Tips For Effective Stock Control and Inventory Management in 2024

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In this article, we'll dish out tips you can put to work to optimize inventory management processes and your business." /> <meta property="og:url" content="https://financesonline.com/tips-effective-stock-control-inventory-management/" /> <meta property="og:site_name" content="Financesonline.com" /> <meta property="article:published_time" content="2017-02-10T11:15:15+00:00" /> <meta property="article:modified_time" content="2024-10-24T03:24:19+00:00" /> <meta property="og:image" content="https://financesonline.com/uploads/2020/01/tips-for-effective-stock-control-and-inventory-management.jpg" /> <meta property="og:image:width" content="1200" /> <meta property="og:image:height" content="675" /> <meta property="og:image:type" content="image/jpeg" /> <meta name="author" content="Daniel Epstein" /> <meta name="twitter:label1" content="Written by" /> <meta name="twitter:data1" content="Daniel Epstein" /> <meta name="twitter:label2" content="Est. reading time" /> <meta name="twitter:data2" content="18 minutes" />  <script type="text/javascript" data-noptimize> window.lazySizesConfig = window.lazySizesConfig || {}; //lazySizesConfig.expand = 1000; lazySizesConfig.expFactor = 4; </script> <script type="application/ld+json">{ "@context": "http://schema.org", "@type": "NewsArticle", "headline": "What are effective stock control and inventory management tips? Effective stock control and inventory manageme", "datePublished": "2017-02-10T11:15:15+00:00", "dateModified": "2024-10-24T03:24:19+00:00", "author": { "@type": "Person", "name": "Daniel Epstein", "url": "https://financesonline.com/author/daniel/" }, "publisher": { "@type": "Organization", "name": "FinancesOnline.com", "logo": { "@type": "ImageObject", "url": "https://financesonline.com/static/financesonline.com-logo-blue.png" } }, "inLanguage": "en", "image": "https://financesonline.com/uploads/2020/01/stock-control-and-inventory-management-tips.jpg" }</script><script type="application/ld+json">{ "context": "https://schema.org", "@type": "QAPage", "mainEntity": [ { "@type": "Question", "name": "What are effective stock control and inventory management tips?", "answerCount": 1, "acceptedAnswer": { "@type": "Answer", "text": "Effective stock control and inventory management tips involve both practices and tools. These include wisely and accurately labeling items, their statuses, monitoring stock levels, and setting thresholds with the help of digital tools.", "dateCreated": "2017-02-10T11:15:15+00:00", "author": { "@type": "Person", "name": "Daniel Epstein", "url": "https://financesonline.com/author/daniel/" } } } ] }</script><script type="application/ld+json">{ "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://financesonline.com/" }, { "@type": "ListItem", "position": 2, "name": "Inventory Management Software", "item": "https://financesonline.com/c/inventory-management-software/" }, { "@type": "ListItem", "position": 3, "name": "Tips For Effective Stock Control and Inventory Management in 2024", "item": "https://financesonline.com/tips-effective-stock-control-inventory-management/" } ] }</script><link rel="alternate" type="application/rss+xml" title="Financesonline.com » Tips For Effective 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<ul><li><a href="https://financesonline.com" title="FinancesOnline">Home</a></li><li><a href="/c/inventory-management-software/" title="Inventory Management Software">Inventory Management Software</a></li><li><a href="/tips-effective-stock-control-inventory-management/" title="Tips For Effective Stock Control and Inventory Management in 2024">Tips For Effective Stock Control and Inventory Management in 2024</a></li></ul> <div class="why-fo-free"> <a data-modal="#why-fo-free" title="Why FO is free" href="#"> Why is FinancesOnline free <img src="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==" data-src="https://financesonline.com/media/themes/fot/dist/img/why.png" data-srcset="https://financesonline.com/media/themes/fot/dist/img/why.png 1x, https://financesonline.com/media/themes/fot/dist/img/why@2x.png 2x" alt="Why FO is free" class="lazyload"> </a> </div> <div class="clearfix"></div> </div> </div> <div class="main-container main-container--post"> <div class="single-page__content"> <div class="row flex-fixer flex-wrap"> <div class="single-page__title col col--75 col--sm"> <h1>Tips For Effective Stock Control and Inventory Management in 2024</h1> </div> <div class="clearfix"></div> </div> <div class="row"> <div id="content" class="single-page__entry single-page__entry--post col col--75 col--sm"> <div id="rec-post" class="recommended-product recommended-product--placeholder full-width" data-post-id="40128" > <div class="placeholder flex"> <div class="col col--20 col--mb img"> <div class="sk full-width"></div> </div> <div class="col col--60 col--mb desc"> <div class="sk full-width"></div> <div class="flex score"> <div class="col col--33 sk"></div> <div class="col col--33"></div> <div class="col col--33 sk"></div> </div> </div> <div class="col col--20 col--mb buttons"> <div class="sk full-width"></div> <div class="sk full-width"></div> </div> </div> </div> <div class="fot-question"> <div class="fot-question__icon"></div> <div class="fot-question__text">What are effective stock control and inventory management tips?