In South Africa, small businesses are increasingly using digital technology to help them in the management of their stock, as the inefficient management of this aspect is a problem for small businesses.
Business expert Themari Eicker explained that inventory is one of the most expensive assets within a business and needs to be managed effectively. This aspect is a problem for small businesses, especially for small retailers, as noted in a recent study by Eicker.
Simple digital tools, for example, Google Sheets, or Microsoft Excel, are used by new businesses because they are easily accessible and can be used for free. These tools allow new business owners to track their stocks, record their sales, and track their inventory manually. This is better than the previous way of keeping track of their stocks.
Another type of point-of-sale (POS) system, which also comes with a stock control feature, is also gaining popularity for growing businesses. Yoco Counter allows business owners to have a clear view of their business, including their stock levels.
Carl Wazen, Yoco’s Chief Revenue Officer, explained that Counter takes away the hassle of juggling tools and the uncertainty of guesswork
“Just clarity, control, and efficiency, so you can focus on growing your business and let the good things happen,” said Wazen.
He also said most small businesses that use Yoco POS systems have testified that they are now able to keep tabs on their stock levels through their systems, having used notebooks and their memory to order goods.
Nomsa Mahlangu, senior advisor for the Small Enterprise Development Agency (SEDA), said good inventory management is key to good business practice and that it ensures cash flow and allows small businesses to be competitive.
“Many retailers in townships and informal areas operate with manual systems. By going digital with their stock management, they can be more responsive to customer demands and minimise stock management inefficiencies,” she said.
