Unlocking Inventory’s Potential Part I
Managing Inventory: Physical Inventory and Cycle Counts
The series provides retail operators with ways of unlocking their forecourt and in-store inventory’s potential by returning to fundamentals and exploring advanced inventory management techniques. The information, lists, and tips contained in this series help retailers to avoid the common pitfalls of managing inventory. It also enables operations to see new opportunities which can revitalize an inventory management program. When done correctly, operations can be used as the secret ingredient, creating new value and setting a retailer apart from the competition.
Why is it important to review inventory management programs? Things change such as consumer tastes, expectations, competition, and regulations. Things can be mismanaged such as shrink, spoilage, planning, and communication. Errors are also all too common with deliveries, invoices, pricing, data entry, orders, and accounting. Read on to learn how a retailer can track and react to these forces.
Read this white paper to discover tips, lists, and inventory count resources such as:
- TIP: When to use inventory counts
- TIP: When to use cycle counts
- LIST: Key inventory management questions to consider
- LIST: Steps to take before the physical inventory count
- LIST: Steps to take during the physical inventory count
- LIST: Steps to take after the physical inventory count
- DIAGRAM: The physical inventory workflow
Supplier errors can start at the warehouse and carry through to a retailer’s financial reports, overstating the inventory on-hand. Per WERC, the typical Perfect Order Completion Index is between 91.1 and 98%. A perfect order is measured by being on time, complete, damage free, and having accurate documentation.