Stock Control management is important to any business trying to remain competitive and profitable while continuing to grow. Not enough stock means lost sales. Too much stock means increased costs for storage and management as well as less cash on hand. Having an efficient Stock Loss Control System in place, can take away most of the headache of financial losses due to a badly implemented Stock Loss Control System, or not having one in place at all.
The Financial Benefits Of Stock Loss Control
“Every company has a limited pool of capital, both monetary and personnel. Tying up either of these reduces efficiency. Freeing up capital as management time and resources makes sense because it can provide the following benefits:
- Reduce the financial loss of stock due to theft
- By having an effective Stock Loss Control System in place, you can prevent the financial loss of stock due to theft by employees or customers.
- Trim management administration costs
- When you have an efficient Stock Loss Control System in place, management don’t need to spend so much time monitoring employees and being involved in unnecessary disciplinary hearings due to theft.
- Focus capital on manufacturing capacity
- Once a Stock Loss Control System is in place, the company can use the capital that has been saved from reduced financial loss due to theft; and invest it in other areas of the business.
All opinions expressed in this article are not the onus of the publisher nor supplier.