Category: Outsourced Security Systems

Stock Loss Control – What Does It Entail?

Stock Loss Control

Stock Loss Control – What Does It Entail?

Stock control should be an important factor to consider for any company holding large amounts of stock at any given time. Proper control procedures need to be in place to ensure that employees and customers do not walk away with your inventory. Security measures need to be implemented to prevent this.

Mantis Security is able to design the necessary systems to identify the causes of shrinkages and implement an effective action plan to minimize the risks associated with any stock control losses.

What Does Stock Loss Control Entail?

“Every business suffers from stock control and inventory management problems. “Shrinkage” accounts for a considerable amount of total sales that includes theft by customers or employees, or staff and administrative errors. And if you are trying to grow your business, keeping track on stock levels the way you manage your inventory can influence your growth in terms of profit or loss and also your customer satisfaction ability. 

Key Goals Of Inventory Management Systems

  • System should be able to tell real-time location of your inventory.
  • System should be able to tell and update changes in your inventory.
  • It should involve a plan for how much inventory to order and keep, and when to re-order as well.

Reduce Shrinkage In The Stock Control Process

Check All Stocks Inwards

Your first focus should be checking on whether the delivered stock is exactly what you ordered from your supplier. Sometimes suppliers get stock orders incorrectly packed and while assuming you have correct numbers you add the inventory to your shelves. In these cases when you receive orders you are liable to get short stocked and thus lose your sales and your credibility as well. In another case you might actually have more stock than needed and you won’t even know when to reduce prices or not order anymore of it.

Store Your Stocks Wisely

It is easier to place your stock wherever it fits. But the easy way isn’t always better, as this can make it harder to track the product. And if you have similar products with similar packaging (could differ in quantity or have unnoticeable difference) then while in a hurry, you or your staff may make a mistake and likely cause errors.

Create Clear Labels For Each Product

Each product in your stock must have a clear label on it with product number, quantity, basic description including vendor name and other important details. Labelling makes identifying the product much easier. It makes tracking easier as you are always able to know about the box’s contents with its exact quantity. This can also be done using barcodes instead of labels.

Keep Track Of Expiry Dates

If you offer expired products, then you will obviously be liable for hefty fines if the product gets delivered to the customers. So, it is important for you to keep track on the best before dates of each product in line so that you can clear the stock before it gets outdated by either lowering the price or any other way. It is also important to check the best before dates of outgoing orders before packing.

Don’t Compound Problems

If you have made a wrong delivery, then when delivering another product instead make sure to amend the stock levels for both the products. At times, it may seem obvious, but while in all the hassle of running the business, this can easily be overlooked.

Set Threshold Stock Levels

Every business has different peak times when the sales increase or decrease with large differences and also each supplier also has their own different lead times. So, if you want to keep your business going and want to escape out of stock situations then you should be able to establish how long you can restock normally and forecast the amount of time the minimum stock level will get exhausted.

Manage Returns Effectively

One of the biggest issue surfaces while handling the returns mainly in fashion and electronics markets. If you get any delivered stock returned when they are discovered defective, then you have to make sure that your stock levels don’t get adjusted upwards and make sure to account for it with your suppliers.

Always Keep An Eye On Stocks

You should always keep track of your stock in real-time. If you have made or are encountered with an error, then it’s better to point it before taking the order. If not, then you will have to spend time contacting them if an error is spotted later or restocking if you haven’t and in the worst case you fail to deliver and lose your sale with the credibility of your brand.

Keep Priorities In Check

Keeping track of inventories altogether is a time consuming and exhausting task. So, you should keep your priority straight. You should set management operations i.e. forecasting, stock-level check, and reordering of these products as priority. Then make next best-selling products next on your list. You can focus on stock tracking accordingly for rest of your stock too.

Consider An Automated Solution

And then you can always consider using automated solutions for inventory management and controlling of your stock levels. These solutions provide you with a number of tools for assisting you with proper and efficient management of your inventory and keeping you from time consuming but important processes done manually. These can also be a big factor in reducing errors and increasing your productivity. You can also use cloud-based automated solutions for inventory management so that you are always available from wherever you are and whenever needed. These can have a considerable impact on your bottom line and allow you to grow faster.