</div> <div class="fot-question__answer">Effective stock control and inventory management tips involve both practices and tools. These include wisely and accurately labeling items, their statuses, monitoring stock levels, and setting thresholds with the help of digital tools.</div> </div><p>Managing inventory is a crucial aspect of business operations. Unfortunately, COVID-19 has made it difficult, with many employees forced to work remotely. Luckily, the tech world extends a helping hand by providing software that not only streamlines the process but also ports it over to one’s computer and mobile devices.</p><p>With <a href="/c/inventory-management-software/">inventory management software</a>, users can update the number of stocks in real-time and across multiple facilities. If integrated with a sales platform, the items ordered are automatically deducted from the stock count while sourced goods are conveniently updated, making it easy to manage inventories remotely.</p><p>However, having inventory management software doesn’t automatically improve inventory management. This article shines a light on the best practices as well as nifty tips and tricks to work with your inventory. It also serves as a guide on how to improve your inventory management skills.</p><p><img class="aligncenter size-large wp-image-211972 lazyload" alt="tips for effective stock control and inventory management" width="1024" height="576" sizes="(max-width: 1024px) 100vw, 1024px" data-src="https://financesonline.com/uploads/2020/01/tips-for-effective-stock-control-and-inventory-management-1024x576.jpg" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAQAAAADCAQAAAAe/WZNAAAADklEQVR42mNkgAJGDAYAAFEABCaLYqoAAAAASUVORK5CYII=" data-srcset="https://s.financesonline.com/uploads/2020/01/tips-for-effective-stock-control-and-inventory-management-1024x576.jpg 1024w, https://s.financesonline.com/uploads/2020/01/tips-for-effective-stock-control-and-inventory-management-300x169.jpg 300w, https://s.financesonline.com/uploads/2020/01/tips-for-effective-stock-control-and-inventory-management-768x432.jpg 768w, https://s.financesonline.com/uploads/2020/01/tips-for-effective-stock-control-and-inventory-management-85x48.jpg 85w, https://s.financesonline.com/uploads/2020/01/tips-for-effective-stock-control-and-inventory-management-258x145.jpg 258w, https://s.financesonline.com/uploads/2020/01/tips-for-effective-stock-control-and-inventory-management.jpg 1200w"></p><div class="fot-toc"> <div class="fot-toc__header"> <h4>10 Tips for Effective Stock Control</h4> <div class="clearfix"></div> </div> <div class="fot-toc__list"> <ol class="fot-toc__ol col50"> <li><a href="#1">Check All Incoming Stocks </a></li> <li><a href="#2">Store Stocks Wisely</a></li> <li><a href="#3">Create Clear Labels</a></li> <li><a href="#4">Track Expiry Dates</a></li> <li><a href="#5">Avoid Compounding Problems</a></li> </ol> <ol class="fot-toc__ol col50"> <li><a href="#6">Set Threshold Stock Levels</a></li> <li><a href="#7">Manage Returns Efficiently</a></li> <li><a href="#8">Monitor Stocks Consistently</a></li> <li><a href="#9">Keep Priorities in Check</a></li> <li><a href="#10">Use an Automation Solution</a></li> </ol> <div class="clearfix"></div> </div> </div><p>The impact of COVID-19 on retailers, in general, isn’t as severe as in industries like travel and entertainment. But it still managed to cause disruptions, delays, and worst of all, closures. According to a report by CNBC, <a href="https://www.cnbc.com/2021/01/28/10000-stores-set-to-close-in-2021-covid-keeps-pummeling-retailers.html">around 10,000 stores are expected to close in 2021 due to the pandemic</a>, which is a 14% rise from that of 2020. Aside from dwindling sales, there is also the problem of handling the supply chain with today’s limited mobility.</p><p>On the brighter side of things, ecommerce is booming as <a href="https://www.bigcommerce.com/blog/covid-19-infographic/#covid-19-infographic-impacting-ecommerce">sales have increased by 25% during the pandemic</a>. What’s more, the earnings of online shopping giant Amazon soared by <a href="https://www.theguardian.com/technology/2020/oct/29/amazon-profits-latest-earnings-report-third-quarter-pandemic">37% due to COVID-19</a>. How is this relevant to stock control and inventory management? For starters, Amazon is the world’s largest retailer, and with retail comes inventory and warehousing.</p><style> </style><script id="charts78988164" type="application/json"> {"title":"Business' Perceived Changes in Inventory Management Post-Pandemic","subtitle":"","source":"Source: The Business Continuity Institute, 2020","type":"horizontal_bar_highcharts","display":[],"y_units":"percent","data":[{"x":"","xl":"Keeping same inventory levels but changing supplier base","y":"26.9","yl":"26.9","color":"auto"},{"x":"","xl":"Unsure","y":"21.6","yl":"21.6","color":"auto"},{"x":"","xl":"Planning to have more inventory","y":"19.6","yl":"19.6","color":"auto"},{"x":"","xl":"Keeping same inventory levels and no changes to supplier network","y":"19.2","yl":"19.2","color":"auto"},{"x":"","xl":"Not applicable","y":"12.7","yl":"12.7","color":"auto"}]}</script><div