On paper, it’s a lot easier and straightforward to conduct inventory and asset counts for your business. This is simply because the entire process is theoretical and doesn’t require the use of any technological tools. In practice, however, many things go into the entire counting process. As such, for you to achieve the best inventory counting results, you need to factor in different things—a good example is that proper planning matters.
Are you looking to conduct physical on-site inventory counting services today but don’t know exactly where to start? If yes, then this asset auditing-related post is just what you need to get on the right path. Below, you’ll find the step-by-step guide on how to conduct inventory counts the right way.
1. What exactly are your counting objectives?
Do you have any set objectives for this counting project? You should start by asking this question before you go into the entire process.
Just like movies need directors, inventory counting needs clear objectives. These objectives will direct you on exactly what you need to do to achieve the desired results promptly. They’ll help you prioritize tasks and create the perfect auditing plan to structure the entire process.
2. 3PL solutions or internal auditing?
After successfully setting clear objectives for the entire process, you need to choose exactly how you want to carry out asset and inventory counts. Are you trusting your internal teams to get the job done? Do you prefer to hire a reliable 3PL solutions provider, such as OFS Inventory?
With a professional service provider, two things are crucial; you need to choose a reliable service provider and ensure the pricing suits your budget. As for internal auditing, you need to confirm that your teams are capable of handling the entire process. If not, then training them is certainly crucial. Besides, you also need to check and confirm that your organization has the necessary technological tools to carry out the inventory & asset counts.
3. Prepare your inventory
After setting clear objectives and choosing the right solutions, what next? In this case, preparing the inventory is all you need to focus on next.
- First, you need to choose the inventory that you’re looking to audit.
- Ensure to classify the items into different categories with tags on them for effective counting. This move will certainly save the auditor a lot of stress while choosing the most important items.
- Run detailed checks on the available items if it’s been a while since you last conducted the asset counts.
- Ensure that all technological tools necessary for the asset counts are readily available. You need spreadsheets, RFID solutions (tags and scanners), ERP systems, and other cloud-based systems.
4. Commence the asset counts
After the entire preparation, all you need is to get started with the physical on-site inventory counting services. For internal processes, start by taking advantage of your inventory management system. This system will help your trained team members carry out the counting process based on the location of the items. Furthermore, let your team members take advantage of RFID scanners to verify the quantity of each inventory item available in the system.
Ensure that both physical records and asset counts tally. If not, then there’s a need to carry out further assessment.
If you’re working with a 3PL solutions provider, you have nothing to worry about, especially if you work with industry experts at OFS Inventory. As long as you’ve prepared the inventory ahead, the experts understand exactly what they need to achieve accurate and efficient results.
After conducting the asset counts, all you need is to generate reports for proper interpretation of results. You can visit the official website to better understand how warehouse and pharmaceutical inventory counting services work with OFS Inventory.
