- Look up delivery times for products ordered
- Update stock records when deliveries are made
- Predict stock levels needed based on previous sales
- Produce reports of sales of different items
- Can be used to change the price or description of a product
Important Features of our Stock Control System :
A good stock control system doesn’t let mistakes go unnoticed, shortages unreported, etc. Your stock control system needs to be configurable for the alerts relevant to your business, especially basic alerts such as low inventory warnings. While a savvy, aware business doesn’t need these alerts per se, a lack of them should send up warning flags, as this is a very basic feature for modern solutions.
Can the system you’re looking at deal with your finances in a convenient, complete manner? If you deal in multiple currencies, can the system handle that? How about estimates, efficiency tracking, and other tools to help you notice flaws in your logistics? A good stock control system helps you cut bad supply lines and optimize good ones for maximum profit.
Things go wrong. It’s an absolute truth of all human endeavors. You need to know that when something goes wrong with your stock control system, you have reliable backup, a support team that will quickly and effectively resolve your issues. Be sure to study up on the problem resolution record of your solution provider before you commit.
Your stock control system should allow you to configure and manage databases of customers and suppliers without much headache, or integrate well with existing database solutions.
REAL TIME TRACKING
Any modern stock control system should offer real-time tracking—it’s that simple. You should view any system lacking such a feature with a very critical eye.
Thorough batch/lot tracking features go a very long way in improving efficiency, especially in industries such as pharmaceuticals and food where batch tracking isn’t just convenient, but mandatory for any number of reasons.
If you have existing solutions for managing aspects of your business, then your new stock control system needs to play nice (or replace the existing solution’s functionality). Having two nice but incompatible systems doesn’t do you any good.
Can the solution you’re looking at grow if your needs grow? This may not be relevant to every business, but most should keep the possibility of expansion in mind when they implement any new system. You don’t want to be back, paying for and learning a new system a few years down the line.
The world changes rapidly, and stock control systems need to keep up. Software that’s not updated regularly becomes inefficient, ineffective, and riddled with security flaws. It doesn’t matter how perfect a solution may be today, if it’s obsolete a week later.