class="custom-chart" data-anim="true" data-home-url="https://financesonline.com" data-export="true"> <div class="bar-chart "> <div class="highcharts-chart" data-type="horizontal-bar" data-id="charts78988164" data-bar="true" data-anim="true"></div> </div> <p class="charts-source">Source: The Business Continuity Institute, 2020</p><div class="clearfix"></div></div><p>To keep up with the demand, many businesses have actually considered either increasing their inventory levels or keeping their standard number of stocks despite the perceived decline of visitors to their brick-and-mortar stores. However, to properly keep tabs on these stocks across stores and platforms, online retailers must be smart and leverage digital <a href="/inventory-management-software-analysis-features-types-benefits-pricing/">inventory management solutions</a>. The same goes for applications with QR code readers that migrate information into digital databases. This is also relevant for retailers who have closed stores since they will likely continue or shift their operations online. And without the proper solutions and know-how, they could get left behind.</p><p>However, getting a good solution is not the whole battle. It is even not half of it. Inventory managers and warehouse professionals need the right skills and understanding to perform well. So, let’s get on with some tips to help you improve your inventory management knowledge and stock control skills.</p><h2 style="text-align: center;">Tips for Effective Stock Control and Inventory Management</h2><h3 id="1" class="bg-title">1. Check All Incoming Stocks</h3><p>Your first focus should be checking on whether the delivered stock is exactly what you ordered from your supplier. Sometimes suppliers get stock orders incorrectly packed. In cases where they don’t manage their inventory and orders well, you too can get short stocked. This puts your sales and credibility at risk as well. In other cases, you might get more stock items than you actually wanted. Without checking, you wouldn’t be able to make necessary returns in time before the next order.</p><p>This is traditionally done manually. Also, this is what <a href="https://www.thebalancesmb.com/inbound-quality-inspections-2221196">inbound quality inspectors</a> are for. In larger organizations, there are dedicated departments just for this. However, if you belong to a small- or medium-sized business, sometimes you and other personnel need to do this yourselves. For example, the IT team should check all IT-related orders like crimps and routers; and truck drivers should inspect all transportation-related orders like new tires or the number of delivery boxes.</p><p>In this way, the check can be performed by the most knowledgeable people in your organization when it comes to their inventory. Also, keep in mind to check for the quality as well and not just the number of items. In restaurants, it is ultimately the chef ‘s job to check the ingredients that they use. For medical organizations, it’s the doctors or the medical technologists.</p><h3 id="2" class="bg-title">2. Store Stocks Wisely</h3><p>It is easier to place your stock wherever it fits. But the easy way isn’t always better, as this can make it harder to track the product. And if you have similar products with similar packaging (could differ in quantity or have unnoticeable difference), then, while in a hurry, you or your staff may make grave errors. So, it is best to have a clear system in place that everyone can easily learn. Also, it is best to have an organized stock room or warehouse.</p><p>Another reason for having a clear system is that you don’t want to rely on a single person to get you the stuff you need. You want your system to be learnable that in case something happens to your key personnel, your business can still operate.</p><p>Many times, entrepreneurs do their stock keeping their way. And as many creative people are, entrepreneurs can be messy and quite possessive of their working systems. They are “organized” in their ways and are very secretive when it comes to things they feel make them successful. These include how they keep their stocks.</p><p>So, if you feel that you maybe are this type of person, you should make the necessary efforts to optimize and convey your working system to your current and future staff. Guidelines and manuals should be clearly written and distributed. Also, these should become working protocols. This should be like second nature to your staff.</p><h3 id="3" class="bg-title">3. Create Clear Labels</h3><p>Large enterprises make use of radiofrequency identification or RFID to easily track, update, and monitor their stock items and levels. However, small and medium enterprises still rely on good old fashioned labels and not-so-trusty memories.  So, it is best to make these labels clear. Also, you wouldn’t go wrong by registering these onto a spreadsheet or an inventory management platform.</p><p>For your physical stock room, you should always make it a point to have a clear label on your containers with corresponding product number, quantity, and basic description, including vendor name and other important details.</p><p>Labeling makes identifying the product much easier. Also, remember to update the labels as well as you go. This makes tracking easier as you are always able to know about the box’s contents with its exact quantity. This would help let you know when you should make your next batch or make your next order.