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This 2 page Document was uploaded by an elite notetaker on Friday December 18, 2015. The Document belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 10 views.
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Date Created: 12/18/15
Handling Physical inventory simplified by ROI Inventory ROI Inventory manages the physical inventory by creating a step-by-step process, prioritizing the related tasks and getting the relative support from every concerned department. No one wants to lose time and defiantly not money. For example, a physical inventory was done only four weeks a go and again the same issues are repeating themselves such as looking for items that are not in the right place or cannot be found. Finding items that nobody knew are there and even worse, that same item is being reordered. When this happens, general information in the system will not match what is physically in the warehouse or store. So what went wrong? Let’s imagine that one kid is playing in his room and he is calling one to help him find his favorite toy. One really wants to help him but one sees that the room is a mess. Without thinking twice one tells him that the only way he could find something is to straighten up his room. The next day the same thing again and then after that finely one are getting tired and one asks his kid why he doesn’t keep his room clean and organized all the time which will allow him to play more and search less. When organizing a business, the target is more complex than one’s kid having fun; it is about money, time, customer satisfaction, and keeping an efficient receiving, processing and shipping method. Conducting an accurate and thorough physical inventory company can put the business at a good starting point but it will be a total waste of money if it will not be maintained by all employees from management to entry level. The best method is to create working procedures and to rank them in importance. Keep in mind that everybody in the organization most understand every aspect of his/her responsibility regarding inventory. Therefore; the procedures must be easy to understand and to explain. Do not create something that only one and a select group of people from the management team can understand. Nothing is written in stone so feel free to adjust or change completely a working method that does not work the way it is supposed to work. Make a test drive for every change before it becomes second nature. If something works well, embrace it; if not change then change it and have zero tolerance for procedures that can slow the company down. Make the physical inventory services part of a working routine; the more one do it the better it will get. The physical inventory should not be a painful process that occurs once a year. It is important that all the staff in the organization will recognize the importance of the physical inventory retail and will support the process of making a good and accurate inventory including maintaining it.
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