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

In restaurant operations, stock management includes controlling food and beverage inventory to prevent spoilage and reduce waste. A restaurant owner might state, 'Our stock management system helps us track ingredient usage and plan purchases more efficiently, keeping costs down and quality high.'

Practice Scenarios

Business

Scenario:

Our store has been out of popular items quite often lately. We need to revisit our strategies and improve product availability.

Response:

I agree. Improving our stock management system could ensure we always have customer-favourite items in stock.

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.