Stock or inventory is one of the important assets of a business especially of those who are in the retail and manufacturing or production field. It is important that organizations manage their inventory well because aside from the actual inventory cost, there are also other costs associated with inventory such as ordering cost, carrying or storage cost, and shortage or stockout cost.
Technology has helped tremendously in making inventory management easier. Now, there are software that make it easier to keep track of one’s inventory and perform the procedures that are necessary in making the inventory control system to be as efficient as possible.
A great stock/inventory control software will help the company maximize profits by keeping inventory costs to a minimum. Better inventory tracking also aids in achieving better internal control (preventing and detecting fraud and protecting the organization’s resources).
Among the stock control system or software available in the market right now is Orderwise. Its functions cover areas such as sales order processing, epos, procurement, warehouse, manufacturing, website integration and accounts integration.