</p><h3 id="4" class="bg-title">4. Track Expiry Dates</h3><p>If you offer expired products, then you will be liable for hefty fines if the product gets delivered to the customers. So you need to keep track of the “best before dates” of each product. This way,  you can clear the stock before it gets outdated. Many businesses clear their stock by offering them at lower prices.</p><p>Also, just to be on the safe side. Remember to check the expiry dates of outgoing orders before packing as well. This is the last line of defense. You don’t want to be put out of business, and, much worse, you don’t want to harm innocent, loyal customers.</p><p>Additionally, do you remember the previous tip? Expiration dates are important information that you should include in your labels and your database. If you have an inventory management platform solution, you can also set it to notify you or your staff when it is nearing the expiration dates of products. This is a great feature offered by <a href="/best-free-inventory-management-software-solutions-consider-2017/">top inventory management tools</a> out there.</p><h3 id="5" class="bg-title">5. Avoid Compounding Problems</h3><p>When you miss something like keying in important details, you are bound to compound your problems. Let’s face it. When doing stock keeping and documentation manually on a spreadsheet, we are bound to make a few mistakes here and there. Having a bad day can mess up records and operations. Every inventory movement costs effort, and money.</p><p>Thus, it is good to deal with issues immediately, like documenting the ebb and flow of items in real-time, as they go. Moreover, it is best to double or triple check each move, item, update, and order.</p><p>A bad case scenario of a compounded problem will be having ordered the wrong item and labeling it “correctly” and sending it late to its proper destination or, worse, to your end customer. Another one would be refusing orders for items that are still available. There are many things that could go wrong by just slipping for a quick second. So, don’t get caught slipping as young people say.</p><h3 id="6" class="bg-title">6. Set Threshold Stock Levels</h3><p>Every business has different peak times for sales. Different suppliers also have different lead times. Thus, if you want to keep your business going and want to escape out-of-stock situations, then you should be able to establish how long you can restock normally and forecast the amount of time the minimum stock level will get exhausted. Put simply, you should have an informed estimation of when and how much should you restock.</p><p>To do this well, you need to keep account of the market seasons and the fluctuating customer demands as well. You should ideally have a buffer amount to cover the amount of time you spend for restocking too. You should also keep in mind the stock levels of products with lesser demands to lower your purchasing and transportation costs. These are but some of the major considerations that you should make.</p><p>This is very hard to do well on pen and paper. Heck, it is hard to do on word processors and digital spreadsheets. However, forecasting is made easy by top inventory management platforms out there. So, if you are thinking of getting one for your organization, make a shortlist of those with forecasting abilities.</p><h3 id="7" class="bg-title">7. Manage Returns Effectively</h3><p>One of the biggest issue surfaces when businesses don’t document returns well. This does not only create inefficiencies with quality control. These also lead to inefficiencies in other aspects of business, like accounting, sales, and customer support. As many people know, inventory management is intertwined with other processes. However, some treat it as a siloed aspect of the process. This makes for very bad business.</p><p>So, like you have a system for storage and quality check, you should also have a process for returns. One way to do it is to separate all the returned items from others in your inventory. Firstly, this helps you avoid putting it back into circulation. Secondly, this gives you a chance to know and address the reasons for the returns. Thirdly, you can use this opportunity to create a personal and personalized experience with customers that returned your product.</p><p>Moreover, what you do is collate the number of instances for returns and their reasons. Then, you create a strategic plan on how to decrease these instances across your supply chain. This is very simple to say but hard to do. This doesn’t just involve inventory management personnel. This also involves customer representatives and even the marketing department. Sometimes, this also involves C-suite executives. However, for SMBs and single proprietorships, it is always just the entrepreneur.</p><p>We don’t have much space here to discuss this. However, as a food for thought, returned products do not only mean a mistake. They, too, can be an opportunity.