PRODUCT/SERVICE MANAGEMENT & DISTRIBUTION NICK MERCURO/EVEN KLIPPLE/AUSTIN MOORE.

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Presentation transcript:

PRODUCT/SERVICE MANAGEMENT & DISTRIBUTION NICK MERCURO/EVEN KLIPPLE/AUSTIN MOORE

INVENTORY Accurately taking inventory is one of the most important tasks It allows companies to see… - how much of an item is sold - if their employees are stealing from them - if an item is popular (how much of it is bought and how fast) By regularly taking inventory companies are able to compare results for their last inventory

INVENTORY METHODS Physical Inventory - is a process where a business physically counts its entire inventory. Perpetual Inventory - A method of accounting for inventory that records the sale or purchase of inventory in near real- time, through the use of computerized point-of-sale and enterprise asset management systems. Unit Control - Inventory control system in which stock items are tracked using bin tickets and physical inventory inspection. Dollar Control System - are systems used in inventory management that reveals the cost and gross profit margin on individual inventory items. Basic Stock - Level of inventory that must be maintained to meet current sales volume or consumption, while taking order lead time into account. Model Stock Plan - mined assortment of merchandise which is in proper balance to the sales of the store

STEPS FOR TAKING ACCURATE INVENTORY Step 1: Develop processes for material handling in the organization. Step 2:Train employees to use the processes. Step 3: Monitor employees and implement Audits. Step 4: Implement a cycle counting procedure. Step 5: Develop a procedure for reconciling discrepancies. Step 6: Plan annual physical inventories. (Every Month)

STOCK INVENTORY SPREADSHEET