stock-management

Vocabulary Word

Definition

'Stock management' means keeping track of the goods a company has, like products ready to be sold. It involves knowing how much stock you have, where it is, and when you need to order more or reduce it.

Examples in Different Contexts

For e-commerce businesses, effective stock management is crucial for maintaining accurate online inventory levels and fulfilling orders promptly. An e-commerce manager might explain, 'We leverage technology to automate our stock management, ensuring real-time inventory accuracy across all sales channels.'

Practice Scenarios

Tech

Scenario:

We are often running low on essential equipment. We need a better way to anticipate our technology needs.

Response:

Indeed, by implementing a predictive stock management system, we can better forecast our tech equipment requirements.

Operations

Scenario:

Our production line has been disrupted several times recently due to material shortages. We need to review our supply chain and ensure constant availability.

Response:

You're right, a better stock management strategy would prevent these work stoppages and keep our production line running effectively.