Businesses which sell items such as clothing outlets and departmental stores need to keep a proper record of the amount of stock they have available in their stores. Keeping updated inventory records is necessary for the businesses so they do not run out of stock and know when they need to call in for stocks.
An inventory system is a basic tool used by the businesses to keep track of the stock of different items they have and when they will need to restock the products. Some businesses such as clothing outlets usually do not have a problem with re-stocking and keeping records of the inventory as new design and limited stock is a part of how these businesses are run.
However, the inventory system is crucial for businesses such as departmental stores as the products they sell are of different brands as well as categories so the distribution channels are separate.
For example, one brand of hand soap may also produce laundry detergent but not cereals. To restock the store will need to call the individual distributors for their products stocks.
Furthermore, inventory systems help keep track of the sale made of products and brands. This provides an insight of what brands are more popular and what things people are interested in purchasing.
The owner can then stock their store according to the customer’s preferences to generate loyal customers. What people purchase mainly depends on the type of area and neighborhood the store is located in. For example, imported products might be useless to stock in middle and lower class neighborhoods. This information can be recognized through the changes in the inventory. The more popular the product, the more stocks will be sold.
One of the biggest problem businesses face is not keeping proper track records of inventories. Bad restocking process due to failed inventory updating can cause businesses to lose customers. However, the technology advancement has made it very easy to create inventory records. There are computerized systems and software that tell what products are in need of restocking before the stocks completely run out.
Different kinds of templates can be download for offline use, according to the businesses preference. The inventory charts are filled according to the delivered stocks. The charts record the name of the product, brand, category, price, and quantity of the products individually. Limits can be set which then tell when reordering of stocks should be made.
The sales and purchases can be clearly identified when the quantity of the product decreases. This helps the person in charge of the stocking decide the number of stocks to order according to the purchasing trend. The departmental stores can make great use of inventory systems.
Below is a template for inventory systems: