Stock management software Malaysia

 

The first step to understanding stock management is to realise what stock is. Consumers tend to think of inventory as finished goods. But for a business, stock is anything it must replenish. If a company makes soup, its stock might include anything from tomatoes to packaging tins to the fuel in the delivery lorries that take the soup to the grocery shop.

Generally, there are four types of stock:

  1. Raw materials and components: All the items that end up in the finished product. In the soup example, this would be every ingredient for every part of the recipe, including the flour that goes into the noodles and the spices that finish off the broth.
  2. Work-in-progress (WIP): As the name suggests, this is all inventory currently being prepared and packaged. Applying inventory optimisation at this stage helps carve out the most cost- and time-effective processes.
  3. Finished goods: The final products of the manufacturing process that are ready to be distributed to resellers or delivered to customers. These items are fully assembled, packaged, labelled, and checked for quality standards, making them ready for use.
  4. Maintenance, repair, and operating supplies (MRO): All the supporting materials that are needed in the production and delivery of items but are not included as part of the final product itself. In a manufacturing plant, this would include items kept on hand such as lubricants, tools, replacement parts, or cleaning materials used to service machinery.

While these are the most common types of stock, some companies may have many more sub-categories depending on their specific type of operation.

 Stock management software Malaysia


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