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What's the best way to choose a stock control method?

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Choosing a stock control method is a crucial decision for any business that deals with inventory. Stock control, also known as inventory management, is the process of ensuring that you have the right amount of goods in the right place at the right time. It can affect your cash flow, customer satisfaction, and operational efficiency. But how do you know which stock control method is best for your business? Here are some factors to consider and some common stock control methods to compare.

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Vignesh S

Linkedin Top Inventory Management & Warehouse Operations Voice | LSSYB | Strategic Supply Chain Professional | Supply…

1 Your business type

The first factor to consider is the type of business you run and the nature of your products. Different businesses have different inventory needs and challenges. For example, a grocery store may need to keep track of perishable items and avoid waste, while a clothing retailer may need to adjust to seasonal demand and fashion trends. Some businesses may sell a variety of products, while others may specialize in a few. Some may have high turnover rates, while others may have slow-moving items. Depending on your business type, you may need a stock control method that is more flexible, more accurate, or more efficient.

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2 Your inventory costs

The second factor to consider is the cost of your inventory. Inventory costs include the purchase price, the holding cost, and the ordering cost. The purchase price is the amount you pay to acquire the goods from your suppliers. The holding cost is the amount you spend to store, maintain, and insure the goods until they are sold. The ordering cost is the amount you incur to place and process orders with your suppliers. Depending on your inventory costs, you may need a stock control method that minimizes your total inventory cost or maximizes your profit margin.

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3 Your demand patterns

The third factor to consider is the demand patterns of your customers. Demand patterns refer to how predictable, consistent, and variable your sales are. Some products may have stable and constant demand, while others may have seasonal or cyclical fluctuations. Some products may have high or low demand, while others may have sporadic or random spikes. Depending on your demand patterns, you may need a stock control method that matches your supply with your demand or reduces your stockout risk.

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Chat Pankhao

Independent Contractor AP - Project Manager Officer - Johnson and Johnson at RGP
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It's not always simple to deeply understand the customer's nature. Many times we have the planning team who worked for years in the company and slowly gained experience through everyday execution. Not that easy to clearly explain personal expertise in the mathematics model. Good idea to secure enough time and resources for the first transition. Team workshop, system demo, calculation parameters, and testing. Once mature, then a routine team review can be done. Continuously identify the business progress plan.

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4 Common stock control methods

After considering these factors, you can choose a stock control method that suits your business. Common stock control methods include the reorder point method, the economic order quantity method, the ABC analysis method, and the just-in-time method. The reorder point method involves setting a minimum inventory level that triggers a new order. The economic order quantity method involves ordering the optimal quantity of inventory that minimizes total cost. The ABC analysis method categorizes inventory items into three groups based on their value and importance. And the just-in-time method involves ordering and receiving inventory only when it is needed for production or sales. Each of these methods has advantages and disadvantages, so it is important to consider which one best fits your business needs.

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Chat Pankhao

Independent Contractor AP - Project Manager Officer - Johnson and Johnson at RGP
(已编辑)
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Currently, there are plenty of powerful applications in the market. The feature is not available only the basic supply chain calculation, but also for a complex visual dashboard. Some companies could even try to go beyond to the Big-data and AI. Many times, the user simply selects the most complex control method for the best flexibility. If the parameter is set effectively, the system usage will quickly be utilized and businesses can see the dollar gain in no time.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Vignesh S

Linkedin Top Inventory Management & Warehouse Operations Voice | LSSYB | Strategic Supply Chain Professional | Supply Chain Manager | Operations Manager | Expertise in Warehouse | Logistics | Supplier Management
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From my experience, inventory stock control methods involve in assessing your Business Needs, analyzing inventory types, and evaluating Your Current System. Based on the above analyses, the organization should determine the lead time at each category, product level, and demand variability, we should determine the service level in order to choose the methods such as: 1. JIT 2. JIC 3. EOQ 4. Safety stock 5. FIFO, LIFO, FEFO, LOFO and FEMAL The above methods play an important role in inventory control and businesses should identify the method that suits their goals and product line.

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Sagar Yadav

Associate Store, Luxury Shop Fittings,Bespoke Joinery and Interior Fitouts
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Action plan for the Non moving as well as damaged or rejected material. In terms of space , handling cost and material cost.

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What's the best way to choose a stock control method?

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1 Your business type

2 Your inventory costs

3 Your demand patterns

4 Common stock control methods

5 Here’s what else to consider

Inventory Management

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What's the best way to choose a stock control method?

1

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1 Your business type

2 Your inventory costs

3 Your demand patterns

4 Common stock control methods

5 Here’s what else to consider

Inventory Management

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