Stocking Inventory: Understanding the Basics

With a stock inventory system (ระบบสต๊อกสินค้า, which is the term in Thai) there’s no stopping in how much you can keep storing. However, improved inventory management helps you reap several benefits like reduced capital linked with inventory or boosted productivity/sales because of the availability of items. Here we shall understand the basic concept behind stocking inventory to help you with comparable business.

Get Started By Establishing A Stocking Target

You can start by curating a non-complex template. This will allow you to set a goal for stocking for every product. Earlier, people relied on trial on error techniques when setting Stocking targets, but today you can take advantage of the specific calculators that are available on the internet to create initial targets. 

Prioritize The Imperative Products

First off, you need to pick imperative items that can organize the inventory at the first level. Make a list of the items that are important on a sheet along with the part numbers followed by the vendors who are in charge of selling the same to you. You must make a list of these in the same order that you wish to follow for your inventory. Try putting the vendor name on the second sheet of the vendor master list. This way you can make an order list that is vendor-specific sometime later, to eliminate the possibility of having myriad names for the same vendor. 

This will also help you to cater to every order meticulously.

Establish Stock Goals

Setting the goals for the stock is perhaps the most challenging part in the method where the units you plan on selling during the order period will determine how you set up the targets for the stocking inventory system. Avoid many mistakes when you begin filling the stocking targets filters. Bear in mind that when you are filling this that storing things in the inventory comes with a price. You have to spend a particular amount of money to stock things up in inventory, so being conservative in this regard will do you no good.

After Setting The Stock Targets, Take Inventory

Go through after setting targets for every item and take inventory. In case you happened to have taken inventory in the past on the sheet then you must consider removing all the values from the inventory row. Try doing this in a stipulated timeline, as the method works only during consistency.

Stocking inventory (ทำสต๊อกสินค้า, term in Thai) management is the pillar of longevity. It is when your inventory is organized properly that the remaining supply-chain will gradually work in perfect order. Without stock inventory management it is difficult to cater to timely shipments and it is easy to fall into the potholes of overstocks, out-of-stocks, and so on. All of these will only cost you unnecessary money and will have your labor wasted in the wrong way.