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
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 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.
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.