Businesses dealing with large amounts of stock can operate more efficiently by employing a modern stock management system.
Problems such as port strikes can cause stock and inventory management issues for exporters and importers, according to Shipping Australia chief executive, Llew Russell. In addition to the problems at Australia’s ports, ongoing strikes between the Ports of Auckland and its workers also saw Fonterra, New Zealand’s’ biggest exporter ceasing their operations at the port.
Several other retailers and exporters for whom ensuring optimal levels of stock is vitally important have also experienced major disruption, especially over the festive season. Businesses need to have a clear picture of stock on hand, what is on order and how much is expected to be sold.
If they are under-stocked, they risk losing sales while over-stocking may require the business to sell surplus off at a discount after the rush has passed with both situations resulting in loss of profit.
Businesses can avoid these risks by implementing a modern stock management system such as the Stock Forecasting module of IRIS Exchequer software.
IRIS Exchequer’s Stock Forecasting module offers a range of functionalities designed to ensure the business has the right products in stock at the right time.
Key features of IRIS Exchequer’s Stock Forecasting module:
- Entry level offering predicts sales and usage, enabling the business to maintain stock at optimum levels
- Add-ons include automated purchase order creation, production work orders and production resource planning
- Accounting software allows the stock to be viewed in a logical layout including all purchase and sales transactions
- Multiple options for costing stock and extensive reporting capabilities provide an accurate picture of stock at any time
- Search function for serial number history allows the business to quickly determine if an item is still covered by warranty