Inventory Control

In today's business environment, even small and mid-sized businesses have come to rely on computerized
inventory management systems. Certainly, there are plenty of small retail outlets, manufacturers, and
other businesses that continue to rely on manual means of inventory tracking. Indeed, for some small
businesses, like convenience stores, shoe stores, or nurseries, the purchase of an electronic inventory
tracking system might constitute a wasteful use of financial resources. But for other firms operating in
industries that feature high volume turnover of raw materials and/or finished products, computerized
tracking systems have emerged as a key component of business strategies aimed at increasing
productivity and maintaining competitiveness.

An inventory control system is a system the encompasses all aspects of managing a company's
inventories, purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering.
In different firms, the activities associated with each of these areas may not be strictly contained within
separate subsystems, but these functions must be performed in sequence in order to have a well-run
inventory control system. Computerized inventory control systems make it possible to integrate the
various functional subsystems that are a part of the inventory management into a single cohesive system.

Inventory control, also referred to as stock control, is so broad and incorporates so many functions that it
is difficult to describe in a limited definition, but we like how this Inc.com entry puts it: Inventory control
refers to all aspects of managing a company's inventories: purchasing, shipping, receiving, tracking,
warehousing and storage, turnover, and reordering. Inventory control is such a critical piece of an
organization's operations and bottom line that it is too important to leave to human error or antiquated
systems. That's why so many companies opt to invest in inventory control systems so that all of the
components of inventory control are managed by one integrated system.

Effective inventory Control is vital for any business, from a newly established brand all the way up to
Amazon. It allows you to optimize your cash flow and reduce resources spent in inventory control. By
using automated inventory control software systems, you can implement a strategy for inventory control
that tracks your assets in real-time. Giving you visibility and control over your stock.

Even if your business has a relatively small operation, you can choose between a periodic or perpetual
inventory system. However, if you have a large volume of stock or more complex processes, a perpetual
inventory system is definitely a more suitable option. And if you look to complete your retail tech stack,
research the best inventory system that can be seamlessly integrated with the rest of your business
operations.