{"id":48,"date":"2019-11-04T05:40:03","date_gmt":"2019-11-04T05:40:03","guid":{"rendered":"https:\/\/blog.retailviva.com\/?p=48"},"modified":"2024-05-28T08:32:57","modified_gmt":"2024-05-28T08:32:57","slug":"intelligent-stock-take-every-retailers-dream","status":"publish","type":"post","link":"https:\/\/retailviva.com\/blog\/intelligent-stock-take-every-retailers-dream\/","title":{"rendered":"Intelligent Stock-take \u2013 Every retailer\u2019s dream"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p>Stock-take is a\nprocess where the physical count of items in any shop or warehouse is matched\nwith its system stock quantity. There is quite often differences between them\ndue to reasons attributable to a) wrong barcoding; b) pilferage; c) breakage\netc.,<\/p>\n\n\n\n<p>Most retailers\nare unable to perform stock-take during operating hours due to the use of an\noff-line POS system, which updates stock of inward and outward once in the\nnight. Hence, at the time of stock-take, the system quantity is not live and\nreal and hence can\u2019t be matched instantly. Further, due to time lag between\ncount and system stock updating, a lengthy reconciliation process is attempted\nbefore a stock-take result is finally closed and count variances are posted to\ninventory and financial general ledger. Given this lethargic process, often\nstock take is delayed or neglected, leading to poor inventory control and\nmanagement<\/p>\n\n\n\n<p>Statistics\nindicate a 30% difference between physical and system stock in a retail\nenvironment, leading to poor customer satisfaction. Further, every stock-take\ncount takes about two weeks to close after prolonged backward reconciliation\nprocess<\/p>\n\n\n\n<p>Intelligent\nstock take is a process where you use barcode equipped mobile phones to scan items\nand instantly match with system stock. Intelligent stock take can be performed\nat any point in time, including during operating hours of a store.<\/p>\n\n\n\n<p>Stock-take\nvariances are reconciled instantly, and variances analyzed at the close of\nevery stock-take count and disposed of with count adjustments or otherwise.\nSince it is online and real-time, intelligent stock take helps to identify\nactual stock items where there are variances, thereby reducing variance\nanalysis time substantially. There is no need to do backward reconciliations\nand waste precious man-hours<\/p>\n\n\n\n<p>Of our\nexperience with clients using our Retail ViVA ERP, Intelligent stock take\nimproves efficiency over 300% while reducing cycle time by about 90%, compared\nto traditional stock-take methods<\/p>\n\n\n\n<p>Intelligent\nstock-take also helps to do risk analysis of items that are perpetually\nindifference and thus provides inputs for system and control improvisation<\/p>\n\n\n\n<hr>\n\n\n\n<p>Written by <br> (Ragu)nathan Kannan<\/p>\n<a href=\"mailto:raguk@sathguru.com\">raguk@sathguru.com<\/a>\n<hr>\n<div class=\"rate_blog\"> Rate this Blog<\/div>\n<div class=\"pld-like-dislike-wrap pld-template-1\">\n    <div class=\"pld-like-wrap  pld-common-wrap\">\n    <a href=\"javascript:void(0)\" class=\"pld-like-trigger pld-like-dislike-trigger  \" title=\"\" data-post-id=\"48\" data-trigger-type=\"like\" data-restriction=\"ip\" data-already-liked=\"0\">\n                        <i class=\"fa fa-thumbs-up\"><\/i>\n                <\/a>\n    <span class=\"pld-like-count-wrap pld-count-wrap\">    <\/span>\n<\/div><div class=\"pld-dislike-wrap  pld-common-wrap\">\n    <a href=\"javascript:void(0)\" class=\"pld-dislike-trigger pld-like-dislike-trigger  \" title=\"\" data-post-id=\"48\" data-trigger-type=\"dislike\" data-restriction=\"ip\" data-already-liked=\"0\">\n                        <i class=\"fa fa-thumbs-down\"><\/i>\n                <\/a>\n    <span class=\"pld-dislike-count-wrap pld-count-wrap\"><\/span>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Stock-take is a process where the physical count of items in any shop or warehouse is matched with its system stock quantity. There is quite often differences between them due to reasons attributable to a) wrong barcoding; b) pilferage; c) breakage etc., Most retailers are unable to perform stock-take during operating hours due to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":118,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-48","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Intelligent Stock-take \u2013 Every retailer\u2019s dream - Retail ViVA - Blog<\/title>\n<meta name=\"description\" content=\"A tedious task taking count of inventory is made easy with an accurate reflection of stock held through Retail ViVA\u2019s stocktake, a retail management system\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/retailviva.com\/blog\/intelligent-stock-take-every-retailers-dream\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Intelligent Stock-take \u2013 Every retailer\u2019s dream - 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