Periodic stock taking is an important part of the business control process. Traditionally, stock takes were completed on an annual basis for establishing inventory value for accounting purposes. However, organised stock taking plans provide businesses with the ability to discover inventory they didn't know they had, discover inventory outages when they thought they had inventory, discover damaged inventory and keep tabs on high value and high turnover inventory. All of which lead to increased turnover and better customer service and customer retention.
The need for stock taking depends on many factors such as seasonality, inventory turnover rates, item values and warehouse security. To support varying needs Warewolf provides the following stock take types:
- High value
- Top sellers
- Special selection
- Spot check
Stock takes are conducted at warehouse level. (In Warewolf, shops and other retail units where inventory is held are called warehouses for consistency).
Warewolf's general stock take methodology
When stock take counts are setup, only those products which fall into the stock take type are relevant. So if brands Nike and Adidas where selected, then Puma and Underarmour would be excluded from inventory changes. Since Warewolf knows where inventory should be located in the warehouse,
Warewolf provides a guided route around the warehouse for speeding up stock taker productivity. (This feature may be switched off depending on client policy).
Stock takers capture warehouse locations by scanning a barcode then scan the relevant inventory items at the location. Having moved from location to location capturing the relevant inventory quantities, the count is submitted for review and acceptance prior to updating the inventory system stock levels.
Counting can be monotonous leading to stock takers forgetting to change location as they move around the warehouse. To combat this, the location reminder beeps every so often to alert stock takers.
Reviewers check variances and may accept all or part of a count and may reject some rows which go into a new batch for re-counting.