Stock Control Basics

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What are the key components of stock control?

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Having sufficient stock, recording stock and stock movements, checking stock levels, re-ordering stock, rotating stock, and dealing with damaged, returned, and out-of-date stock.

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What types of stock should learners be aware of?

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Perishable, non-perishable, frozen, high value, fragile, restricted, large items, and living stock.

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What technology is used in stock control?

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Computerised systems, databases, EPOS, and automated ordering.

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What are the benefits of using technology in stock control?

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Improved efficiency, accuracy, and ease of managing stock levels and movements.

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What is the purpose of stock rotation?

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To ensure that older stock is used or sold before newer stock, reducing waste and spoilage.

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How does EPOS help in stock management?

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EPOS systems provide real-time data on sales and stock levels, helping in accurate stock tracking and reordering.

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What are the challenges of managing high-value stock?

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Ensuring security, preventing theft, and maintaining accurate records to avoid financial loss.

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What is the role of inventory audits in stock management?

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Inventory audits help verify the accuracy of stock records, identify discrepancies, and ensure accountability in stock management.

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How can stock forecasting benefit a business?

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Stock forecasting helps in predicting future stock needs, reducing overstock and stockouts, and optimizing inventory levels.

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What is the impact of lead time on stock control?

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Lead time affects how quickly stock can be replenished, influencing reorder points and safety stock levels to prevent stockouts.