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What is an inventory? What are the benefits of inventory verification in India? Inventory verification is one of the most important activities for a company. It consists of several tasks that, with sufficient practice, improve the flow of products in and out of the warehouse.
One of the keys to keeping the information on the volume and validity of your stored products up to date is in inventory verification in India. Having good inventory control management can be a somewhat difficult task to carry out, especially if you do not have a system that allows companies to have full visibility of their products when entering and leaving the warehouse.
The good news is that there are firms that provide inventory verification services allowing their customers to verify their inventory at any time, giving them total transparency every time they review the stock of merchandise they have in their warehouses.
If you are looking to store your products and want to have total control of your inventory; In addition to having professional warehouse management, then read on and find out everything you need to know.
What is Inventory Verification?
It is the process that companies carry out to manage and maintain control of the goods that they have registered in the warehouse or an inventory control system.
There are different strategies and methods to maintain good performance when conducting inventory control. Undoubtedly, having an operating system where you can obtain total visibility of the products in stock, facilitates and speeds up any type of process.
Inventory control is an extremely important activity if you want to have optimal product storage. Avoid double product purchases due to not knowing which products are already in inventory.
Most companies need to have control of the supplies and sales they make to maintain optimal levels of supply and product deliveries with both their customers and their suppliers.
What Activities Are Carried Out in Inventory Control?
Several tasks are carried out during inventory control, to know how to carry out a good inventory control, perform the below-listed tasks:
- Categorize the different parts of the warehouse: by this, we mean dividing the warehouse according to its different regions to classify the inventories.
- Establish the excesses and deficiencies within the warehouse
- Determine the type of inventory control that will be carried out: by this, we mean that inventory control can be carried out at different frequencies: daily, weekly, monthly, and annually.
What Benefits Does Good Inventory Control Bring?
Good inventory control allows you to keep a record of the needs, excesses, and deficiencies that companies have of their merchandise in the warehouse. Based on these data, it is easier to carry out supply or shortage actions for businesses.
Among the different benefits of good inventory control, we have the following:
- Organization and effective warehouse management
- More efficient purchases
- Increased control on demand
- Loss reduction due to expiration dates
- Decrease in the risk of theft
- Reduction in storage costs
- Less inventory obsolescence
- Better asset valuation
- Cash flow planning
- Knowledge and control of inventory cost