How to Efficiently Manage Your Daily Stock Tracking Process

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Introduction

Tracking inventory levels and supplier performance may be a difficult undertaking for business owners. But, with the appropriate methods and tools, you may improve the stock tracking procedures and learn important lessons about inventory control. OnSpace is one such solution that can assist you in doing this; it is a no-code platform that enables you to build custom forms, obtain analytics from your data, and automate workflows. The process of developing an internal business solution for daily stock tracking using OnSpace is covered in this article as a guide.

Create a custom form

The second phase entails developing a unique form that will enable you to record information about your stock tracking. You can build a form with fields like these using OnSpace's custom form builder.

1. Product name
2. Product Code
3. Products category
4. The current stock level
5. The minimum stock level
6. The maximum stock level

By collecting this information in one place, you can simply keep track of your inventory levels, suppliers' performance, and the effectiveness of your purchasing and sales tactics.

Add your team in the form.

To begin collecting data, add your team to the form. Ensure that everyone knows how to collect data using the custom form.

Set up analytics

After creating your custom form, you may begin collecting information for stock tracking. You can utilize OnSpace's built-in analytics tools to learn more about your data. These are some examples of analytics you can obtain from your data:

1. Stock levels per product: This will provide you a fast summary of the amount of stock you have for each item in your inventory. By keeping an eye on your inventory levels, you can determine which products are selling quickly and which ones are taking longer than expected to move off the shelves.
2. Stock levels by category: With this information, you may determine which categories have the most stock and which categories are running low. You can check your stock levels by category to make sure you have adequate inventory to satisfy client demand and avert stockouts.

Workflow automation

Together with analytics, OnSpace also provides workflow automation solutions that you can utilize to make your stock tracking procedures more efficient. The following are a few of the workflows you can automate:

1. Low stock alerts: You may configure an automated procedure to notify your purchasing department by email or text message when stock levels for a specific product drop below a predetermined level. By doing this, you can stay ahead of supply shortages and guarantee that you always have enough product on hand.

Benefits of using OnSpace for daily stock tracking

1. Increased efficiency: You can save time and lower the chance of mistakes by streamlining your stock management procedures and automating tasks.
2. Better inventory management: By monitoring stock levels, supplier performance, and sales patterns, you can make strategic decisions regarding your inventory levels and make sure that you always have enough stock on hand to satisfy client demand.
3. Better decision-making: By evaluating your data, you can get knowledge about how your company operates and decide more wisely on your merchandising and sales tactics.

Conclusion

Creating an internal business solution for daily stock tracking using OnSpace is a quick and easy approach to simplify your stock tracking procedures, acquire insightful information about your inventory management, and make decisions about your operations. The procedures provided in this article can be used to build a tailored solution that caters to the particular requirements of your company and aids in your goal-achieving.