Stock control, otherwise known as “inventory control”, is a subdivision of inventory management. Both track and manage stock, but they are not the same thing. It is important to be able to distinguish between the two, and understand how they affect and serve one another.
Stock control specifically tracks the inventory that is currently in the business’s warehouse or on the business’s premises. This involves methods such as stocktake, and notes of stock received, sold, and transferred between branches. Ultimately, stock control gathers data on the inventory owned by the business.
Inventory management uses the data gathered in stock control, and makes predictions of future trends within the business. Based on these predictions, business owners can ensure that the right amount of stock is available at the right time, and is at the correct location.
There are multiple methods and devices that can be used to implement stock control and inventory management; however, Radio Frequency Identification (RFID) is by far the superior technology with which to achieve accurate results.
RFID Stock Control in South Africa: The Benefits
RFID stock control allows for increased accuracy and speed in stocktake. It can also enable a business to apply the method of perpetual stock control more easily. Other benefits include:
- Detailed information on stock, that includes aspects such as quantity, models, colour, and more.
- Remote reading of items, with an increased distance between the scanner and smart tag (this distance is measurable in meters).
- No need for locating and scanning of barcodes.
- Multiple tags can be read at once, increasing the speed with which stock is tracked.
- Each smart tag is unique, ensuring products are never recorded twice during a stock take.
- Due to the ease and speed with which stock and its movement can be recorded, labour costs decrease. This is because staff do not have to work longer hours to complete stocktakes, and external help does not have to be hired to complete a stocktake.
RFID Stock Management System in South Africa: The Benefits
With increased accuracy and real-time detailed inventory information, predictions will have more precision. This will ensure that no stock ever goes to waste, and that businesses bear less of a financial loss in the long term. It will also allow businesses to accurately predict timeframes in which sales increase, as well as which items experience an inflation of popularity, ensuring that there is enough stock available in those upward swings.
RFID technology is changing the landscape of stock control and management, and can ensure that your business soars to greater heights of success. To find out more about how to implement RFID in your business, contact us at Milestone.