Steps to Successful Implementation of Stock Management Systems

Stock management is the process of observing the flow of items into and out of your inventory. An ideal stock management system keeps costs of stock under control and helps you achieve the positive cash flow. Stock management system should deliver up-to-date inventory figures, extensive financial management and fast reporting capabilities. Let's have a look at steps of successful implementation of stock management system:

Choosing a system

Stock management systems come with different functions. Some functions are simple computer based database or spreadsheet. Advanced software comes in 2 styles, resident software which runs on company server and another is cloud based packages, sold as service, no need to purchase, maintain or upgrade them. Right system for your business is the one that meet basic needs of your business.

Implementing a system

To implement a stock management software for pharmaceutical, your business should have good stock management practices at your place first, like consistent stock locations and a standard procedure for counting and verifying stocks. When you have these practices, you can work with vendor to implement the suitable solution. For successful implementation of the system, every employee who will work on that system should be trained to reduce human errors.

Human element

Data in the stock management software for pharma industry is proper only if people carrying out this task are paying proper attention. Mistakes in data entry can lead to inaccurate stock counts while misplacing the goods can make it challenging to find an item at the place system is pointing.

RFID

Introduction of RFID tagging in stock management is one revolutionary change happened recently. RFID is also known as radio frequency identification. RFID tags put small radio device on each piece of stock item allowing each piece to get located and tracked. Tracking items and data entry has become very easy and time saving because of RFID technology. It also eliminates human error.