</p><h3 id="8" class="bg-title">8. Monitor Stocks Consistently</h3><p>You should always keep track of your stock in real-time. In fact, you should have it on a dashboard. Why? This doesn’t just inform you of how many of what things you have in your care. This also informs you of how much opportunity is there to make for sales and profit. Yes, you are, in a sense sitting on something that can either be turned into revenue or losses.</p><p>So, in fact, the number of things in your inventory tells you something about the health of your business. Again, inventory management is intertwined with other aspects. It is a key piece of the puzzle. The physical number of stocks changes whenever you ship items or receive orders. It is related to purchasing and sales. Thus, monitoring shouldn’t be a siloed operation. It should be an integrated function of the whole business process.</p><p>You’d want it to be visible and easily quantifiable for it to be actionable and profitable. Thus, keeping track of it well is good practice. And, the best way to keep track of inventory levels in relation to procurement and sales in real-time is to adopt an inventory software with sales and order integrations. In this way, it will automatically keep you in the know, and you don’t have to enter everything manually.</p><h3 id="9" class="bg-title">9. Keep Priorities in Check</h3><p>Keeping track of inventories altogether is a time-consuming and exhausting task. So, you should keep your priority straight. Usually, 80% of demands are generated by only 20% of products. This is if your business, like many events, is an instantiation of the <a href="https://www.ims-productivity.com/page.cfm/content/ABCPareto-analysis">Pareto principle in effect</a> where only a small factor (20%) accounts for most of the effects (80%). Of course, this is not a physical law. However, it is an effective principle to inform our judgments.</p><p>Inventory management professionals use this principle to inform them of which products to prioritize: which ones to put more effort into re-ordering, storing, checking, etc. If you follow it strictly, you’ll find the top 20% moving items and invest more effort into controlling their inventory as they provide you with the biggest return.</p><p>The Pareto principle is just a rule of thumb or a generalization. Often, in more particular settings, it simply isn’t spot on. So, if you can segmentize the ebb and flow of products in more detail than the general 80/20 rule of thumb, then the better off you are. This is why many inventory management professionals opt for a much more detailed (yet also general) framework: <em>The ABC Analysis</em>.</p><h3>The ABC’s (Basics) of ABC Analysis</h3><p>ABC analysis is used to prioritize which products are given more attention in inventory control using (1) <em>value</em> and (2) <em>cardinality</em> or the numbers of such products to estimate importance. The priority or importance is graded using three classes: <em>A-B-C</em> with <em>A</em> having the most value, <em>B</em> having the second-highest value, and <em>C</em> having the least value. Conversely, the ones with higher values are fewer in numbers than the ones with smaller values.</p><p>So,  <em>A </em>items are fewer than <em>B</em> items yet are more valuable than <em>B </em>items. And, <em>B</em> items are more than <em>A</em> items, but less than <em>C</em> items, yet are more valuable than <em>C </em>items. Lastly, <em>C </em>items are the most numerous yet have values lesser than <em>B </em>items, and therefore, <em>A </em>items.  Let us give you a brief hypothetical yet realistic example.</p><p>Consider a hypothetical fledgling supplement company that offers a set <em>X</em> of products. To keep it simple, let us say that they only have three different products conveniently called <em>A, B, </em>and <em>C,</em> which also conveniently have the properties described above. This is in the way were product <em>A</em> accounts for 20% of inventory but accounts for 80% of the total value <em>a la </em>Pareto principle. And, product <em>B </em>only accounts for 30% of the stocks in inventory yet accounts for only 15% of the total value, with <em>C</em> accounting for 50% of the inventory yet with the least percentage of total value at <em>5%</em>.</p><p><img class="aligncenter wp-image-212342 lazyload" alt="ABC Analysis Distribution" width="600" height="494" sizes="(max-width: 600px) 100vw, 600px" data-src="https://financesonline.com/uploads/2020/01/ABC-Analysis-Distribution.jpg" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAQAAAADCAQAAAAe/WZNAAAADklEQVR42mNkgAJGDAYAAFEABCaLYqoAAAAASUVORK5CYII=" data-srcset="https://s.financesonline.com/uploads/2020/01/ABC-Analysis-Distribution.jpg 1020w, https://s.financesonline.com/uploads/2020/01/ABC-Analysis-Distribution-300x247.jpg 300w, https://s.financesonline.com/uploads/2020/01/ABC-Analysis-Distribution-768x632.jpg 768w, https://s.financesonline.com/uploads/2020/01/ABC-Analysis-Distribution-58x48.jpg 58w, https://s.financesonline.com/uploads/2020/01/ABC-Analysis-Distribution-176x145.jpg 176w"></p><h4>A couple of takeaways (it gets more complicated in practice)</h4><p>This framework and example tell us a few things. First, all items are not equal in value. Second, there are those that move faster than others. Therefore, more control and priority should be given to items that provide more value and also move faster than others. So, in our example above, priority should be given first to product <em>A</em>, then to <em>B</em>, then to product <em>C</em>.