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