Stock Management – How to aggregate data and become faster, accurate and proactive

STOCK MANAGEMENT

Stock management is an essential part of any business, and it becomes even more critical when there are multiple stock locations involved. In today’s world, where there is an excess of stock due to the previous pandemic, stock management is something that companies are paying a lot of attention to. The challenge for many companies is that they do not have just one place to store their stock, but they have multiple locations. This means that to consolidate how much stock they have and how it is moving, they need to aggregate data from multiple locations. The question is how to make just-in-time stock management?

The first challenge of stock management is managing stock in multiple warehouses or locations. Sometimes companies have small stock in their own shops, and the shop managers have very little insight into how to manage their stock. Companies may need a simple tool to help them manage their stock.

The second challenge of stock management is concession stock. This means that a company places its stock with a wholesaler, and the wholesaler administers the company’s stock. This presents an interface issue as companies need to interact with their wholesaler’s system to know what stock is available. As it is usually a one-way interface, managing the stock becomes time-consuming and requires a lot of manual work. Therefore, automation tools that can help manage stock could be relevant in this case.

The third challenge of stock management is omnichannel management. Omnichannel is a whole new way of thinking, and it requires new competencies and IT systems. It requires stock management or any production method that is not what people typically think. If companies want to go omnichannel, it is a significant investment that requires radical knowledge of all stock in all places. To serve the consumer, companies need to access the stock of wholesalers where they have no interaction with their stock in their shops. However, it is challenging to manage all that data, and it requires tools like Qlik and Jedox, a prognostic tool that can replace multiple spreadsheets and prevent multiple errors in communication.

In conclusion, stock management is a critical component of any business, and it becomes even more challenging when there are multiple stock locations involved. Managing stock in multiple warehouses, concession stock, and omnichannel management are three significant challenges that companies face in stock management. Automation/BI tools like Qlik and prognostic tools like Jedox can help companies manage their stock more efficiently and effectively. Companies that invest in such tools can save time, prevent errors, and streamline communication.