STOCKTAKING AND TECHNOLOGY Stocktaking means counting the goods (stock) held by a business at a particular time.
Technology has made it much easier for businesses to keep track of their stock. Stock levels can be automatically adjusted every time goods are sold and stock reordered when it reaches a minimum level.
Electronic Point of Sale (EPOS)
Most shops use scanners that read the barcodes on products. This is called electronic point of sale (EPOS).
The scanner reads the barcode and the stock level is adjusted. The system can also reorder stock when it reaches a minimum level.
Just in Time (JIT)
Just in time (JIT) is a stock control system that involves ordering stock as it is required. It reduces a business’s storage costs and any associated insurance or security costs.
For the just-in-time system to work well, the business needs to have a good relationship with suppliers.
