So you’ve carried out the first important step with regards to your inventory by checking your stock. And now you’ve discovered discrepancies. You are probably wondering what to do next?
The first step is to identify what could have been the cause of the discrepancy, and then figuring out what to do with any excess stock that is available. This article will guide you through these 2 important steps.
Common Causes of Stock Discrepancies
Errors in the counting process can lead to stock discrepancies. If the counting is done manually, human error is always a concern. On the other hand, use of software can also lead to discrepancies when data is added incorrectly.
Damage to stock by either employees or third party contractors can lead to a lower number of items than expected.
A common cause of stock discrepancies, items may be misplaced or stolen from where they are stored.
Stock takers often check items according to the existing labels. If items are wrongly labelled, they are highly likely to be miscounted.
Dealing with Stock Discrepancies
Having identified a discrepancy in your stock, there are several steps that you can take to resolve the problem and to avoid it from happening again.
Recount using Bar Codes
Make sure that all your items are properly labelled with bar codes and SKUs so that you can correctly identify them. Use stocktaking devices as opposed to counting by hand.
Properly Arrange your Warehouse
Your warehouse should be neatly arranged and properly labelled, such that employees know where everything should go. This will greatly reduce misplacement errors.
What to do with Excess Stock
Found excess stock in your possession? Don’t just throw it away. There are several options available.
You can get rid of your unwanted, obsolete or excess stock excess stock by selling it through clearance companies such as Industrial Clearance. By registering as a seller on Industrial Clearance, you can gain financial value for your excess or unwanted stock and free up space in your warehouse for other important functions.
On the site, you only pay for what you sell, as opposed to paying per listing. Are you ready to improve your cash flow and get rid of unwanted stock? Register today.