Stock management is the practice of ordering, storing, tracking, and controlling inventory. Stock management applies to every item a business uses to produce its products or services – from raw materials to finished goods. In other words, stock management covers every aspect of a business’s inventory.
Why Stock Management is important?
Efficient stock control requires understanding the mix of different kinds of stock and acknowledging the demands on that stock. This help keep stock at a reasonable level, balancing the need for surplus supplies with the need to reduce tied-up capital.