If you’re looking to improve your company’s efficiency and profitability, consider enrolling in an inventory management or stock control course. These training programs will give you the tools needed to better manage your warehouse operations to increase productivity, reduce waste and improve customer service.
If you’re running a larger organisation or your SME is growing fast, you’re likely already using ERP software to manage your operation. Omni Accounts prides itself on offering leading-edge accounting and ERP software that is both intuitive and easy to use. However, we also realise that no two people are in the same business position with the same skill set. Therefore, if you’re making use of our tools and you want to get the most out of them, we encourage you to enrol in one of our training courses.
When it comes to stock control and basic manufacturing knowledge, it’s good to have the basics in place.
Inventory Management vs Stock Control
Inventory management is the process of tracking, monitoring and controlling the flow of goods and services in the supply chain. It’s also referred to as stock control or stock control software. It’s a way for businesses to manage their inventory through a system that tracks all items sold, orders placed, and items purchased. Inventory management works by compiling sales trend reports, helping you decide how much stock you need to keep on hand at any given time.
Stock control refers specifically to managing inventory levels within a single business unit or company—for example, your retail store or restaurant—whereas inventory management encompasses an entire supply chain across multiple locations within your organization (and potentially with other vendors).
Stock control ensures that your business’ stock is used correctly, including planning, ordering, receiving, and storing products. If a business has poor stock control, it can result in higher costs and delays in production.
Stock control helps to keep costs down and improve efficiency by ensuring that:
- You only pay for what you use or sell;
- You don’t pay more than necessary for goods ordered;
- You have enough product to meet demand;
Stock control is essential for businesses of all sizes – from large corporations to small start-ups.
What Are Warehouse Operations?
Warehouse operations play an essential role in the overall success of your business. If you’re looking for a warehouse management system, it’s important to know what types of warehousing operations are available and how best to manage them.
Two types of warehousing include industrial and retail. Industrial warehouses store materials that will be used in manufacturing, while retail warehouses store goods ready for sale to customers. These goods can be sold online or through physical stores by retail outlets.
Warehouses are used for storing goods until they can be distributed either internally or externally, often using a multi-stage distribution system (MSS). This includes receiving goods from suppliers at one end, storing them until needed, and then processing orders on receipt.
Warehouse management is the process of planning, organising, directing and controlling activities in a warehouse. It involves:
- The selection of processes to be performed
- Development of procedures to control these activities
- Acquisition or creation of resources required to perform them
- Determination of policies relating to their use
- Coordination between departments and ensuring that these systems are implemented effectively
The goal of warehouse management is to maximise efficiency while minimising costs.
Find the Right ERP System
Effective stock control or inventory management is essential to any business and can be achieved by many methods. However, if you’re part of the Omni family, you’ll know that we offer a range of solutions to suit your business.
You have the option to choose the ERP modules that you need, whether you’re in manufacturing, retail, or distribution.
For example, an Omni manufacturing group of modules. suitable for automotive, chemical, or food and beverage industries includes:
- Bill of Materials (BOM)
- Decanting (Production) Batches
- Job Costing ERP Module
- Serial & Batch Numbers
The retail sector would undoubtedly require advanced inventory management software that would include switches such as:
- Multiple Stock Warehouses
- Stock Serial and Batch Numbers
- Inter-warehouse Documents
- Bill of Materials
- Stock Bar Codes
- Stock Decanting (Manufacturing) Batches
It’s a lot of information, and there is a range of choices, so we always encourage our clients to request a product demo or chat with one of our staff to get all their questions answered.
Find the Perfect Inventory and Stock Training Course
Omni Accounts offers a range of training courses to make certain that you’re getting the results that you expect from our software. In particular, anyone who wants to get the most out of the Stock module would benefit from the 4-hour inventory stock control training course, which deep dives into the complexities of stock, warehousing, reporting, and basic manufacturing.
If you’d like to learn more, please feel free to get in touch with us.