Stock Management

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Written by Luke Tyler

Luke talks about Riselabs’ developments and ideas, as well as the latest innovations in tech grabbing our attention.

Evaluate Stock Management processes to granular detail and make business decisions backed up by actual usage and trends. Integrate with your other business functions to improve stock management on-the-go.

Stock Management systems at their most effective go way beyond checking what’s left in stock.

A well-designed system reports specific detail of your stock management processes to granular detail, allowing you to make business decisions backed up by actual usage and trends. Additionally, great systems seamlessly integrate with other functions within your business to improve the way stock is managed on-the-go.

There are a number of readily-available, off-the-shelf stock management solutions that can be utilised for an enterprise. However, in spite of stock management having commonly recognised features, how an enterprise can manage their stock in the most effective way possible for their business will differ from one business to the next.

Recognising the limitations in the ‘one size fits all’ systems available, Riselabs develops Stock Management Systems that are dedicated to meeting the exact needs of your enterprise.

An effective Stock Management System allows you to keep a record of information about your stock and track it across a specific time period. Advanced reporting is also available, where insights can be utilised alongside knowledge within the business in order to make measured decisions that can reduce wastage and improve profitability.

Integrating Stock Management with other essential parts of the business is crucial to maximising the effectiveness of the system. By tailoring this to communicate seamlessly with other functions within the business, we can support you both in reducing margin for error and accelerating productivity that could not be reached with a legacy system or a paper-based method.

You can utilise a stock management system in order to track the following business operations:

  • Current Stock
  • Deliveries
  • Purchase Orders
  • Order Management (automatic order processing)
  • Supplier Tracking (tracking both supplies and expenditure with each supplier)
  • Asset Tracking

Applications  for Stock Management On-the-Go

Riselabs can develop applications that communicate directly with the warehouse whilst you are working remotely. Here, stock levels can be accounted for or changed on a mobile device, which automatically inputs an updated stock value right into the system.

We can also build custom dashboards that can quickly look up the location of stock or display critical orders, deliveries and stock information to your employees in a way that makes real business sense.

Everything Riselabs can develop for Stock Management is tailor-made in order to better improve your processes and efficiency, improve profitability and give you enhanced control.

Scenario

Here, we explore some of the common Stock Management issues that businesses experience, explaining how the implementation of  good software goes about solving these problems.

Accurately checking stock levels is a time consuming process.

Rather than manually checking stock and using paper based systems, we can leverage third party technology to assess what is available in physical locations, and account for orders and incoming stock, reporting that directly back to the system.  For added business intelligence, tools can be made available to assess how quickly minimum stock levels are being reached and enable automatic re-ordering based upon stock logic and agreed-upon business rules.

Interpreting third party client or supplier data is difficult to work with. To circumvent this is, we work with the type of data you receive and translate into something your business can analyse and work with immediately. We can also format purchase ordering to ensure it is applicable to your clients and suppliers.

Reporting data on stock is fractured.

Inflexible reporting capabilities can be removed in order to increase intelligence surrounding usage patterns and availability. We are able to store stock on a system and relevant information in a way that makes sense to your business, such as price, manufacturer, supplier and more.  Clearer reports based upon the metrics that are important to your business allows you to make more effective decision based upon real business activity.

Is an off-the-shelf solution right for my business?   Whilst dedicated stock management solutions exist,  ‘one size fits all’ solutions may not always work in conjunction with your manual processes as intended. With our bespoke solutions, we can ensure that our solution is a true efficiency measure and gets to the heart of improving your business and maximising your stock management capabilities.

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