The importance of inventory management can’t be overstressed today. By effectively managing your assets or inventory, you can always rest assured of delivering the necessary products to customers on time. Apart from one-time delivery, inventory management will also help you understand the exact time for replenishment in your facility. You can’t do inventory management today with asset counts.
In the rest of this post, you’ll discover exactly how physical on-site inventory counting services can help you prevent discrepancies. In addition, you’ll also discover a few ways to prepare for inventory counting in your facility.
Here are a few causes of inventory discrepancies in your facility
Are you currently experiencing a situation in which there’s a big difference between your digital counts and the items you physically counted in your facility? If yes, then what you currently experience is known as inventory discrepancies.
Inventory discrepancies have many effects on businesses today. For instance, this issue can cause income statement implications. Other common effects are overstated inventory and understated inventory.
Well, many factors, including the following, can lead to why you currently experience inventory discrepancies in your business facility today:
- Human errors are very possible during the inventory cycle counting process. This is especially true if the process wasn’t conducted by a reputable warehouse inventory counting services provider, such as OFS Inventory . Human errors, such as the misplacement of products in the right location can always cause inventory discrepancies.
- Mislabeling of products can also lead to incorrect inventory counts. Imagine labeling a product with another name, this type of error will lead to inaccurate system recordings.
Effective tips on how to prepare for physical inventory or asset counts
One way to address inventory discrepancies in your business is by doing inventory counting and reconciling with your digital counts. To do this, we advise that you work with a reliable physical on-site inventory counting services provider, such as OFS Inventory . Experts who offer these services are well-trained and understand the importance of not making human errors when manually counting the inventory.
But hiring a reliable inventory counting services provider alone isn’t enough. In addition, you need to prepare for your inventory counting exercise. Below are a few tips on how to prepare for warehouse inventory counting today:
- First, you need to properly organize your warehouse. In addition, for overall efficiency during the inventory counts, you need to have a well-organized warehouse management system in place.
- Furthermore, effective labeling is crucial for your stocks, including their locations.
- If you have expired or obsolete products in your warehouse, ensure to clear them before the asset counts begin.
How to find a reliable physical on-site inventory counting services provider
As long as you follow the aforementioned best practices, your chances of having efficient inventory counts are pretty high. You’ll even get the best results if you work with a reliable asset counts services provider. Below are a few factors worth considering when choosing a suitable inventory counting service:
- Keep in mind that the expertise and experience of the service provider matter a lot. The right experts must be familiar with potential issues associated with inventory management. They should also be able to provide you with proper guidance, which will help you avoid these issues.
- Does the asset count service provider have experience working on your type of project? For instance, imagine running a pharmaceutical business. In this case, the right experts must have experience in offering top-notch pharmaceutical inventory counting services. OFS Inventory has experience in this area and many more, which explains why we recommend this firm.
- Professionalism, well-defined processes, tailored solutions, and communication skills are a few more factors worth considering when hiring the right inventory counting services for your business.