Use BookMyEssay:Stock Management Assignment Help

Stock management is the process of ordering, storing, tracking and controlling the inventory. Stock management as a process involves all the products or stuff that is actually used to produce your goods and services right from the stage they were a raw material.

Types of Stock and Why Managing Stock is Important

Free Capital: There are raw materials, finished goods, work in progress and consumables that are the forms of stock that can exist. Taking about why stock management is important is an interesting topic. We all know that inventory is a tied up capital and if we manage it effectively we will be able to have more of freed up capital and never run short or surplus of inventory. Thus our asset remains well managed.

Achieving balance: Efficient management of stock needs us to understand various form of stock and their demands. To be able to achieve a position where our inventory is well balanced and the stock is also kept at reasonable levels we need to understand the inventory type and stock mix.

Raw materials: These are the unprocessed components that are ready to be used for the production process of another product. These are the building blocks of your final product.

Work in progress: As the name suggest these are the semi-finished products or the products that are still in the production process. The work is still going on these products

Finished goods: These are the products that are ready to be put in for sale. They have gone through all stages of production and quality check and are final products

Consumables: These are the products that are used in the daily process of the production. They help in daily running and working of the business like fuel etc.

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How Stock Management Helps Your Business

Strong base: Stock management is the base or a foundation for the longevity and sustainability of your business. When you have inventory control operational then all of it will fall into place.

Organized mechanism: When the inventory is manually organized there is no way to predict right numbers of demand. There is high chance of surplus or scarcity of inventory. When there will be an organized system to manage stock there will be no overstock or under stock.

Reputation: Due to lack of proper stock management there will be lot of impact to company order and inventory management hence impacting customer reviews. These mistakes may not cost you money but give you negative customer reviews and a hit on loyalty.

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