What is stock inspection?

Stock inspection aims to monitor the different storage levels of products, raw materials and other items in a business. This can be done manually or using computerised systems. Inventory control involves ensuring that the business has enough materials to meet demand while minimizing storage costs. It also involves tracking inventory movements, detecting discrepancies between planned and actual inventory levels and taking necessary action to remedy them. Inventory control is essential for a company because it ensures maximization of efficiency and reduction of costs by avoiding stock shortages or surpluses.

Who is responsible for the stock

Stock inspection is usually carried out by a department or individual responsible for inventory management in a company. This person can be called stock inspection manager, storage manager or even stock manager. She works in collaboration with other areas of the company such as logistics, production and purchasing, to ensure that stock levels are adequate and that operations are carried out in the most efficient manner possible. The Inventory Control Manager is also responsible for planning and coordinating inventory-related activities, such as receiving orders, shipping products, and managing inventory. He may also be involved in the development of a computerized stock control system and in making strategic decisions relating to different stock levels.

Advantages of a good stock inspection

Reducing costs

By maintaining an optimal stock level, it is possible to avoid paying unnecessary storage costs and thus reduce stock maintenance costs.

Improve order accuracy

By having precise stock monitoring, we ensure that we do not run out of products when customers express a request while ensuring that we do not have too large quantities.

Increase the customers satisfaction

By having effective stock control, it is easier to respond to different customer requests, which can improve their satisfaction and loyalty to the company.

Plan production effectively

By knowing stock levels, as well as sales trends, it is easier to plan production and thus avoid overproduction or stock outs.

Better budget management

By precisely controlling stock, it is possible to better evaluate the associated costs and therefore better manage the company’s budget.

The stock inspection tools

Inventory management systems

Inventory management systems are computer software that tracks and manages inventory in real time. Stock management systems (SMS) offer functionalities such as creating stock cards, recording stock movements, issuing replenishment orders, etc.

Periodic inventories

Periodic inventories result from a practice of counting the company’s stock level at regular, defined intervals. This makes it possible to verify that the stock levels recorded in the stock management system (SMS) correspond to reality.

Stock labels

Inventory labels are affixed to products or storage locations and facilitate tracking of the location and movement of each product and/or raw material.

Stock movement forms

Stock movement forms are forms allowing the documentation of each stock movement. Stock movement forms can be used in conjunction with a stock management system (SMS) or independently.

Stock sheets

Stock sheets are sheets that provide important information about each product in stock: the name, the quantity available, the price, etc. Stock cards are mainly used in monitoring stock levels and in issuing replenishment orders.