What goes into performing an effective physical inventory count? You might be wondering if you’re a retail business owner, in charge of a manufacturing line, or running a distribution center and still unsure whether you’d benefit from the assistance of a third party. Many businesses struggle to control their supplies and inventory, which is why we like to help streamline the process.
Let’s take a brief look at the purpose of inventory counts and what they mean to your business.
The Purpose of a Physical Inventory Count
The concept of physically counting warehouse inventory or retail merchandise is fairly straightforward. Count what you have. Simple, right? Not always. Today’s diverse and elaborate array of goods means that even a small retail shop can have a rather complex inventory. We respond to that concern by taking ample time to coordinate with business management to make sure the counts flow smoothly, accurately, and efficiently.
We ensure this by making sure we know a business’s goals, how things operate, what’s going on behind the scenes, and where our help will be most beneficial. Our inventory count projects vary in length of time depending on the size of the business and how much staffing can be allocated. It’s never a good idea to rush the process. Getting an accurate result may take time but will have the biggest return on investment.
Warehouse inventory counts may take a few days to complete. Our team sizes will vary based on the needs of the project and the goals of the customer. We have also had success using a hybrid/integrated approach. This approach supplements some of the count team with additional resources from our customers. Using this approach can allow for more flexibility with scheduling so that we can accommodate date requests where we may not have been able to allocate enough resources otherwise. We’ve also found that this process has educational benefits for our customers. Working with the people on the ground, who will have to take over inventory responsibilities once Monarch has left the site, gives them ownership of the process and teaches them the right way going forward.
Utilizing Technology for a Physical Inventory Count
Keep in mind that a physical count of your inventory doesn’t mean it doesn’t involve the use of support technology. We don’t have to limit ourselves to pencil and paper counts anymore when there are several forms of technology at our disposal. Equipment like handheld scanners, tablets, and specialized software makes the job easier and much more effective in terms of verifying the count.
This is one of the many reasons Monarch can vouch for 99.99% accuracy with all our inventory counts. Technology also allows us to present our clients with real and actionable data. Our entire process is methodical and involves physically counting every piece of inventory and then verifying the accuracy of those counts. This ensures that the final data will be ready for reconciling the system.
Always Be Ready for Anything
Planning meetings are an important part of getting ready, but we occasionally still encounter a few surprises when we arrive at a new site. It’s just the nature of the business. Inventory changes day to day and something that might not have been a concern previously now plays a role in the outcome of the project.
We are going to be monitoring the progress of the project from minute one. So that if there is a challenge that presents itself during a count, we will be proactive and begin working on a solution with our customers right away. We can limit challenges by preparing ahead of time and asking questions with the on-site leadership to ensure that all parties are in alignment.
We can’t predict the future but we can use our experience and training to see up to around the corner as much as possible. When the skills of our team are partnered with the knowledge of the site’s leadership, we are always able to come up with solutions to get us to the finish line.
Monarch: Top-Notch Inventory Counting Services
Physically counting and verifying your inventory is just one of the many useful services we offer. We view it as the basic ingredient for success when it comes to a comprehensive inventory management system.
Whether you own a warehouse, convenience store, or liquor store, you might benefit from better inventory management. It could save your business lots of money.
Don’t forget that all of our consultants are trained in our advanced methodology and technology. We also enjoy many positive testimonials from our satisfied clients, including a nearly perfect score on Google Reviews.
When you need a reliable physical inventory count on your valuable goods, call Monarch to get the job done right. Don’t wait. “Be Counted” today!