Inventory management is a good business practice, and every business person should follow this method to keep tabs on your stock system (ระบบ สต๊อก สินค้า, which is the term in Thai). Many business people follow the traditional way of stock management, while some manage their stock through software which is the most convenient method.
Stock management is also essential for businesses to retain customers and maintain cash inflows. However, sometimes, due to lack of control, many companies face dead or no reserve, so they have to bear the loss. With an online stock management system, every business person can easily maintain their inventory through these helpful tips.
· Inventory Bifurcation
For businesses that provide services from manufacturing to finished products, it is essential to keep every activity separate from others to avoid any mistakes even mentioning the parcel address (จ่าหน้าพัสดุ, term in Thai). Through stock system management software, it becomes easy to bifurcate each section.
· Inventory Counting
Most business people follow the rule of counting inventories once every year. However, through the stock system software, owners and managers can check their monthly lists by adjusting the software after every transaction.
· Sales Tracking
Many businesses have numerous sales daily that become difficult to note down. However, you can make entries at the end of the day of the lump sum figure of transactions that took place. You cannot get exact figures, but this method will help you get approx. Amount of stock you are left with.
· Use Updated Technology
With frequent changes in industries and markets, owners need to implement those changes in their business, too, for a smooth management system. Using the latest technology will help them to know about the updated tax and interest rates and benefits their business. The updated software will also save lots of your time and effort.
· Set Your Economic Order Quantity (EOQ)
EOQ refers to the criteria you set for ordering inventories of your business. You can select your Economic Order Quantity (EOQ) in the software you are using so that whenever your stock falls below the EOQ value, it alerts you automatically to restock. You can also set the quantity, price, storage cost, etc. while entering details for EOQ.
Stock system management can be very complicated if done manually; however, for some items, you need to follow the same old traditional approach of stock management. But if you are following software, these tips will help you properly manage stock and save you from suffering future losses.