</p><p>This “priority” translates to more attention and control like more frequent re-ordering, tighter security, more man-hours for quality inspection, and the likes. You invest more in items that give back more; invest in business areas with more returns. It is that simple in principle.</p><p>However, notice that this includes marketing considerations and sales-related aspects, as well as other factors such as the space you have, profitability, and the nature of the ingredients <em>per se</em>.</p><p>To further our example, let’s say that our fledgling supplements company manufactures its three products using twelve raw ingredients. However, four of them can’t be stored together in one room for safety reasons. What is the minimum number of rooms do you need? This might be an easy question for some conceptually.</p><p>But, add in the factor of profitability, current manufacturing speed, deadlines, the manpower you have, and the physical space available, then designing and managing space for inventory would be a tough problem. This is why it is best to prioritize first. Maybe you’d do just as well or better by just offering one product.</p><h3 id="10" class="bg-title">10. Use an Automation Solution</h3><p>Today, it is best that you consider using automated solutions for inventory management and controlling of your stock levels. These solutions provide you with several tools for assisting you with proper and efficient management of your inventory and keeping you from time-consuming but important processes done manually. These can also be a big factor in reducing errors and increasing your productivity.</p><p>There are also cloud-based automated solutions for inventory management so that you are always available from wherever you are and whenever needed. These can have a considerable impact on your bottom line and allow you to grow faster.</p><p>One of such tools is <a href="https://reviews.financesonline.com/p/netsuite-erp-software/">Netsuite ERP</a>. Its core features include a warehouse management module, vendor performance tracking, in-transit inventory tracking, and a full automation capability. What’s more, is that it has collaboration tools that you can use to work with other stakeholders and team members. Also, the vendor is kind enough to offer a free demo of this top software. <span style="font-weight: 400;">You can try all its premium features at no cost when you </span>sign up for NetSuite ERP free demo<span style="font-weight: 400;">.</span></p><p><span style="font-weight: 400;"> <div class="product-award-box" xmlns="http://www.w3.org/1999/html"> <h3 id="hubspot" class="bg-title">NetSuite ERP</h3> <div class="product-award-box__inner"> <div class="product-award-box__left"> <a href="/certificates/" title="An award given to products our B2B experts find especially valuable for companies"><img src="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==" data-src="https://sip.financesonline.com/uploads/2021/02/erp.png?width=235&token=1UFFwKpYVsiUBM9YH6jhbw" data-srcset="https://sip.financesonline.com/uploads/2021/02/erp.png?width=235&token=1UFFwKpYVsiUBM9YH6jhbw 1x, https://sip.financesonline.com/uploads/2021/02/erp.png?width=470&token=Gvh8ZtkeLTzxWc1Q249rXw 2x" alt="An award given to products our B2B experts find especially valuable for companies" class="lazyload"></a> </div> <div class="product-award-box__right"> <p>Try out NetSuite ERP with their free trial</p> <div class="product-award-box__buttons"> <button type="button" data-dst="aHR0cHM6Ly9maW5hbmNlc29ubGluZS5jb20vc2VlL25ldHN1aXRlaW52ZW50b3J5Lw==" class="btn">VISIT WEBSITE</button> <button type="button" data-dst="aHR0cHM6Ly9maW5hbmNlc29ubGluZS5jb20vc2VlL25ldHN1aXRlaW52ZW50b3J5LWRlbW8v" class="btn btn--orange" target="_blank">FREE DEMO</button> </div> </div> </div> </div> </span></p><div id="attachment_198713" style="width: 1034px" class="wp-caption alignnone"><img aria-describedby="caption-attachment-198713" class="wp-image-198713 size-large lazyload" alt="NetSuite ERP dashboard" width="1024" height="580" sizes="(max-width: 1024px) 100vw, 1024px" data-src="https://financesonline.com/uploads/2019/11/netsuite-ERP-dashboard-1024x580.png" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAQAAAADCAQAAAAe/WZNAAAADklEQVR42mNkgAJGDAYAAFEABCaLYqoAAAAASUVORK5CYII=" data-srcset="https://s.financesonline.com/uploads/2019/11/netsuite-ERP-dashboard-1024x580.png 1024w, https://s.financesonline.com/uploads/2019/11/netsuite-ERP-dashboard-300x170.png 300w, https://s.financesonline.com/uploads/2019/11/netsuite-ERP-dashboard-768x435.png 768w, https://s.financesonline.com/uploads/2019/11/netsuite-ERP-dashboard-85x48.png 85w, https://s.financesonline.com/uploads/2019/11/netsuite-ERP-dashboard-256x145.png 256w, https://s.financesonline.com/uploads/2019/11/netsuite-ERP-dashboard.png 1200w"><p id="caption-attachment-198713" class="wp-caption-text">A dashboard of NetSuite ERP. With products like this, you can track your inventory in relation to sales details quite easily.</p></div><h3 class="bg-title">What are common mistakes to avoid in stock control?