Stock inventory control is one of the biggest headaches experienced by shop managers and purchasing agents. Most companies and/or Inventory Managers will address these headaches during massive, days-long physical inventories/stock taking. Once counts are made, it’s even more work to sort out the difference and adjustments needed to correct inventory quantities.
While annual physical inventories are important, they are a frustrating strategy for handling inventory tracking. Go on the offensive with regular cycle counts. Cycle counts are a small scale inventory count on a rotational schedule. Giving a few minutes each day to count a manageable section of inventory allows most companies to be able to count their entire inventory over the course of a month.
This does several things:
First, it creates a reliable inventory within the ERP.
Second, it gives procurement personnel a much better idea of what he needs to purchase and how much, reducing inventory shortages.
Third, it makes for less stress and fewer surprises during the annual count.
Lastly, with the help of minimum stock rules, you will be able to raise an automatic purchase order(PO) direct from stock Items.
How do you keep track of your inventory/stock? In spreadsheets or within an ERP system? Does this ERP connect your stock with your sales and accounting? What about your delivery system? Is every item scanned out of your inventory automatically updated in your software?
Singo Africa Limited provides a full ERP system that connects together every aspect of your business. Learn more about Odoo Inventory system or schedule a personalized demo here for your business. We are here to help you grow your business exponentially with a beautiful and powerful yet easy to use software solution.