Stock management software reduces costly inventory errors, improves customer service, and will increase the value of your business. OK-Inventory inventory software and inventory tracking solutions are easy-to-use and easy-to-implement without the cost or complexity of larger inventory tracking systems.
Choose inventory software solutions for one PC user, for 1,3,5 or 10 PC users, or up to an unlimited number of PC users. Use barcode scanners or add mobile devices with OK-Inventory inventory software. Even inventory tracking solutions with barcode printers, inventory software and online web shops.
OK-Inventory is an innovative, versatile and customizable software package designed to provide inventory control, inventory_management, accounting and document management solutions to small and medium-sized trading and manufacturing companies. The program interface is very simple and user-friendly. It will only take two or three days of training before you learn the key elements of the program and start using it for your business.
Everything you use to make your products, provide your services and to run your business is part of your stock.
There are four main types of stock:
The type of stock can influence how much you should keep -
You can categorise stock further, according to its value. For example, you could put items into low, medium and high value categories. If your stock levels are limited by capital, this will help you to plan expenditure on new and replacement stock.
You may choose to concentrate resources on the areas of greatest value. However, low-cost items can be crucial to your production process and should not be overlooked.
There are several methods for controlling stock, all designed to provide an efficient system for deciding what, when and how much to order.
You may opt for one method or a mixture of two or more if you have various types of stock. For further information, see the page in this guide on types of stock.
Just In Time (JIT) - this aims to reduce costs by cutting stock to a minimum - see our guide on how to avoid the problems of overtrading. Items are delivered when they are needed and used immediately. There is a risk of running out of stock, so you need to be confident that your suppliers can deliver on demand. Find out more about JIT production on the Manufacturing Advisory Service (MAS) website (registration required) - Opens in a new window.
These methods can be used alongside other processes to refine the stock control system. For example:
Re-order lead time - allows for the time between placing an order and receiving it.
Economic Order Quantity (EOQ) - a standard formula used to arrive at a balance between holding too much or too little stock. It's quite a complex calculation, so you may find it easier to use stock control software. Find out about the EOQ formula at the InventoryOps website - Opens in a new window.
Batch control - managing the production of goods in batches. You need to make sure that you have the right number of components to cover your needs until the next batch.
If your needs are predictable, you may order a fixed quantity of stock every time you place an order, or order at a fixed interval - say every week or month. In effect, you're placing a standing order, so you need to keep the quantities and prices under review.
First in, first out - a system to ensure that perishable stock is used efficiently so that it doesn't deteriorate. Stock is identified by date received and moves on through each stage of production in strict order.
Computerised stock control systems run on similar principles to manual ones, but are more flexible and information is easier to retrieve. You can quickly get a stock valuation or find out how well a particular item of stock is moving.
A computerised system is a good option for businesses dealing with many different types of stock. Other useful features include:
The system will only be as good as the data put into it. Run a thorough stocktake before it goes "live" to ensure accurate figures. It's a good idea to run the previous system alongside the new one for a while, giving you a back-up and enabling you to check the new system and sort out any problems.
There are many software systems available. Talk to others in your line of business about the software they use, or contact your trade association for advice.
Make a checklist of your requirements. For example, your needs might include:
Avoid choosing software that's too complicated for your needs as it will be a waste of time and money.