{"id":22992,"date":"2021-11-16T12:06:32","date_gmt":"2021-11-16T12:06:32","guid":{"rendered":"https:\/\/localhost:10003\/?post_type=scaleup&p=22992"},"modified":"2024-07-30T11:04:40","modified_gmt":"2024-07-30T10:04:40","slug":"best-stock-take-methods","status":"publish","type":"post","link":"https:\/\/www.ecommercefulfilment.com\/resources\/scale-up\/best-stock-take-methods\/","title":{"rendered":"Stocktake: How To Do Them Accurately"},"content":{"rendered":"\n

In a\u00a0research<\/a>\u00a0study<\/a>\u00a0carried out by the Efficient Consumer Response (ECR) on inaccuracy in retailing, 60% of SKU records are likely to be wrong at any point in time, and when corrected, sales are uplifted by 6-8%.<\/p>\n\n\n\n

Stock counts are clearly much more than a cost-intensive\u00a0headache<\/del>\u00a0exercise. So, what can we learn about stock-taking processes? What methods are there, how often should you \u2018take stock\u2019, and what on earth does all the jargon mean?<\/p>\n\n\n\n

We see this subject matter disguised under several names. Inventory checking, wall-to-wall, stock-taking, stock counting. Whatever you want to call it, these are the three things the J&J team tell us they hang their hat on when it comes to\u00a0[insert your preferred descriptor]<\/em>:<\/p>\n\n\n\n

Business Improvement Manager Tomas Aukstikalis says:<\/p>\n\n\n\n

Always having your eye on the stock movements is super-important to making appropriate purchasing and marketing decisions.<\/p>Tomas Aukstikalis<\/cite><\/blockquote><\/figure>\n\n\n\n

He continues:<\/p>\n\n\n\n

\u201cSometimes, when demand forecasting didn\u2019t pan out the way brands expected, they end up with too much \u2013 or too little \u2013 stock on hand.<\/p>\n\n\n\n

\u201cIn\u00a0ControlPort<\/a>, you\u2019ve got a complete snapshot of your inventory in real-time with a suite of reports that go into more detail. Via the cloud software, you\u2019ll see stats on the total stock you have, the value and volume of said stock, the number of unique product lines, and the cost of storing that stock in our\u00a0fulfilment centre<\/a>. Stock figures in your month-end report are continually refreshed and you can take a look at historical stock take reports on specific dates too.<\/p>\n\n\n\n

\u201cAt a more granular level, you\u2019ll see which products are stocked well, overstocked and low stocked, Best Before End (BBE) status where applicable, dormant lines (products that have been out of stock for over 30 days), and retired products. These are all valuable insights eCommerce brands rely on, on a daily basis.\u201d<\/p>\n\n\n\n

Getting down to the nitty-gritty of physical stock-taking<\/strong><\/h4>\n\n\n\n

Tomas goes on to tell us that different fulfilment companies use different stock-taking methods. J&J follows best practice with continuous stock-taking (aka. rolling stock takes).<\/p>\n\n\n\n

This counting process is carried out by the operational teams on a weekly basis. It\u2019s a random sample counting methodology that allows team members to cover a sizable number of items in the fulfilment centre in a short period of time, without disrupting day-to-day operations (hence \u2018continuous\u2019).<\/p>\n\n\n\n