Stock Management Practices with Milk Stock Management System
Stock management is very crucial for a business’s health as it ensures optimum stock quantity is available for fulfilling future customers’ demands.
The products that are sold become revenue, and products available in the stock tie the cash. This means, that excess stock costs money and affects the cash flow.
Stock management software integrated with an online milk management system helps in maintaining healthy stock management practices like;
- Demand forecasting
- Maintain buffer stock
- Follow FIFO (first in first out)
In this blog, learn how “milk stock management software” helps in maintaining stock management practices.
Ways in which milk stock management software helps with stock management practices
Inventory management- The software auto-generates precise inventory report that has detailed data on- inventory available in the warehouse, total inventory required to fulfil future customer demand, and extra inventory to be collected for order fulfilment. Having an inventory report ensures that the business never goes out of stock or is overstocked.
Benefits of inventory management
- Ensures sufficient stock for order fulfilment
- Gives a precise detail of available stock, makes sure that businesses do not oversell
- Avoids spoilage of stock due to overstocking
Real-time inventory tracking- Inventory tracking is the process where businesses monitor their inventory. This inventory can be ready-to-sell products or stored products. Real-time inventory tracking makes sure that the products that are arrived first are sold first. In industries like dairy, it is crucial to track the inventory due to the low shelf life of the products.
Benefits of real-time inventory tracking
- Assures FIFO (first-in-first-out) model is followed.
- Prevents losses due to spoilage
- Avoid overbuying the stock
Reporting tool- The software allows the business to track product status, order status, drivers, order dispatching and shipping in real-time. The businesses can track all these activities from the admin panel. Real-time order tracking ensures businesses that the products are delivered accurately and timely.
Benefits of a reporting tool
- Business owners can keep the track of their business activities
- Helps in tracking the staff performance
Inventory forecasting- The auto-generated report allows businesses to know the total inventory required to fulfil future customer demand. The system is integrated with the milk management system and fetches the data of order placed and forecast the inventory requirement.
Benefits of inventory forecasting
- Makes sure all the orders are fulfilled
- Avoid overstocking the product
- Prevents spoilage of the product
Milk stock management software plays an important role in maintaining healthy milk stock management practices. Milk stock management software is integrated with a milk management system which is a complete suite for the entire dairy business. The system optimises the stock available ensuring that the product is sufficient for order fulfilment. This allows the business to keep less stock on hand and frees up the cash. This cash can be used in other business operations.