Whether you are running a restaurant or a pharmacy, inventory management is a central part of your business administration and management. Having control over inventory allows the company to provide an excellent customer experience and improve the efficiency of supply chain management – all of which impact customer relations.For these reasons, it is essential that you have good inventory management. Why does it matter? First of all, good inventory management makes conducting economic order…See More

Technology advancement has changed almost all sectors of human life, including the retail world. While retail has been transitioning into the digital world for some time, the COVID-19 pandemic changed the minds of those who have not undergone a digital transformation. Worldwide lockdowns pushed online shopping into overdrive over the past two years. This year, analysts expect over 266 million digital buyers and forecast a steady increase for the next few years. Consequently, businesses that…See More

As a business that heavily depends on fresh products, a restaurant must have proper food inventory management to succeed. Keeping track of stock consumption across all the outlets helps you to make informed business decisions on how to run the restaurant for maximum profit. Otherwise, you will have to deal with food shortages, unnecessary food waste and inaccurate forecasting – all of which can greatly hurt your cash flow.Using retail inventory software like Advstock Inventories …See More

Any business that handles stock must have excellent inventory management. Having the products needed to meet customer demand helps to propel a business to success. This applies to businesses of every size, including pharmacies.To correctly predict market demand, a business owner requires accurate insights into real-time stock levels. Said insights can be achieved by tracking the flow of stock using retail inventory software. Here is why pharmacies must have the right retail inventory software…See More

One of the most common mistakes businesses make is overstocking. This issue occurs in both small and big companies. Despite seeming like a good idea, having too many stocks in your inventory does more damage than good.Overstocking is an easy mistake to make when you don’t use a retail inventory software to keep track of your stocks. First, you have to deal with the fluctuating customer demands, which…See More

Whether you’re running a small or large business, having efficient inventory management is the key to rapid business growth. With proper inventory management, you get to deliver products to customers on time and meet the market’s demand – boosting your sales and overall shopping experience.That said, managing inventory is not an easy task. Let’s take a look at some of the most common problems that occur in the supply chain.Lack on Inventory VisibilityIf you cannot locate or identify the current…See More

If you are running a stock-based business, doing a stocktake regularly and correctly is essential. Having updated knowledge of the stock levels held in the inventory helps to avoid over-stocking, prevent stealing, and identify damaged or misplaced stocks. Proper stocktaking also lets you detect slow-moving or dead stocks and reconsider your pricing strategy. In other words, stocktaking highlights any issues within the warehouse processes.All the insights gained from monitoring your stock levels…See More

Any business that sells physical goods must be familiar with inventory management. It is the process of ordering, storing, and tracking a business’ inventory. Inventory management governs the flow of raw materials, components, and finished goods – from stock purchasing to sale – and makes sure all the stocks are used effectively and efficiently.Inventory management makes or breaks a business’ cash flow. For instance, businesses that deal with perishable goods must keep track of their expiry…See More

Any business that deals with physical goods must be familiar with stocktaking. The process involves counting the items in your storage facility and cross-checking the results with the numbers on your records. Some businesses conduct stocktaking once a year, while others do it on a monthly basis.The growing role of technology in the business sector, particularly in the stocktaking area, influences the birth of stock and…See More

In this fast-paced world, businesses will not survive without proper inventory management. Having too little or too many stocks in hand can result in revenue loss, which dampens your business’ growth. The best way to maintain your inventory’s health is to conduct regular stocktaking.The purpose of stocktaking is to keep track of all the physical items stored in your storage facility. You process the findings into a comprehensive report and cross-check it with the records of your previous…See More

Anyone who is running a business must have been familiar with the process of stocktaking. Besides recording the quantities of all the inventory you currently have, it also involves checking the goods’ quality for any stock issues like damaged products, missing orders, and spoiled goods.Stocktaking should be conducted regularly as it affects your business’ purchasing, production, and sales. If it is done correctly, accurate stocktaking can help your business avoid stockouts, overstocking, and…See More

Stocktaking is the process of checking and recording your inventory. It plays a major part in your business’ workflow as the insights you gain from it allow you to make sound business decisions in terms of purchasing, production, and sales.If you’re a manufacturer, stocktake reports tell you when to purchase the goods needed to make your products. Similarly, retail business owners can use the stocktake records to identify dead stock and stockouts, resulting in bigger revenue.Businesses that…See More

If you’re a business owner, you must be familiar with the process of stocktaking. Depending on your business’ size and type, this activity can be time and energy-consuming.Yet, the importance of stocktaking is evident. Other than reducing loss and waste, doing it regularly will help improve your business’ revenue and discover potential and dead stock. If it’s done properly, stocktaking can even uncover theft within the business and provide insights for accurate stock level forecasting. As…See More

Every online or offline business selling physical products must be familiar with stocktaking. This process involves manually checking whether the quantity and quality of all the inventory a business currently manages are accurate and in good condition. By regularly conducting stocktakes, a business can gain insights into products that sell and don’t - essential information for avoiding product shortage. If you’re selling perishable goods, stocktaking makes sorting items due to expire easier,…See More

Whether you’re handling inventory management using Excel or are using AdvStock’s retail solution, stocktaking is a critical part of running a retail store. Advanced and detailed planning is necessary so painful stocktaking won’t come into existence. Below are the top three stock counting tips we came up with for the hardworking retailers:1. Use inventory scanners or other types of stock counting technologiesGone are the days when physical inventory counts are done using a piece of pen and a pad…See More