Managing stock effectively is important for any business because without sufficient stock, production and sales will eventually grind to a halt. Stock control involves careful planning to ensure that the business has sufficient stock of the right type and quality at the right time.
Stock can mean different things and depends on the industry in which the business operates. It includes:
All of these areas need to be managed and controlled. Stock control safeguards stock from loss or theft but also protects the business from the risk of additional costs due to deterioration and obsolescence.