</h3><p>Effective stock control is crucial for businesses, but several common mistakes can lead to costly errors:</p><ul> <li aria-level="1"><b>Overstocking or Understocking</b>: Too much inventory ties up capital and increases storage costs. At the same time, too little can result in missed sales. Businesses often misjudge demand, leading to these problems. Implementing accurate demand forecasting can help balance stock levels.</li> <li aria-level="1"><b>Lack of Inventory Audits</b>: Many businesses skip regular inventory checks, relying only on software or records. This can lead to discrepancies due to theft, damage, or human error. Periodic audits help verify actual inventory against records, ensuring accuracy.</li> <li aria-level="1"><b>Ignoring Inventory Trends</b>: Failing to monitor trends and seasonality can lead to poor purchasing decisions. Businesses must stay updated on what products are in demand to adjust their stock levels accordingly.</li> <li aria-level="1"><b>Manual Inventory Management</b>: Manual methods for tracking inventory are error-prone and time-consuming. Transitioning to automated systems can reduce mistakes and save valuable time, especially for businesses with large inventories.</li> </ul><h3 class="bg-title">Increased Relevance of Digital Inventory Management</h3><p>When you take a look at this recent <a href="/supply-chain-statistics/">supply chain management statistics</a> article, you’ll find that supply chain management has been undergoing dramatic digitalization, accelerated recently by COVID-19. Human skills and business intuition are getting scaffolded by digital tools and newer techniques such as analytics.</p><p>Digital inventory management is sticking around due to the pandemic and long after COVID-19 since it has made the tedious task of handling inventory a lot more painless. With it, the stock is updated automated per order and conveniently decreased through mobile QR code readers used by warehouse personnel. Leveraging an inventory management platform has become more of a necessity than a luxury in today’s times.</p><p>Of course, a digital platform won’t be as effective without applying the tips and concepts we discussed in this article. So, knowing them by heart would do wonders for your organization.</p><p>Truth be told, we have only scratched the surface of the prevalence of technology in industries. Should you wish to know more about this phenomenon, take a gander at our article about <a href="/what-is-digital-transformation/">digital transformation</a> to satiate your curiosity.</p><h3>Key Insights</h3><ul> <li><strong>Accurate Stock Monitoring</strong>: Consistent and accurate monitoring of stock levels is essential to prevent overstocking or running out of inventory, which can disrupt business operations.</li> <li><strong>Utilization of Digital Tools</strong>: Implementing digital inventory management solutions helps streamline inventory tracking, real-time updates, and integration with sales platforms, significantly improving efficiency.</li> <li><strong>Clear Labeling and Tracking</strong>: Effective labeling, including important details such as product numbers and expiry dates, aids in the easy identification and tracking of inventory items.</li> <li><strong>Threshold Levels and Forecasting</strong>: Setting threshold stock levels and using forecasting tools help in maintaining optimal inventory levels and preparing for demand fluctuations.</li> <li><strong>Return Management</strong>: Efficient management of returns through proper documentation and separate handling can improve quality control and customer satisfaction.</li> <li><strong>Automation Solutions</strong>: Automation tools can significantly reduce manual errors, increase productivity, and provide real-time insights into inventory status.</li> <li><strong>COVID-19 Impact</strong>: The pandemic has accelerated the adoption of digital inventory management solutions, making them a necessity for modern businesses to cope with disruptions and ensure smooth operations.</li> <li><strong>E-commerce Growth</strong>: The rise in e-commerce during the pandemic underscores the importance of robust inventory management systems to handle increased online sales and inventory demands.</li> </ul><h3>FAQ</h3><ol> <li><strong>What are the benefits of using inventory management software?</strong> Inventory management software provides real-time updates on stock levels, integrates with sales platforms, automates inventory tracking, and reduces manual errors, ultimately improving efficiency and accuracy in inventory management.</li> <li><strong>How can businesses set effective threshold stock levels?</strong> Businesses can set effective threshold stock levels by analyzing sales data, understanding supplier lead times, and considering market demand fluctuations. Using forecasting tools available in inventory management software can also help in setting optimal threshold levels.</li> <li><strong>Why is clear labeling important in inventory management?</strong> Clear labeling is important as it helps in the easy identification of products, tracking of inventory levels, and ensuring accuracy in stock management. Labels should include product numbers, quantities, expiry dates, and other relevant details.</li> <li><strong>How has COVID-19 impacted inventory management practices?