Your inventory is your money. Stock taking is inevitable in the business process. We explain how our client can reduce the cost of stock taking within their time schedule. And we describe the importance of stock taking within business.
Customer Background
A well-known Japanese household retail store.
Project Overview: Control the stock taking procedure in the client’s own time
The customer needs to stock-take over one million items of stock spread between several stores in Hong Kong, and complete the procedure within a few days. The customer has previously used an agency to undertake this task, however, this has proved quite expensive. The agency charges for such projects are based on the quantity of stock and the manpower of part-time staff. The customer would like to take control of this procedure and complete the task on their own.
Client Sector
Household Retail Store
Product
Barcode Solution, Barcode Devices Rental Scheme
Location
Hong Kong
Challenges: First Time Stock Taking by the Client
The client engaged in their own stock-take, and did not have enough related experience to carry out the task accurately and efficiently. The workflow of more than 100 staff, from several stores in Hong Kong had to be discussed and organized, enabling the stock-take process to be done within a few days for more than one-million items of stock. We expected a significant impact on their daily operations.
Stock Taking Solution: Introduce the Rental Barcode Solution Scheme
Million Tech has suggested a barcode solution to the client that would fulfill their need. The “Rental Handheld Terminal Scheme” was then tailor-made for them.
- We rented more than 40 sets of 2D barcode handheld terminals to the client for 2 weeks.
- We provided two training sessions for their staff in the use of Million Tech’s devices and systems for stock-taking.
- We customized the program to cater to the client’s workflow, and pre-installed all the necessary programs on the scanners before delivery.
- We also provided on-site support to discuss workflow with the client’s staff, in order to make sure that the stock-take process went smoothly.
Results: Smooth Completion of The Stock Taking Procedure
Within the Required Timescale and At an Affordable Price
The client was thoroughly satisfied with the procedure.
- This Barcode Solution was successfully deployed to the client.
- The stock taking process was successfully completed.
- This solution saved fixed asset costs for the client.
- This solution saved expensive agency costs for the client’s yearly stock-take.
- The solution enabled a systematic stock-take workflow by their own staff, making it easier to control the stock-taking process, cost and result.
Feedback: Rent Barcode Scanners Rather Than Purchase
As the client performs a stock-take twice per year, they preferred to rent Barcode Scanners rather than buy them.
The Importance of Stock Taking
Reflecting Business Reality
Stock taking assists in the assessment of whether or not your business plan is being properly executed. How many products did you sell? How much stock do you have of each product? Which items sell most? Which items sell least? Stock taking reflects the reality of your day to day business process as well as uncovering and eliminating internal theft within your business.
Creating a Business Forecast
With stock taking data, we can figure out which items are most popular with your customers. We can reveal your dead stock and control and improve your inventory. We can use the data to plan your orders accurately, in order to reduce wastage in the future.
Turn Inventory into cash
Often, products have a seasonal or expiry date. Fashion products are constantly changing and such stock is best cleared as soon as possible. Stock-taking can speed up the selling process and increase your profit.