Mammoth also uses Truecount RFID software to generate reports of what they have should have on in stock. This task is performed after closing, and they reconcile their inventory the following morning to look for discrepancies. If there are any differences, the staff is informed where the missing items should be so the location can be physically checked.
Pro tip: No matter what your tech stack looks like, see to it that your hardware and software are working perfectly before the count. The group conducting your stock counts should consist of seasoned employees as well as those who can provide fresh eyes. Another option is to hire third-party inventory counters. Now, the actual counting procedure will vary from one provider to the next.
The timing of your inventory counting process matters a great deal, so have a think about when and what time to schedule your counts, and then plan way ahead. The question of when and how often you should conduct full physical inventory counts really depends on you.
Some stores do it once a year, others conduct it on a bi-annual basis, while other stores do it more often. Make sure they can make themselves available on the decided date. Touch base with your team and let them know in advance when you plan to conduct the count and at which locations so they can prepare the products and minimize stock movements on the day that the count occurs.
Whatever the case, regular messages and reminders will pave the way for a smooth stock taking experience. Draw up a map of your store and stock room that illustrates where your products are located.
Doing so will give an at-a-glance view of your store and make it easier for you to assign people to each section so you can determine the best way to go about the counting process i. Those loose boxes and stray pallets without a home are often the problems that come back to haunt you while you try to reconcile. Even if you must make new, temporary locations for the duration of the count, put everything in a well-marked and defined place, and leave it there.
Are there tank tops lurking in footwear section? Did someone mislabel a box of merchandise? Be sure to correct these issues before you begin counting. These could include merchandise in transit — such as outstanding orders from suppliers or products that have been returned. Ideally, these items should be processed and dealt with before performing the count to avoid any confusion later on. Ditto for faulty products. If you encounter damaged items before the count takes place, deal with them early on.
See to it that your team is familiar with all of the steps you took above. If you created a map, show it to them and ensure they know where people are assigned. Did you change the position of certain items or re-labeled boxes and sections?
Tell them—or better yet, show them. Take a walk with them on the sales floor or stock room so they can familiarize themselves with everything. This will make the task of actually counting and reconciling much easier. Water, sodas, and a few boxes of pizza will go a long way in keeping your employees happy and efficient.
Physically counting inventory is a tedious process, so you want your team to stay on top of their game. Keeping them well-fed and watered helps them do just that. Finished counting your stock? Take immediate steps to improve your inventory accuracy.
And the time to do this is right after you complete your inventory count. The information needs to be fresh in your mind, so avoid postponing your inventory checks and audits.
Pull up inventory reports — Doing so will enable you to analyze the data and see what you can do to improve your business. This task should be straightforward if your POS or retail management system has reporting and retail analytics capabilities. Just generate the right reports and study the data for actionable insights. Pinpoint high-risk zones — Use your inventory reports to identify high-risk zones or regions in your stores. Tell your staff about these high-risk areas and figure out how you can minimize losses in those regions.
This will help you figure out why losses or discrepancies are taking place, so you can take preventive action for the future. Comparing past reports with current ones will also help you see if your inventory practices are working. Are discrepancies decreasing over time or not? Whatever the case, the only to find out is to compare the data. If you encounter discrepancies take immediate action to get to the root of the issues. As we mentioned in our post on inventory reconciliation , discrepancies can often be traced back to human error, bad math, or missing paperwork.
Document your procedures and automate various steps to minimize mistakes. Sometimes, inventory discrepancies are caused by more sinister reasons.
Keeping track of your inventory data ideally using retail reporting software also helps a ton. If you intend to do physical inventory counts anytime soon, be sure to complete the tasks we talked about above. Remember, it takes no longer to take a good, accurate physical inventory than it does to take a sloppy, inaccurate physical inventory — and the benefits are many. AssetWorks FleetFocus has integrated inventory modules to help you streamline verify your inventory counts across your complete database, along with built-in tools and additional fleet management functionality.
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You may change your settings at any time. Your choices will not impact your visit. NOTE: These settings will only apply to the browser and device you are currently using. The Importance of Conducting Physical Inventory Performing physical inventories is critical to the success of any fleet organization.
How to complete a successful physical inventory count: 1. What are the consequences of an inaccurate physical inventory? To learn more about physical inventory in FleetFocus, simply fill out the form below:. Posts you may like:. More information. Privacy settings. This website uses cookies Cookie Usage This website uses cookies This site uses functional cookies and external scripts to improve your experience.
Cookie Usage We use cookies to ensure you get the best experience. Powered by Cookie Information. When using an inventory tracking spreadsheet, the staff counts every single item of inventory and inputs that data into an Excel spreadsheet. Divide the inventory tracking spreadsheet into three categories: SKU, location, quantity. If you have barcodes, scan those and put into the SKU column. This process of counting every space can be performed as many times as you want based on the size of your inventory.
General Tips to Remember Any process is performed best when plenty of preparation time is set in place. Using a visual aide makes the count seem less daunting and provides a navigation route to specific areas that may need more attention than others, like a damaged products area. Purchase necessary supplies. Better to be safe than sorry!
Plan a counting date in advance. Also let suppliers know you will not be accepting deliveries during count days. Decide who will be counting. Again, give your staff notice on who will be counting so they can adjust their schedule.
Physical inventory counters should be in pairs- no more or no less. One person is in charge of counting and the other to record data. If certain areas are not counted correctly they need to be re-counted. Review counting process with counters. Go over what data counters should be recording and which areas they should cover or not cover.
Identify which items to include or not include in the count. If possible, handle and record inventory before the count begins, such as returns and receipts. There should not be any movement during a physical inventory count.
If you receive a delivery during a count set it aside and mark it for later. Counting will be made much easier if warehouse or storage facility areas are free and clean of debris. Make sure there are no possible hazardous areas like wet floors or inventory hanging from shelves. Organize inventory beforehand. Arrange items before the count so they can be easily counted. Make sure inventory is clearly labeled to be counted or not, and make sure each item has a SKU or barcode.
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