</strong> COVID-19 has accelerated the adoption of digital inventory management solutions as businesses faced disruptions and limited mobility. The pandemic highlighted the need for efficient, automated systems to manage inventory remotely and cope with increased online sales.</li> <li><strong>What role does automation play in modern inventory management?</strong> Automation plays a crucial role in reducing manual tasks, minimizing errors, providing real-time inventory updates, and increasing overall productivity. Automated solutions enable businesses to manage inventory more efficiently and make informed decisions based on accurate data.</li> <li><strong>How can businesses manage returns effectively?</strong> Businesses can manage returns effectively by having a clear process for handling returned items, documenting reasons for returns, and separating them from the main inventory. Analyzing return data can help improve quality control and customer satisfaction.</li> <li><strong>What is the significance of monitoring stock consistently?</strong> Consistent stock monitoring is significant as it provides insights into inventory levels, sales opportunities, and potential issues. Real-time monitoring helps businesses maintain optimal stock levels, avoid overstocking or stockouts, and ensure smooth operations.</li> </ol> <div id="fot-social" class="fot-social" data-id="40128" data-type="post" data-url="https://financesonline.com/tips-effective-stock-control-inventory-management/" style="opacity: 0;"> <div class="fot-social__el fot-social__el--network "> <span class="icon icon--network"></span> <span class="count">10<span class="shares"> shares</span></span> </div> <a class="fot-social__el fb fb-button" href="https://www.facebook.com/sharer/sharer.php?u=https://financesonline.com/tips-effective-stock-control-inventory-management/" target="_blank"> <div> <span class="icon icon--fb"></span> <span class="txt">Share</span> </div> <span class="count">10</span> </a> <a class="fot-social__el tw" href="http://twitter.com/share?url=https://financesonline.com/tips-effective-stock-control-inventory-management/" target="_blank"> <div> <span class="icon icon--tw"></span> <span class="txt">Tweet</span> </div> </a> <a class="fot-social__el li" href="https://www.linkedin.com/shareArticle?mini=true&url=https://financesonline.com/tips-effective-stock-control-inventory-management/" target="_blank"> <div> <span class="icon icon--in"></span> <span class="txt">Share</span> </div> </a> </div> <div id="fot-social-inline" class="fot-social fot-social--inline"> <a class="fot-social__el fb fb-button" href="https://www.facebook.com/sharer/sharer.php?u=https://financesonline.com/tips-effective-stock-control-inventory-management/" target="_blank"> <span> <span class="icon icon--fb"></span> <span class="txt">Share</span> </span> <span class="count">10</span> </a> <a class="fot-social__el tw" href="http://twitter.com/share?url=https://financesonline.com/tips-effective-stock-control-inventory-management/" target="_blank"> <span> <span class="icon icon--tw"></span> <span class="txt">Tweet</span> </span> </a> <a class="fot-social__el li" href="https://www.linkedin.com/shareArticle?mini=true&url=https://financesonline.com/tips-effective-stock-control-inventory-management/" target="_blank"> <span> <span class="icon icon--in"></span> <span class="txt">Share</span> </span> </a> <div class="fot-social__el fot-social__el--network "> <span class="icon icon--network"></span> <span class="count">10<span class="shares"> shares</span></span> </div> </div> <div class="single-page__author"> <div class="single-page__avatar"> <img src="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==" data-src="https://sip.financesonline.com/uploads/2020/07/daniel_epstein.jpeg?width=100&token=2E6y7SbiVHs_wfHh3FEIvQ" alt="Daniel Epstein" class="lazyload" onerror="this.onerror=null; this.src='https://financesonline.com/media/themes/fot/dist/img/svg/user-avatar.svg'" > </div> <div class="single-page__author__desc"> <h4>By <a href="/author/daniel/" title="Daniel Epstein">Daniel Epstein</a></h4> <p>Daniel Epstein is a senior financial research analyst at FinancesOnline and the architect behind our Fintech and ERP content division. His main areas of expertise are blockchain technologies, cryptocurrencies, and the use of biometrics in fintech solutions. His work has been frequently quoted by such publications as Forbes, USA Today, Entrepreneur, and LA Times. With more than 1,800 solutions scrutinized in the last 5 years spent on our team he always prioritized offering readers an unbiased perspective on modern financial technologies.</p> </div> <div class="clearfix"></div> </div> </div> <div class="fot-sidebar col col--25 col--sm"> <div id="sidebar-top3" class="fot-sidebar__top3"> <div class="fot-sidebar__top3__close"> <span></span> <span></span> </div> <p> Top Inventory Management Software of 2024 <a href="#" data-modal="#score-modal" data-dynamic="yes" class="icon icon--question"></a> </p> <div class="fot-sidebar__rank"> <a href="https://reviews.financesonline.com/p/netsuite-erp-inventory/" title="netsuite-erp-inventory" class="rank-item"> <span class="rank-item__pos">1.</span> <div class="rank-item__img"> <img width="220" height="90" src="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==" class="lazyload" alt="NetSuite ERP" sizes="(max-width: 220px) 100vw, 220px" 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