what is stock management?

Stock Management is the process of handling a business's backend product system. It is crucial for various types of businesses, whether they are retail businesses that buy and sell products or businesses that have their own manufacturing facilities.

Stock management involves managing and organizing product inventory to meet customer demand effectively, encompassing tasks such as efficiently handling the replenishment of products in the inventory. In essence, it is the management of the product system to prevent disruptions or issues.

Having a stock management system instills confidence in customers regarding the readiness of the seller. It enhances customer satisfaction when they want to make a purchase, and the store can promptly deliver the products. Furthermore, it serves as a preventive measure against problems like product shortages, overstocking, or the accumulation of a large quantity of products that may expire or become obsolete. These issues can result in losses and deterioration of the business, especially if the received products do not meet standards or lack quality.

However, each business may have their own stock management system since the planning and approaching to stock management should align with the business's operations and suit the nature of the products.

In the present day, technology plays a vital role in stock management systems, eliminating the need for manual counting. This benefits businesses by reducing errors, increasing accuracy in inventory counts, and improving overall stock management efficiency.