Stock control is an important component for so many different industries – manufacturers in particular – regardless of the size of their business. However, stock control can be something that some smaller businesses may often overlook for a variety of reasons. SMEs must be vigilant with their finances to succeed in their industry and compete against much larger companies. A lack of efficient stock control solutions can have huge negative impacts for businesses, so stock control systems are an incredibly valuable tool for these companies.
Improve Worker Efficiency
On the surface, paper-based stock control systems seem like a cost-effective way of keeping track of your stock, but they are certainly not time-efficient. Every minute you spend sorting through paper forms is time that could be better spent elsewhere, creating more revenue for your business. Businesses of any size benefit greatly from efficient stock control; even if the set-up costs are initially more than sticking with paper-based solutions, the money you would save in the long-run far outweighs this.
Efficiency is particularly important for small businesses where there are smaller numbers of staff. Stock control systems can take a lot of the legwork out of the process, freeing up more time for your team and ultimately helping you to deliver results faster and more efficiently.
Tracking your assets is essential. Not only does it lead to improved efficiency, it also helps to ensure that you can deliver on your customer promises. Studies have shown that a proficient data operator will make one error for every 300 characters manually entered, compared to just 1 in 3 million when utilising stock control systems such as barcode inventory systems.
Human error can cause frustration at the very least, and catastrophic problems for a business at its absolute worst. Stock control systems, like those we provide at GSM Barcoding, ensure that accuracy is improved, diminishing the impact that human error can have on the process and supply chain.
Reduce Stock Wastage
Poor stock control systems can lead to stock going missing. But worse than that, often it can be impossible to then chase up missing stock when such an inefficient system is in place, meaning that the issue that caused the problem may not get resolved. If a business cannot identify where things are going wrong, they stand little chance of improving things next time. With an efficient stock control system in place, companies can minimise losses on their stock by keeping track of it and easily can identify at what stage of the process any stock goes missing.
Whilst a reduction in stock control errors is beneficial for all businesses, SMEs in particular stand to gain from a more accurate system. SMEs will not carry as large a volume of stock as bigger companies, meaning that any losses will have a more significant impact. To maximise profits and good business practices, SMEs need to make sure they take every step possible to reduce the possibility of stock control errors.
Improve Customer Service
Ultimately, the goal of any business is to build a loyal customer base by providing them with services that they can’t get anywhere else, and that they come back for time and time again. Stock control might go on behind the scenes of a business, unseen by customers, but customers benefit from enlisting in the services of a company with an efficient stock control system in place.
With accessible data you can match the correct orders to the right customer and provide accurate information regarding inventory stock levels. Customers want speedy order fulfilment, which relies on effective stock control and efficient warehouse operations to meet the ever-growing demands of the customer base. A technology-based stock control system will streamline order processes, improve turnaround times and increase the speed at which a customer’s order is fulfilled.
It is so important to be equipped to deliver on your promises. If you have stated your business provides next day delivery, but your stock control is disorganised to the point that the delivery is delayed, this can have a negative impact on the way your customers view your business.
Customers will return to companies they’ve had good experiences with. So, if they know that your business provides a reliable, quick service, you can easily build your customer base and earn a positive reputation within your industry. This is especially important for SMEs trying to compete against much larger businesses.
Effective stock control systems are invaluable to SMEs. If you are interested in implementing a stock control system into your business, contact GSM barcoding today. Alternatively, if you would like to improve on your current Sage software, why not consider Sage 50 Stock Control – a stock control system that bolts on to your existing Sage software to create a fully integrated barcode inventory system.