Best Practices For Inventory Taking Leave a comment
Managing inventory efficiently is crucial for any business, and at Hydraquip, we understand the importance of maintaining accurate stock levels to ensure smooth operations. We caught up with Tim Bellis, our Inventory Controller, to gather his top tips and insights on optimising the stock taking process, and here is what we learnt….
Top Tips For Our Branches:
Stay Current with Transactions
Ensure all purchase orders and branch transfers are either booked in or set aside until the stock take is complete. Similarly, account for any outgoing branch transfers and sales orders in your count. This practice helps in keeping the stock data up-to-date, minimising discrepancies during the counting process.
Work Order Management
It’s essential to complete any pending work orders or return products to their designated location until the counting is completed. This step prevents any confusion and ensures that each item is accounted for accurately.
The Master List
Creating a master list that segments your inventory into manageable sections can significantly streamline the stock-taking process. Tackling stock checking in small, frequent batches increases accuracy and makes the task less daunting.
Fresh Data
Before beginning the count for each batch, run a new stock report. Relying on outdated reports can lead to inaccuracies, as they may not reflect the most current stock levels.
Divide the Task
Attempting to inventory the entire depot in one day is not advisable due to fluctuations in stock levels. Breaking down the task into smaller sections allows for more accurate counts and less disruption to daily operations.
Movement
Limit stock movements for the items currently being checked. The less movement there is, the more accurate the count will be. This practice is crucial for maintaining consistency throughout the stock-taking process.
Top Tips For Our Vans:
Complete Transfers and Bookings
Make sure all transfers are completed and jobs are booked out. If any are pending, adjust your inventory totals accordingly. This step is vital for ensuring that the stock levels in your mobile units accurately reflect what’s available.
Organise Your Space
A clean and tidy van is essential for an effective stock take. Remove any unnecessary clutter to make the counting process smoother and more accurate.
Sort and Label
Organise all fittings and adapters in their respective trays or bins, and ensure loose hoses are coiled and clearly tagged with their lengths. This organization makes it easier to count items and reduces the chance of errors.
Systematic Approach
Start from one corner of the van and progress in one direction, ensuring no item is overlooked or counted twice. A systematic approach ensures thoroughness and accuracy in the stock take.
By adopting these best practices, Hydraquip aims to enhance its inventory management processes, ensuring that we can continue to provide top-quality service to our clients without interruption. Efficient stock taking is a critical component of our operations, and with Tim Bellis’ expert guidance, we’re committed to maintaining the highest standards of accuracy and efficiency.
