Stock Management – How to aggregate data and become faster

The Importance of Stock Management in Today’s Business Landscape

Stock management is an essential part of any business, becoming even more critical when multiple stock locations are involved. In today’s world, where there is an excess of stock due to the previous pandemic, companies are paying significant attention to stock management. The challenge for many companies is not having just one place to store their stock but multiple locations, requiring the aggregation of data from various places to consolidate stock levels and movements. This need gives rise to the question of how to achieve just-in-time stock management effectively.

Tackling the Challenge of Multiple Warehouses

The first challenge in stock management is managing stock across multiple warehouses or locations. Often, companies have small stock amounts in their shops, where shop managers may lack insight into effective stock management. There’s a clear need for simple tools that can aid businesses in managing their stock more efficiently across various locations.

Navigating Concession Stock Complexities

The second challenge involves concession stock, where a company places its stock with a wholesaler who then manages it. This scenario presents interface challenges, as companies must interact with their wholesaler’s system to ascertain stock availability. With typically one-way interfaces, managing stock becomes time-consuming and labor-intensive, highlighting the relevance of automation tools that can streamline this process.

Mastering Omnichannel Management

Omnichannel management represents the third significant challenge, requiring a new way of thinking, competencies, and IT systems. Going omnichannel is a substantial investment, demanding a comprehensive understanding of stock across all locations to meet consumer needs effectively. This challenge necessitates the use of advanced tools like Qlik and Jedox, which offer prognostic capabilities to replace multiple spreadsheets, minimize errors, and improve communication.

Conclusion: The Path to Efficient Stock Management

In conclusion, the complexity of stock management escalates with the involvement of multiple stock locations. Addressing the challenges of managing stock in multiple warehouses, concession stock, and omnichannel management is crucial for businesses striving for efficiency. Investing in automation/BI tools like Qlik and prognostic tools like Jedox can significantly enhance a company’s ability to manage its stock more effectively, saving time, preventing errors, and streamlining communication.