06 Apr The Difference Between Inventory Management and Inventory Control
It makes no difference whether you call it stock or inventory. However, it is key to understand the different types of stock/inventory. As well as the difference between inventory management and inventory control. In this guide, we highlight the different types of stock and the difference between the interrelated activities of stock control and stock management.
Table Of Contents
What is Inventory Management?
Simply put, inventory management is the process of making sure you have the right amount of inventory, at the right place when you need it. The old practices of manual stock counts and spreadsheets made it difficult to forecast and track your customers buying patterns.
Imagine going to your local grocery store to buy milk, only to find that it is sold out. What would you say if the manager told you, “At least we still have cheese”. A stock management solution enables you to forecast fluctuating demand patterns to ensure you always have the right amount of stock to meet customer demands.
What is Stock Control?
Inventory control, on the other hand, is knowing where your stock is, at any given moment. When you are running, it’s easy to see where your stock is. However, as your operation grows, things become more complex.
By understanding where your stock is, you can plan how to organize and distribute it efficiently. Again, if you went to your local grocer and he told you the milk is on the way from their warehouse that is in another province. They’d lose you as a customer, right?
This is why you need a system that makes your stock control processes simpler by providing accurate, real-time visibility of your inventory.
What type of inventory does your business hold?
With an industry-specific inventory management solution with integrated stock control, you can ensure efficiency regardless of the type of inventory you hold. Whether you’re a retailer that keeps merchandise or a manufacturer that needs visibility of raw materials & work in progress (WIP). Perhaps you deliver to remote areas and need to track transit inventory or a service business that requires visibility of maintenance, repair, and operations goods.
Better Decision Making with Inventory Management Software
Make better decisions and ensure operational efficiency through an inventory management system that caters to your unique stock control and management requirements.
Glad you enjoyed this quick guide on the difference between inventory management and inventory control, as well as the different types of stock you may hold.
Need help choosing the ideal stock control and stock management software for your business? Drop us a line on 011 792 9521, and we’d be glad to guide you in choosing a solution that caters to your industry-specific requirements.
When managed effectively, inventory is not a headache. With the right inventory tracking system in place, effective inventory management is guaranteed. Nothing boosts customer satisfaction more than having what they need when they need it. Get automated alerts at the optimal reorder point based on tested and world-class inventory management techniques. Maintain control of your physical inventory and eliminate the time-consuming legacy processes.
Choose the best solution for small businesses and midmarket businesses. Reduce your total costs of keeping excess inventory now with the best inventory management and control software systems. Ensure that you always have the optimal amount of safety stock/inventory levels, accurate replenishment cycle counting, and reduce your carrying costs with inventory control systems. Gain insight into economic order quantities (EOQ) and reduce the costs of ordering excess stock. Eliminate unnecessary inventory holding costs.
Looking to invest in a cloud stock control system that allows you to track perpetual inventory and stock levels while streamlining warehouse management? Learn about Acumatica Cloud Inventory Control Software. Get rid of the tedious physical count and track your inventory turnover with accuracy. Let’s help you stay on top of your inventory costs and ensure you never run out of stock. Enjoy the best solutions for businesses that deal with products or services.