Click here to find out more about why you should have a Stock Loss Control System in place.

To get a quote for an effective Stock Loss Control System, click here!

Source credits:

https://financesonline.com/tips-effective-stock-control-inventory-management/

All opinions expressed in this article are not the onus of the publisher nor supplier.

Financial Benefits Of Stock Loss Control

Financial Benefits Of Stock Loss Control

Financial Benefits Of Stock Loss Control

Stock Control management is important to any business trying to remain competitive and profitable while continuing to grow. Not enough stock means lost sales. Too much stock means increased costs for storage and management as well as less cash on hand. Having an efficient Stock Loss Control System in place, can take away most of the headache of financial losses due to a badly implemented Stock Loss Control System, or not having one in place at all.

The Financial Benefits Of Stock Loss Control

“Every company has a limited pool of capital, both monetary and personnel. Tying up either of these reduces efficiency. Freeing up capital as management time and resources makes sense because it can provide the following benefits:

  • Reduce the financial loss of stock due to theft
    • By having an effective Stock Loss Control System in place, you can prevent the financial loss of stock due to theft by employees or customers.
  • Trim management administration costs
    • When you have an efficient Stock Loss Control System in place, management don’t need to spend so much time monitoring employees and being involved in unnecessary disciplinary hearings due to theft.
  • Focus capital on manufacturing capacity
    • Once a Stock Loss Control System is in place, the company can use the capital that has been saved from reduced financial loss due to theft; and invest it in other areas of the business.

Get in touch with us today to assist you with your Stock Loss Control System!

Source credits:

https://www.industrialspec.com/about-us/blog/detail/inventory-management-support-systems-services-outsourcing-5-reasons

All opinions expressed in this article are not the onus of the publisher nor supplier.

Benefits Of Warehousing And Stock Loss Control Systems: Manufacturing Vs Storage Vs Distribution

Benefits Of Warehousing And Stock Loss Control Systems

Benefits Of Warehousing And Stock Loss Control Systems: Manufacturing Vs Storage Vs Distribution

Stock loss control should be at the forefront of anybody’s mind who is operational in the wholesale distribution business.

“Storage and inventory control processes include the activities related to holding material and the processes of counting and transacting the material as it moved through the warehouse.

The layout of a warehouse that supports an adjoining manufacturing facility will have different requirements than a facility supporting product distribution to stores or a facility that supports end-user fulfilment. Some operations place emphasis on replenishment of product to the point of use, others on product picking or order fulfilment.”

Benefits Of Warehousing And Stock Loss Control Systems – Manufacturing

“While you may think that warehouse inventory management is simply the practice of arranging your inventory so that it can be found quickly, there is more to it than that. Good warehouse organization is not only about putting everything in its place, it’s about maximizing productivity while saving time and money to increase inventory accuracy.

  1. Good Warehouse Inventory Management Starts With Upkeep

Inspect your operation regularly and review your warehouse’s organization – just because it was well-organised when you initially started, doesn’t mean that it meets your current standards.

  1. Know Your High Sellers

By placing your high-volume items closer to the shipping area and making sure they are easily accessible, you’ll eliminate a lot of unnecessary labour time, and your employees will think you are super considerate.

  1. Utilise Cycle Counts

Don’t wait until the annual physical inventory count comes to perform regular inventory control audits.   Perform cycle counts and analyse their discrepancies to perfect the time it should take you to go through all locations.

  1. Minimize Unauthorised Traffic

Eliminate the risk of having unauthorised people walking around the place where your inventory is stashed.  Give your employees some kind of an identifier (like special t-shirts) that can distinguish those working in the warehouse and those that shouldn’t.

  1. Make Room For Receiving

A lot of inventory errors can happen at receiving if your inventory management personnel don’t have enough space to work.  Avoid giving them a small office at the end of the room.

  1. Label Everything

Have any product in your warehouse without labels? Put labels on them to make it easier for pickers to choose the right inventory. It’s all about reducing errors in the process.  Some simple preventative measures will save you from having to put out fires in the future.

