{"id":27096,"date":"2023-06-16T14:09:00","date_gmt":"2023-06-16T06:09:00","guid":{"rendered":"https:\/\/www.nextsmartship.com\/?p=27096"},"modified":"2026-01-14T16:15:04","modified_gmt":"2026-01-14T08:15:04","slug":"stock-control","status":"publish","type":"post","link":"https:\/\/www.nextsmartship.com\/blog\/stock-control\/","title":{"rendered":"Stock Control: Exploring Different Methods, Benefits, and More"},"content":{"rendered":"

Stock control<\/b><\/strong>\u00a0is one of the most crucial steps of business handling. Getting piles and piles of products into your warehouse to meet the rising needs of your customers is not the only thing you have to do. You must keep track of your stock to better understand your sales and pinpoint which product needs to be restocked sooner or later. All this might seem tempting, but it’s more of a daunting task.<\/p>\n

In this comprehensive article, we will shed light on what stock control\u00a0means, the different stock control methods, the multiple ways to implement a stock system, and the benefits of effective stock control. In short, it’s your ultimate guide on all you should know about stock control. So, without any further delay, let\u2019s get straight into it!<\/p>\n

\"Stock<\/p>\n

What is Stock Control?<\/b><\/strong><\/h2>\n

\"What<\/p>\n

Before delving deeper, it’s first important to understand what the term stock control\u00a0means. Stock control<\/b><\/u><\/strong><\/a>\u00a0is also termed inventory control and provides data about how much stock you have at any time in the warehouse and what methods you have opted for to keep track of it. Effective stock control\u00a0keeps you alert about the products that need restocking to avoid shortage.<\/p>\n

You can use the data obtained from this system to categorize your products as the best-selling and least-selling ones and opt for different strategies to maximize the sales of the second group. Otherwise, they will end up expiring, becoming waste, and leaving you with financial restraints.<\/p>\n

Stock control\u00a0helps complete business orders without delay when keeping the stock holding cost minimal. It won\u2019t be wrong to call this stock management a measure of profit and loss, as when done effectively, it can give you valuable insights, helping you increase profitability with every sale without even the need for raising prices. Isn’t it interesting?
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Different Stock Control Methods<\/b><\/strong><\/h2>\n

\"Stock<\/p>\n

Let\u2019s now have a look at the different stock control methods\u00a0w<\/strong>e can opt for when controlling stocks.<\/p>\n

1. <\/b>First-In, First-Out (FIFO) <\/b><\/strong>M<\/b><\/strong>ethod <\/b><\/strong><\/h3>\n

It’s one of the simplest and easily understandable stock handling methods according to which products purchased or manufactured should be sold first. Meaning when a customer places an order, the oldest current stock of that product will be delivered instead of the newest one.<\/p>\n

For instance, a company purchases 1000 items for $100 each and later purchases 1000 more for $150 each. If the company sells 60 items, according to the FIFO method, the cost of each good sold out of 60 items is $100\/unit because the first purchased item will be sold first.<\/p>\n

Advantages<\/b><\/strong><\/h4>\n