Inventory control means recording all receipts of goods into the company, knowing where they are at all times, recording any outgoings and the reordering when stocks get low. The inventory held by a company often adds up to a large portion of the company’s worth and so accurate records have to be kept in order that the owners of that business know exactly where they are concerning the efficiency of the business. As well; as recording the basic stock levels, often additional stock control would be needed to track items by batch number and expiry date which of course meant a great deal of work just controlling and managing a business’s inventory. Although at one time all these records had to be maintained manually, the introduction of computers meant that software became available for stock control. At first this software could at least cope with the general stock figures which saved some labour but then later, more innovative inventory software allowed for automated control of batched and serial numbered items as well as expiry dates. Today most companies do own inventory software but many are not aware of the newer versions that can keep control of batched items and other specialty items. This means that although those companies have inventory software, they still need to manually keep records of specialist stocks and that alone can be very labour intensive. The very latest inventory software has taken things one step further and that is by being able to read bar codes. For those companies that have invested in inventory software that can read bar codes, not only do they have a more efficient and speedier system but, they also know that there is no chance of part numbers being wrongly put into the inventory as the software actually reads the bar code on the items.
Any of the software has always been able to provide managers with accurate, up to date records of inventory transactions but with this latest software, the managers can also ask for itemized records by serial number, batch number or expiry date. This is proving essential in proper managing of stock and yet requires far less labour than manual records required. The result is a far more effective and efficient form of inventory control at just a fraction of the cost of several data entry clerks.
The inventory of a company can account for a large portion of the company’s assets and so it is essential that that inventory is not just kept up to date but, is also correctly kept up to date. The ability of the software to gibe alerts when certain stock levels are reached, also allows the businessman to devote their time to other things instead of each day having to look through the inventory balances. The software’s ability to produce up to the minute details of stock has also allowed managers to better plan their stock levels in the future and as any of this information can also be provided with accompanying graphs if necessary, it is ideal for presentations to the owners or directors.