As a new financial year begins for the vast majority of businesses across the UK & Ireland this month, many will have also just undertaken what is for them the hardest task of the year – their annual stock take. Although some businesses will conduct regular cycle counts to keep on top of held stock quantities, the annual stock take is a tradition that provides many companies with the stock figures needed to complete vital Year-End stock valuations and financial statements. With this being the case, companies tend to take an all-hands-on-deck approach to their annual stock take to ensure they get the task completed in the fastest time possible. This results in many businesses working late or even shutting down early so that all staff can work solely on counting their stock. Some will even hire in specialist stock takers from external service providers to ensure everything goes to plan and minimal disruption to the business is achieved.
However most companies will tell you, annual stock takes will rarely go smoothly. Annual stock takes are dreaded for good reason, as often they turn out to be a chaotic affair. Staff will travel from bin to bin manually counting items to check they match up with held figures, often finding far more discrepancies than they should and counting bins that have already been counted by one of their colleagues.
A lot of time is then wasted tracking down “lost” stock items, which are usually found either hiding in amongst the wrong stock where they shouldn’t be or in corners of the warehouse that staff don’t touch throughout the year. On some occasions these lost items can even be found to be non-existent, simply a creation of inaccurate stock reporting.
What’s more, businesses stock taking during usual working hours will find further complications such as stock miscounts can occur. This because when stock taking during trading hours, stock will often be in the process of being picked or handled, resulting in the products not being in the bin locations staff expect at the time of stock take. This leads to incorrect stock counts and stock take adjustments that then result in further inconsistencies in stock holding, as well as a multitude of other issues. Although there are methods to aid in the elimination of these errors, often they will require more heavy levels of manual interaction to identify from which bin locations within the warehouse items are currently being picked. If the company is also handling large volumes of stock, all these problems that can arise during stock takes are only further intensified.
By the time the annual stock take has concluded with costs to the business totalled up from these issues being sustained, staff overtime being paid, specialist stock taking services getting supplied and revenue ultimately getting lost from early closure or stock going missing, the result is one very expensive exercise. Luckily, there is a solution.
Eliminate Costly & Stressful Stock Takes By Investing In Advanced Stock Control
Having recently gone through the costly ordeal of their annual stock take, it is likely many companies will be going through the yearly cycle of swearing to themselves that they need a better system in place ready for next year’s stock take, however for some reason this is then put on the back burner and never quite comes to fruition. This is a mistake as although stock takes may only represent a once-a-year obligation, maintaining accurate control of goods to is a constant necessity.
Now investing in advanced stock control systems may seem like a big ask for some businesses, however the savings from being able to end the year-on-year cycle of expense and headaches that is annual stock takes is worth the short-term outlay alone. By being able to perform regular stock takes, keep accurate control of held stock levels to just what is required and streamline everyday stock management processes through the use of barcode-scanning technology, businesses will find that their big stock takes at the end of the year become much more cost-effective and easier to handle. What’s more, the ongoing benefits of having greater warehouse productivity, higher stock accuracy, faster despatch times and much lower costs mean the return on any initial investment are substantial. Therefore if businesses want 2016 to be the year that they finally end their annual stock take nightmare, they should look to devote the time and money into implementing a comprehensive stock control system that provides the effective year-round management of goods they need.
Let OrderWise Deliver The Year-Round Accurate Stock Management You Need
With OrderWise, businesses are presented with software that allows them to take full advantage of 1D and 2D barcode scanning technology to massively increase the productivity, accuracy and efficiency of all their warehouse and stock management tasks. With the ability to book in stock from suppliers, pick multiple orders at the same time, deal with stock adjustments, perform replenishment tasks, record full transactional traceability and much more, companies using OrderWise have the broad range of functionality they require to achieve well-organized warehouse management 365 days a year. What’s more, with a wide variety of methods available for performing rolling inventory and annual stock takes, as well as the ability to record and analyse the accuracy of these checks, companies can leave the hassle of stock taking behind them. You can find out more about our comprehensives modules for Stock Control and Warehouse Management HERE.
In conclusion, companies who wish to ensure March 2017 doesn’t present the same annual stock taking issues they had this year should look to invest in a substantial stock management system in 2016. With the assistance of OrderWise, businesses can ensure that through regular checks and the use of barcode scanning technology that stock accuracy is always kept to an exceptionally high level, helping year-end stock takes to become a fast, low cost and, most importantly, stress-free process.
For more information on OrderWise, download our brochures or watch our videos.
For further information on the benefits of Accurate Stock Control, be sure to read our whitepaper HERE.
To discuss your requirements in more detail contact us on 01522 704083.