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Stock Control Control, Service, Prevention

An amount of something that has been kept ready to be used. A supply of goods kept on hand for sale to customers by a merchant, distributor, manufacturer, etc.; inventory. a quantity of something accumulated, as for future use: a stock of provisions.

Stock is the value of the goods that you have on hand to sell to your customers. If you sell services rather than goods, you won't have any stock. Stock might include raw materials that you buy to make your goods, half-finished goods (known as 'work in progress'), and finished goods.

Inventory (American English) or stock (British English) is the goods and materials that a business holds for the ultimate goal of sale (or repair). ... In the context of services, inventory refers to all work done prior to sale, including partially process information.

Theft Control

Theft is the taking of another person's property or services without that person's permission or consent with the intent to deprive the rightful owner of it

the act of stealing; unlawfully taking and carrying away the property of another

If you have a large store and a small staff, it may seem impossible to watch every corner at all times. With mirrors, surveillance becomes a whole lot easier. Many stores, from convenience shops to high-end department stores, utilize rounded mirrors in the corners by the ceiling to prevent theft.

6 Theft Control Devices in Stores

Merchandising security

Smart inventory management tools

Anti-theft signage

Educational materials for theft prevention

Cameras & video analytics

Electronic Article Surveillance (EAS)

How to prevent internal theft ???

Run background checks on all new employees.

Ensure that all employees are well-trained on policy to prevent accidental loss.

Institute modern inventory management and POS software to make it easier to monitor for discrepancies.

Count your cash drawers every day

Use a buddy system for the trash.

Have employees check each other’s bags before they leave for the day

Implement surveillance software.

Keep your employees happy.

Warehouse Space Requirements

The size of warehouse required for an operation is determined by the maximum quantity of supplies, in tonnage and volume, that will be stored there at any one time. This quantity is determined by calculating the number of persons of concern, the lead-time needed to replenish the warehouse, the type of distribution system in use, the frequency of distributions (monthly, weekly, etc.), and the nature of the support items that persons of concern need.

15 Considerations in Warehouse Space Planning

Clear Stack Height

Total Square feet

Dock Doors

Dock Equipment

Electrical Requirements

Building shape and footprint

Truck Yard

Floor Condition

Working Environment

Safety and Fire Conditions

Employee and Visitor Parking

Breakrooms, bathrooms and Lockers

Transportation Access

Building Expansion

Building Evaluation

Warehouse Product Tracking System

Stock Levels Identification.

The Four Types Of Inventory Stock Levels

Minimum and Maximum Stock Levels.

Average and Danger Stock Levels.

Safety Stock Inventory.

Batch Tracking.

Tips for Effective Stock Control

Check All Incoming Stocks. Your first focus should be checking on whether the delivered stock is exactly what you ordered from your supplier. ...

Store Stocks Wisely. ...

Create Clear Labels. ...

Track Expiry Dates. ...

Avoid Compounding Problems. ...

Set Threshold Stock Levels. ...

Manage Returns Effectively. ...

Monitor Stocks Consistently.

Wastage Prevention methods

Waste prevention, also known as source reduction, means using less material to get a job done. Waste prevention methods help create less waste in the first place—before recycling. If organizations take a good look at their recycling collection data, they are likely to see ways to reduce waste first through waste prevention, thereby decreasing purchasing costs and the amount of material that must be managed for recycling

Waste prevention offers the greatest environmental benefits and provides substantial cost savings to organizations. Waste Wise partners commit to establishing three waste prevention goals when they join the program

Reduce

Businesses can often modify their current practices to reduce the amounts of waste generated by changing the design, manufacture, purchase, or use of materials or products. Sample goals set by WasteWise partners in this area includes

Reducing office paper waste by implementing a formal policy to duplex all draft reports, and by making training manuals and personnel information available electronically.

Improving product design to use less materials.

Redesigning packaging to eliminate excess material while maintaining strength.

Working with customers to design and implement a packaging return program.

Switching to reusable transport containers.

Purchasing products in bulk.

Reuse

Reuse of products and packaging prolongs the useful life of these materials, thus delaying final disposal or recycling. Reuse is the repair, refurbishing, washing, or just simple recovery of worn or used products, appliances, furniture, and building materials for internal reuse. Sample goals set by WasteWise partners in this area include:

Reusing corrugated moving boxes internally.

Reusing office furniture and supplies, such as interoffice envelopes and file folders.

Using durable towels, tablecloths, napkins, dishes, cups, and glasses.

Using incoming packaging materials for outgoing shipments.

Donate and Exchange

Organizations can donate products or materials to charities or nonprofits, or exchange materials through a commercial materials exchange. Sample goals set by WasteWise partners in this area include:

Donating unwanted supplies to local schools or nonprofit organizations.

Donating cafeteria food scraps for use as animal feed.

Advertising surplus and reusable items through a commercial materials exchange.

Donating excess building materials to local low-income housing developers.

Stock Rotation and Checks

Stock rotation is the process of organizing inventory to mitigate stock loss caused by expiration or obsolescence. Basic stock rotation entails moving products with impending sell-by dates to the front of the shelf and moving products with later expiration dates to the back.

The golden rule in stock rotation is FIFO 'First In, First Out'. What is stock rotation? If food is taken out of storage or put on display, it should be used in rotation.

To rotate stock means to arrange the oldest units in inventory so they are sold before the newer units. For example, a grocery store will restock its shelves by putting the oldest units in the front part of the shelves. The newest units will be placed in the back of the shelves.

Stock checking is the process that ensures that the stock levels are sufficient to meet the demands of the customers without a delay in the delivery.

A stock check is the process of counting and recording the amount and value of stock a business holds. The purpose of the stock take is to check that the accounting records that the business keeps agree to the stock that is held.

There are various techniques of stocktaking, defined below

Periodic stock count.

Continuous or perpetual stock count.

Pick accuracy.

Stockout validation.

Annual stocktake

Stock Audit

Stock audit or inventory audit is a term that refers to physical verification of a company or institution's inventory assets. Every business organization needs to perform an audit once a year to update and ensure that the physical stock and the computed stock match

Stock audit is necessarily required to be conducted at the borrowers place for obvious reasons. But before visiting the borrower, understanding the entity, its banking operations and financial affairs is must. ... o Once the basic information is collected from the bank branch, it is time to visit the borrower.

The stock audit process is necessary to reduce the avoidable investment on stocks or inventory to ensure proper balance in the process. As high levels of stock result in overstocking which may result in the poor value of cash flows and financial losses.

Created By
Parle Kalyan Chakravarty
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Credits:

Created with images by Franki Chamaki - "Assortment can be challenging " • Markus Spiske - "Take care of your urban hipster bike – anti-theft lock – www.tex-lock.com. Made with Canon 5d Mark III and loved analog lens, Leica Summicron-R 1:2 / 50mm (Year: 1981)" • Julia Joppien - "Old bookshelf"