WareIQ Standard Operating Procedure for Inventory Management Excellence
July 16, 2024
Inventory audits are important for businesses as they ensure accurate financial reporting, prevent fraud and theft, and improve operational efficiency by identifying discrepancies and areas for improvement.
However, audits can be challenging due to the complexities of tracking and reconciling large volumes of inventory, and the need for thorough data analysis.
Our team has developed a comprehensive solution to help you overcome these obstacles. This document highlights the details of our solution offering.
- Inventory Management Challenges
- WareIQ's Smart Inventory Audit Capabilities
- Smart Fulfillment Platform as a System of Record
- Scan-based Inwarding, Picking, and Putaway for Error-free Operations
- Scan-based Cycle Counts for Higher Accuracy
- Daily Inventory Cycle Count With Zero Downtime & 90-day cycle timeline
- Accounting for Returned Items to Ensure Zero Discrepancies
- Organized approach to inventory storage for easy identification and system updates
- Our Process
- Reinventorization Process
- Benefits
- Watch the Process
Inventory Management Challenges
- Lack of real-time visibility into inventory discrepancies and inaccuracies
- Manual and time-consuming inventory counting processes
- Difficulty in identifying the root causes of discrepancies
- Inefficient utilization of resources during audits
WareIQ’s Smart Inventory Audit Capabilities
Smart Fulfillment Platform as a System of Record
- Integrated to top sales channels, WMS & ERP platforms, and courier partners
- Provides real-time inventory visibility – inventory records, purchase orders, credit notes, orders & sales data
Scan-based Inwarding, Picking, and Putaway for Error-free Operations
- Real-time data updates for picking and putaway ops in inbound, outbound, and packing stations
- Updates inventory count automatically on WMS and fulfillment platform instantly, reducing errors
Scan-based Cycle Counts for Higher Accuracy
- Higher counting accuracy due to the use of scan-based handheld devices
- Real-time cycle count using handheld devices allows us to execute the counting process without stopping daily ops
Daily Inventory Cycle Count With Zero Downtime & 90-day cycle timeline
- Our daily inventory cycle counting process allows us to cover the entire inventory in a quarter, with 3.33% covered daily
- This does away with stopping operations for 5-7 days solely for the counting process, avoiding business losses
Accounting for Returned Items to Ensure Zero Discrepancies
- Return QC rejects are real-time updated in the inventory master to avoid discrepancies later
- Returns reinventorization data synced and reflected within 24 hours automatically
Organized approach to inventory storage for easy identification and system updates
- All inventory items are duly marked and updated on our tech platform for easy identification later
- It is ensured that all inventory items are deposited in the right bin, on the right pallet or rack, to avoid any hassle before picking
Our Process
Step 1: Daily Inventory Cycle Counting
To enable proactive identification & resolution of discrepancies leading to high inventory accuracy
Step 2: Reconcile Physical Count with Records
For identification of discrepancies ( theft, damage, data entry errors, or other factors), if any
Step 3: Investigate Discrepancies
Involves examination of transaction records, interviewing staff & reviewing security measures to identify root causes
Step 4: Quarterly Audit Reporting
With daily 3.33% inventory covered in the counting process, the final end-to-end report is shared with the clients every quarter
Step 5: Process Improvement
Basis audit results, we implement process enhancements, optimization & streamlining measures
Reinventorization Process
Benefits
- Real-time accurate visibility into inventory levels at all times
- Less effort and time consumed
- Quarterly end-to-end report for full-scale understanding
- Data-backed process updates & improvements
Watch the Process