  1. Implement Quality Control

Avoid having to fix your mistakes after the fact by double checking your orders. This is called quality control and adds another layer of responsibility.

  1. Practice Priority Picking

A nice trick we’ve learned over the years is to create coloured orders or pick lists that will help your material handlers identify the products that go to your most valuable customers, according to the colour priority they have been given.

  1. Finish Right; Start Tight

Give your warehouse crew the chance to finish order processing and clean up before they clock out. You’ll need to schedule a time to stop processing orders, maybe 30 minutes before the end of the day, and allocate the remaining time specifically for cleaning. By the end of the day, your warehouse will be organised, and your inventory will be right where it belongs, instead of just lying around waiting for the next day to start in disarray.

  1. Work On Warehouse Organisation

Make signs and labels to direct your personnel through your warehouse and help them find the inventory fast and easy, and ideally without having to continually bother supervisors by asking for directions.”

Benefits Of Warehousing And Stock Loss Control Systems – Storage

“If a product is in high demand it should be placed closer to its next point of use. In this case demand should be based on the number of times the product is required, not on the number of units required. The difficulty of retrieval should also be considered in travel time. Higher-demand products should be placed on the most easily accessed storage space, typically floor level for racking and between waist and shoulder level in pick racks.

Not all companies have the requirement to track product by lot or serial number, but if required, best-practice companies have integrated that capability into their warehouse and shipping processes and use the system of record to manage the lot and serial-number data.

Most companies put a lot of effort into the initial layout of the warehouse; however, industry surveys will tell you that as many as half of the companies do not have an ongoing process in place to review their layouts.

All warehousing software runs on data; therefore, product and storage location data must be kept current and accurate. Best-practice companies maintain all information on a single system of record and keep it current and accurate. Product data should include all product characteristics including cube data, lot/serial-number information, and special requirements so that products can be directed to special storage areas. Special storage areas may be used to segregate items with odour transfer or fire risk or that require temperature control. High-value products might require caged or controlled-access storage.”

Benefits Of Warehousing And Stock Loss Control Systems – Distribution

“Distribution Inventory Management

The Distribution Manager has one of the hardest jobs in manufacturing. Serving as a “traffic director,” accountant, and manager, the Distribution Manager has a lot on his plate. Because the inflow and outflow of inventory never stops (unless the company goes out of business, of course), constantly staying on top of the game is the only way to survive.

Supply Chain Management

“Out of Stock” is the most tragic phrase in distribution inventory management. If you do not provide the consumer with what they want when they want it, then they walk away, and you miss out on revenue. Though shortages seem to be a common occurrence in the wholesale and retail space, the job of a Distribution Manager is to prevent them from ever happening.

Supplier Relations

The difficult part of distribution inventory management is that much of the process is outside the Distribution Manager’s control. Suppliers play a great role in the quality and timely transportation of inventory. Because of the essential nature of these factors, the Distribution Manager must choose the best suppliers and maintain good relations with them. All of the right pieces need to be in place so that the machine keeps running. You have to “control” what you really cannot control.

Safeguarding Inventory

You do not know what you have lost until you know what you had – and we are not talking romance here; we are talking about looking at a mountain of inventory within a warehouse and knowing that it is all accounted for. The easy thing for an accountant is that money is small enough to count by hand, but for a Distribution Manager, it is not so easy. You can’t eyeball your inventory and assume that it is all there, you have to know. The days of holding a clipboard and manually counting your inventory are over.”

Click here to find out more about why you should have a Stock Loss Control System in place.

To Get A Quote For An Effective Stock Loss Control System, Click Here!

Source credits:

https://multichannelmerchant.com/operations/storage-and-inventory-control-best-practices/

https://www.skuvault.com/blog/warehouse-inventory-management-tips

https://www.fishbowlinventory.com/articles/wholesale-distribution/distribution-inventory-management/

All opinions expressed in this article are not the onus of the publisher nor supplier.

