Inventory control definition how to#
With so many options, how do you pick the right inventory control solution for your business? HOW TO START There are numerous simple and advanced software solutions available for companies to purchase. Pen and paper systems and Excel inventory control systems are adequate for startups, but they are unable to keep up if you have more complex inventory or warehouse management needs. Advanced inventory management software, which is inexpensive enough to be in small and midsize businesses’ price range, but also scalable so that it can meet a company’s needs as it grows and requires more complex features.Simple inventory system, which is designed to automate some stock control processes, but that doesn’t have all the features companies need as they grow and thus has to be replaced every few years.Excel spreadsheets, which are great for storing information, but they can’t be automatically updated, so they have to be updated by hand by someone with specialized knowledge of a custom inventory management system.
A pen and paper, which is quick, but easy to lose notes and nearly impossible to data mine and use to plan for future physical inventory needs.There are four main ways to maintain inventory in your small business or enterprise. As its name suggests, inventory control helps you maintain control over your inventory level so that you make the best use of your resources and avoid product spoilage and obsolescence. Plus, they avoid devoting precious warehouse space to hold those products, which cuts down on carrying costs and affords more room for faster-selling finished goods.īy using inventory control, you are able to protect against making rash decisions and you also avoid the pain and expense that come from overstocking on inventory. This saves businesses time and money because they don’t have to spend lots of man-hours reordering and receiving goods that they don’t really need. Inventory control focuses on cutting the number of slow-selling products a company purchases while also increasing the number of high-selling products.
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