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Improve your business efficiency with powerful stock control and inventory software programs

Explore how a cloud-based inventory management system could help you perfect fulfilment, save time and boost your bottom line.

Why is stock control and inventory management important?

Having too much stock, or not enough, can cost your business dearly. If you don’t have the products your customers want readily available, you might have to pay extra for an express order – cutting into your profit margin. Or worse still; lose the sale to a competitor.

With too much inventory, on the other hand, you could find yourself paying for storage or warehouse space that you wouldn't otherwise need. Excess stock might also have to be insured, secured against shrinkage, depreciated and taxed as an asset. All of this will eat into your working capital, reducing the amount you have to invest in things like product development, new equipment and marketing. That’s why planning and managing your inventory with precision is key to business efficiency.

 

How to improve your inventory management system

Excellent inventory management is about understanding the supply and demand patterns for your business, then making sure your warehouse operations, physical stock and ordering procedures are aligned to meet your company’s needs. Here are our top tips on how to achieve this:

1. Review your current stock control practices

The first thing to consider is what you’re currently getting right, and where improvements can be made. Talk to the relevant team members and make sure you understand what each aspect of your inventory management process does, and why, so you can identify problem areas.

2. Check your stock regularly

Make regular stock reviews part of your inventory management routine and keep your records up-to-date. Remember that tracking what you bought against what you sold isn’t necessarily a reliable measure, as some items are bound to get lost, stolen or damaged in storage.

3. Understand customer behaviours

By tracking and recording how often you need to restock various products, you can start to get a grip on customer buying patterns and any seasonal fluctuations in demand. This will help you plan for dry spells and busy periods, facilitating better inventory management and stock control.

4. Consider an automated inventory control system

Effective inventory management systems ensure you never run out of stock completely. At the very least, you should make it a policy to place an order and replenish stock items when they fall below a set level. Using agile stock control and sales software can automate this process, cutting out the risk of lapses in product availability.

5. Implement Just-In-Time (JIT) Inventory Management

This strategy can increase company efficiency by stocking products only as they’re needed for sale. This helps you avoid product waste due to damage or expiration, while decreasing the costs incurred in housing and maintaining unsold inventory.

Good inventory management software puts you in the driver’s seat

Take command of your business growth with point-of-sale inventory software that empowers you to streamline processes and widen your profit margins.

Take charge of costs

Many small and medium-sized businesses operate in highly unpredictable environments. Dynamic mobile inventory management software allows you to take charge of your expenditure and navigate choppy waters to stay profitable.

Master stock control

With integrated inventory management software in place, you’ll have easy access to live data and reports. Use this information to make better decisions about what to stock, how to price your products, and which items to discontinue.

Upgrade your purchasing

By investing in automated inventory control software, you’ll be able to streamline key elements of your purchasing process, including replenishment and records of all purchase orders, helping build up accurate, strategic data.

Elevate your business with cloud-based inventory and stock control solutions from Sage

Sage 300cloud

Sage 300cloud software can help prepare your business for growth. You'll love how easy it is to manage your accounting, inventory, operations, distribution, and more.

  • Gain a 360 degree view of  your entire operation by a single, integrated solution
  • Strengthen vendor relationships and streamline purchasing. Process and track domestic and international orders
  • Manage multiple companies and currencies
  • Automate your finances with simplified monthly reconciliations
  • Simplify your inventory by shipping orders on time, from multiple locations
  • Optimise operations and distribution processes to eliminate waste and deliver on time—every time
Go to Sage 300cloud
Sage Business Cloud

Sage X3

Take control of your entire business, from supply chain to sales with Sage Business Cloud X3

  • A single solution for managing your core business processes including inventory, sales, customer service, finance and workflow
  • Collaborate across divisions, countries, multiple sites, languages and legislations
  • Manage financial operations with general ledger, cost accounting and budgeting
  • Control procurement, cash flow and business purchases
  • Get 360 degree view of customers across sales, marketing, customer service and support
  • Ideal for manufacturing, wholesale distribution and service processes businesses
Go to Sage X3

More business benefits of inventory management software

Keep customers happy

In a competitive marketplace where digitally-savvy customers have easy access to online price comparisons, speed and quality of service has never been more important. Fulfil customer orders quickly and accurately with inventory software tools that offer instant insight into stock levels, customer details, shipping information and more.

Get paid sooner

Fulfilling orders faster typically means you’ll get paid quicker. As long as you don’t allow invoicing and purchase order admin to slow you down, which can cause delays and impact your cash flow. Automate these processes using powerful inventory software programs and apps with accurate live data that make collecting payments easier.

Increase your profit margins

Getting your stock levels and availability right can save your business a lot of money, and keep your customers coming back for more. With stock control software you can analyse live sales and inventory data, producing quality forecasts to help you hit your target fill rates, minimise stock-outs, and make the most of your inventory.

Fuel business growth

With accurate inventory forecasting and the automation of many routine tasks, an agile stock control system gives you more free time and money to invest back into your business. Instant access to live data – from any computer or mobile device – means you’ll be equipped to make better decisions across your supply chain.

Stand out from the competition with Sage X3

Manage every area of your business, from financial reporting, purchasing and inventory management, to sales, customer service, quality control and project management.