Stock File Accuracy – what is it and why is it important?
As a leading stocktaking provider, a hot topic among our retail clients is stock file accuracy. With customer's shopping habits changing since the pandemic stock file accuracy is paramount to any Retailer and has never been so important to get right. This is why Orridge is confident following a stocktake you will be able to have the right stock, in the right place, at the right time.
Most retail chains now use an EPOS (Electronic Point of Sale) based system which records & collates the sale of stock and updates the total stock holding for specific lines. Various actions can affect this and create discrepancies between the physical and virtual stock holding. EPOS systems will, usually, automatically generate replenishment orders based on the quantity of products sold/wasted and the amount remaining in the store. If either of these numbers are inaccurate this could potentially prevent further orders from being placed and lead to a stock issue, as well as a raft of other problems.
When supplying stock to stores, having confidence in the retailer’s processes is vital. Often, products are brought into the ranging under a trial period to see how the customer base responds and if successful they are brought in as a long-term ranging. If during this trial period, an amount of stock is stolen/disposed of and not corrected in the store’s inventory – the product will register no sales and this will translate as an unsuccessful trial to the retailers, but that may not be the case
This is where Orridge comes in. As a leading Stocktaking company, visiting many retailers on a regular basis, we’re called upon by retailers to correct their stock file. We have found over the years that incorrect inventory is the top cause of this and resetting it along with regular PI counting on a regular basis increases stock file accuracy. We can compare the physical stock to the actual on our visits, to ensure this is a true representation of the quantities – the stock accuracy – in store. We have strong working relationships with store managers and effectively communicate the importance of these corrections to those who are unaware. When large errors are discovered in store, this is raised with management, as it often sheds light on a large-scale issue among the store's processes.
At Orridge, we have the expertise and the resources available to make sure that your stock file is accurate. Whether that is getting an accurate stock file through store stocktaking or managing accuracy at the pinch points, it is never too early to get things right in this age of uncertainty!
If stock file accuracy sounds like something that would be of value to you then please give us a call or drop us a line using the details below and one of our experts will give you a free, no-obligation review of how we can make sure you are geared up to serve your customers, regardless of what restrictions we may face.
01279 775600