Inventory control, also known as stock control, involves regulating and being efficient with your company’s inventory. The goal of inventory control is to maximise profits with minimum inventory investment, without manipulating customer satisfaction levels.
Inventory control problems occur when a company does not accurately record inventories of its products being brought in or shipped out. Making an inventory mistake could result in a company ordering too many products or being set to ship out more product than what it has in stock.
Are you having trouble managing your inventory? Are you struggling with spreadsheets? If yes, then it is time to reassess what you are doing.
What challenges are you having now – look at some of the common Operations’ pain points listed here:
Poor Processes
Many companies do not realize that inventory problems arise from having poor processes in place. An example of a poor process would be if you reported a product inventory without verifying the count. Processes such as accurately keeping record of your inventory and sales, monitoring changes and responding to alerts in a proactive manner will help a company run more efficient and problem-free.
Antiquated Support Systems
Inventory control problems can result from an antiquated support system that keeps a company from accurately tracking data. These systems can prevent companies from running at their highest efficiency.
Whether you have an advanced inventory management system like Microsoft Dynamics 365 – Business Central or a less integrated system and you want to update your inventory management, this webinar will supply you with tips that will help you take control over your stock — your largest asset. For those companies with growing inventory that is moving fast — across multiple channels — this control can mean the difference between failure and success. Do you have in place good inventory control best practices?
Interested to know more?
Joins us on February 27 for an exclusive webinar to get some insights in managing your inventory with Microsoft Business Central. Click here to register.
Blog post by Bob Dzimbowski – Manufacturing Consultant
Bob is a Certified Supply Chain Professional and Certified in Production and Inventory Control, graduated with a BCom from York University. Specializing in inventory control, planning, purchasing, warehousing, and distribution, Bob has spent the last 37 years in Toronto in a number of industries including durable goods, construction, automotive, food and Pharma.