Top 5 Reasons Outsourced Security Is Better Than Internal Security

Top 5 Reasons Outsourced Security Is Better Than Internal Security

Top 5 Reasons Outsourced Security Is Better Than Internal Security

Every organization needs to detect threats and immediately respond, but building a detection and response capability requires significant investments – and many organizations struggle to assemble the required pieces. The tools are rarely the problem; the hard part is finding a team of experienced analysts, researchers, investigators, and engineers that know how to operate and improve this capability. And while the underlying need is the same for most organizations, security programs differ drastically. Outsourcing security services can help.

Benefits of Outsourced Security

  • Benefits of Outsourced Security: Providing Well Trained Security Guards

Professional security guards are better trained and more knowledgeable than your in-house staff regarding security. They know well how to handle the security concerns occurring at your premises. A security guard can respond to the risks, prevent suspects, interview the witnesses, and inspect the area for safety risks and secure victims. Moreover, a professional security guard can help you prepare the loss prevention report that may be produced in the court.

  • Benefits of Outsourced Security: They Save Your Money And Time Being Wasted On New Staff’s Training

Hiring a security staff on your own is a time-consuming process. First of all, you need to advertise, interview and perform background checks on applicants.  After hiring, you have to spend time and money on the training. But that’s not in the case of hiring a professional security company.  The security company takes care of the hiring process and provides you with the security guard that is ready, willing and able to get the job done.

  • Benefits of Outsourced Security: Less Hassle And Inconveniences

Ever had someone call off sick?  Ever need to replace an employee who resigned?  Anyone who runs a business answers yes to those questions followed by an unhappy look.  Coordinating staff schedules to adjust for sick or resigning employees can be a stressful endeavour.  Hiring a contract security company is responsible for keeping your site staffed.  You avoid the stress and overtime cost associated with HR and attendance issues.

  • Benefits of Outsourced Security: Private Security Guards Handle The Security Matters Better

Professional security guards handle the security concerns more efficiently than in-house resources.  Training a professional security team has its unique challenges.  Security companies have the expertise to know how to prepare their people and manage them in a manner that results in professional responses to security incidents.  Private security service companies know what security guards must have.  Businesses often have difficulty training their internal security staff to respond the security incidents as professionally as a security guard from a private security agency.  Challenges training directly employed security staff is due to the fact that safety is not the core competency of your business. Otherwise, you would be running a security service company.  Contracting with a private security service agency allows you to focus on your core business.

  • Benefits of Outsourced Security: Private Security Is Cost Effective

Besides paying them salaries, you have to cover the additional costs of your internal security team which includes employee taxes, vacation, benefits, overtime, holiday pay, and annual raises.  When you contact a security guard services company, your cost is based on a fixed hourly rate.  That rate does not change until the contract changes.  As a result, you are protected from unexpected labour-related cost increases or overtime costs.

 

Why not consider outsourcing your armed and unarmed security guard needs? Click here to get in touch with us today!

 

Source credits https://protectedbytrust.com/2017/01/20/8-reasons-private-security-is-better-than-internal-security-staff/ :

In-House vs Contract Security – Advantages Of Contract Guarding

In House vs Contract Security

In-House vs Contract Security – Advantages Of Contract Guarding

Many security managers or directors have concerns that switching to a contract security provider will mean they are of lesser value to their company and risk losing their position.

However, a transfer to contract security can have the opposite effect. Security managers who outsource their security program find they no longer have to spend long, arduous hours dealing with the day-to-day challenges of managing security officers. Instead they are able to offer their skills in the more noticeable areas of security consulting and analysis. This, in turn, increases their value to the company while decreasing their security strain as they can delegate security personnel functions to the contract security firm’s management staff.

Another main cause for uncertainty by some companies to switch to contract security is the perception of a lack of quality security companies. While finding a reputable firm amongst the many security companies within the industry may be a challenge, there are some companies which operate on an advanced level. These are companies which conduct thorough background investigations and have a scrupulous process for selection of personnel. Quality companies are capable of offering competitive benefits and wages, superior training and employee development opportunities. Read about how Mantis’ security officers are PSIRA registered – ensuring you even further peace of mind.

