Retail Resources

How to Ensure Inventory Accuracy

Jul 26, 2011 — Allan Pulga
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"These tips will give you better control over your inventory on hand numbers, allowing you to better monitor which items sell and don’t sell, so you aren’t keeping non-selling items in stock," says iQmetrix Customer Success Manager Sean Webster.

"They will also help you reduce your inventory managers' time spent transferring stock and creating purchase orders. Lastly, VMI can help you to control losses due to theft."

Sean offers five simple inventory practices to help keep your inventory on point:

1. Set Min/Max Levels on Products. Min/Max levels will not replace your inventory manager; they make inventory managers' lives easier. You can tell the system what your Min/Max levels should be for inventory products per location or have the Min/Max Calculator calculate what your Min/Max levels should be.

2. Auto Transfer Reports. Once you have your Min/Max levels set, you can then use the Auto Transfer Reports. Auto Transfer Reports allow you to automatically balance your inventory levels between stores before you create your Purchase Orders, keeping your Inventory on Hand numbers down as the system will look to move items over from overstocked stores to understocked.

3. Auto Ordering. After you have Auto Transferred items between stores to balance your stock, you are then ready to use Auto Ordering. RQ will automatically generate your purchase order for you, using the Min/Max levels as the basis. If the In Stock quantity of an item is below the Minimum level, RQ will generate the purchase order for as many as are needed to reach the Maximum level. Before you Commit to the Purchase Order in RQ you can edit the Order numbers to override the RQ suggested numbers.

4. Inventory Counts are vital in ensuring you have the proper items in stock, and help deter employee theft. Regular inventory counts will help you identify theft and ensure that your Inventory on Hand numbers are correct. You can ensure your count accuracy by making employees do a Blind Count, where they know the values of the counts they are entering but not what the system is expecting. There is no right or wrong frequency to doing counts, but bear in mind that a daily count will generate more accurate numbers than a weekly, or bi-weekly or monthly count.

5. Vendor Managed Inventory (VMI) can help you to control inventory costs as the vendors will work with you to ensure you have the proper items in stock, based on what is selling and what isn’t. The vendors control your ordering process for you, with your supervision. VMI is free within RQ4 and will save your inventory managers time as they can avoid creating purchase orders for your stores, but be able to oversee the process and make sure that other inventory processes are being followed correctly (e.g. transfers, inventory counts, etc.). Our VMI partners are OFFWIRE, MobileLine, TESSCO, Wireless Xcessories Group, Technocel, Wireless One and Qmadix.

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For more RQ Tips and other iQmetrix Support materials, check out iQmetrix’s Support & Community site!

The Support & Community site puts all the RQ support and community discussions in one place. It consolidates our RQ help files, client suggestions and discussion forums into a single system, making it easy for users to find the information they need.

*Please note: The new site is only available to users updated to RQ version 4.1.4.

To access the new Support & Community site:

  • First-time login: You must go through RQ4 to access the Support & Community site.
  • Go to the Support tab in the upper-right corner and click on Community & Support.
  • After that: You can access the Support & Community site from any device, using the following URL: http://support.iQmetrix.com

If you have any questions, please contact your CSM directly.

A note for IT administrators:
To grant all employees access the RQ Support & Community site, please ensure to whitelist the URL: http://support.iQmetrix.com

Topics: RQ Retail Management

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