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Why Your Business Should Invest in an Inventory Control System

If you are a small business, keeping track of stock by hand may be a simple task. However, as your business grows, you should consider investing in an inventory control system to help you manage your stock more efficiently. There are many reasons why a business should invest in an inventory control system and they go beyond merely tracking your stock. Here are Wasp’s four top reasons why your business should invest in an inventory control system:

1)    Simplicity

As your business expands, you can no longer rely on counting your stock by hand. Mistakes due to human error are easily made and can be very costly to any business. The more stock you sell or use during production, the harder it is to update and track current inventory levels.  Early investment and adoption of an inventory control system will save you time and money in the long term. Automating inventory management allows you to generate accurate stock records at all times. You can easily monitor stock levels and reorder before running out of a particular product.  Additionally, you can evaluate the success of any product—allowing you to forecast future stock needs.

2)    Informed Decisions

An inventory control system collects all stock details; guaranteeing you make business decisions based on how well your stock is moving. A simple inventory report will tell you numerous facts about your stock that include: a product’s popularity, products in need of re-ordering, if stock is being misplaced or experiencing shrink, if product levels are appropriate, which products are tying up the bulk of your cash flow, and if any products are overpriced or over stocked.

3)   Budget

Most businesses carry stock and a considerable amount of a company’s cash flow can be tied up in stock; straining the overall budget. With an inventory control system, tracking current stock levels will ascertain which products shift quickly and which do not. This allows future inventory forecasting and ensures a company’s cash flow isn’t tied up in unwanted stock. With an inventory control system, these reports are automatic, and you can take a look at the figures whenever needed.

4)   Organisation

An automated stock control system ensures your business is an organised one. Due to the barcode scanning technology, there is no more need for manual counting of stock, spending hours searching for misplaced stock, or looking through piles of paper records. Your business will be organised which, in turn, will make it more productive and therefore profitable. There is no doubt, if your business invests in an inventory control system (such as Wasp’s Inventory Control), it will improve your efficiency—saving you time and money. If you want advice on an inventory control system and how it would work for your business, please contact one of our sales representatives today.