In most cases, the cost of an outsourced security program is comparable to a company’s in-house budget. However, the added protection provided along with the elimination of other costs actually acts to reduce a company’s long-term expense. Other costs associated with in-house security budgets may include overtime wages, recruiting, background check expenses, training, uniforms and personnel for payroll services.

Benefits of Contracted Security

  • Less time spent managing security issues internally
  • Provision of security equipment; initial cost, maintenance and replacement costs are not your responsibility
  • Outsourcing of background checks, training and hiring of guards means the integrity of your contracted security guard is ensured
  • Access to a broader range of licensed security staff; if you require a higher level of security guarding, you can upscale at any time
  • Experience in security-related legal issues – less stress for you, especially if this is not your field of expertise

The most obvious reason to contract a security provider is to minimise time spent dealing with the trivia of day-to-day security issues. Contract security will generally take care of background checks, training, and hiring of security staff, as well as sourcing equipment and uniforms, providing medical insurance benefits and more. This enables your management team to focus on your core business.

Additionally, in an ever-shrinking market of qualified and quality security staff, contract security offers diversity, flexibility and greater access to human resources, especially at peak trading times. The contractor should also deal with issues of employee relations and liability management.

As long as the due diligence is carried out in establishing the contractor’s expertise and experience as it relates to your industry, and their ability to integrate into your operations as a business partner, contract security can add tremendous value to your organisation.

 

For advice, assessments or quotations, click here to get in touch with us today!

 

Source credits: https://www.tacticalsecure.com/about-us/in-house-vs-contrsct-security/

 

Warehousing & Stock Loss Control South Africa – Why Warehouse Security is a Need, not a Want

Warehousing & Stock Loss Control South africa

Warehousing & Stock Loss Control South Africa – Why Warehouse Security is a Need, not a Want

Stock loss control is something that should be front-of-mind for anyone in the wholesale distribution business. In the simplest of terms, stock loss control involves having greater oversight over one’s stock, designing the necessary systems to identify the causes of shrinkages and implementing an effective action plan to minimize the risks associated with any stock control losses. Some refer to it as “internal control” or even as an accounting system set up to safeguard assets. Let’s take a look at why stock loss control is so important as well as what’s involved in developing an effective system.

What is Stock Loss Control & Why Is It Important?

Understanding what you have, where it is in your warehouse, and when stock is going in and out can help lower costs, speed up fulfilment, and prevent fraud. Your company may also rely on inventory control systems to assess your current assets, balance your accounts, and provide financial reporting.

Stock loss control is also important to maintaining the right balance of stock in your warehouses. You don’t want to lose a sale because you didn’t have enough inventories to fill an order. Constant inventory issues (frequent backorders, etc.) can drive customers to other suppliers entirely. The bottom line? When you have control over your inventory, you’re able to provide better customer service. It will also help you get a better, more real-time understanding of what’s selling and what isn’t.

But what if you don’t have the capacity to carry out internal stock control systems and audits? Then it’s time to consider outsourcing this vital process to professionals.

The Benefits of Outsourcing Stock Loss Control

Benefits of Outsourcing Stock Loss Control  – Improve Overall Process Efficiency

Every manufacturer becomes more competitive when they can focus on their core business. Efficiencies gained from outsourcing inventory management allow a company to:

  • Maintain focus on core competencies
  • Avoid outlying, resource-intensive tasks
  • Reduce or eliminate the presence of theft and syndicates, either within the company or external threats.

Benefits of Outsourcing Stock Loss Control  – Free Up Resources

Every company has a limited pool of capital, both monetary and personnel. Tying up either of these reduces efficiency. Freeing up capital as management time and resources makes sense because this can:

  • Trim management administration costs
  • Reduce sourcing and shortage issues
  • Minimize management distractions
  • Reduce the chance of disciplinary hearings as a result of internal theft.

If you’re ready to outsource your warehouse & stock loss control, click here to get in touch with us today!

 

Source credit: https://www.industrialspec.com/about-us/blog/detail/inventory-management-support-systems-services-outsourcing-5-reasons