Stock Control

What is Stock Control? Stock Control is the management of assets in the form of stock within an organisation. Stock can account for up to 30% of the total assets held by the company – this makes it a very valuable item. DAVID

Categories of Stock Stock within an organisation is split into 3 main categories: Raw Materials Work in Progress Finished Stock CELINE

Raw Materials This is the stock of raw materials which are being stored until they are required for use in the production process. Examples of Raw Materials: Metal Rubber Plastic JASON

Work in Progress This is stock which is currently going through the production process. It is waiting to move onto the next stage in production. DAVID

Finished Stock This is stock which has completed the production process and is ready to be sold. It is in storage until it is shipped to a customer. CELINE

Monitoring Stock Stock that is being held by an organisation has to be monitored. This helps to reduce theft and loss of stock and products Stock can be monitored in a number of ways: Manual recording (Bin Card System) Databases and Spreadsheets JASON

Bin Card System This is a very old method of stock control, which involves employees checking and recording every single item. This method is being phased out and is now rarely used. Many old-fashioned companies however still use this system DAVID

Databases and Spreadsheets Most businesses use an electronic system for recording their stock. Barcode scanners and RFID tags send information back to a central database which automatically triggers the re-order procedure when stocks become low. These types of systems are very reliable and efficient and can help towards reducing loss and theft of stock. CELINE

JASON