Stocktakes are the bane of every dealership; a necessary component but a strain on normal business operations. Confidently knowing what stock you hold in your dealership is essential to the success of the business. Where other industries still place importance on stocktakes, it can be even more important for dealers when a single item can be worth tens of thousands of dollars. Huge variances can be crippling to a dealership. Because of this it is important to complete stocktakes regularly and thoroughly.
A traditional stocktaking method involves many manual processes and huge man hours. Stock is arranged into “locations”, a certain number of vehicles per location, and stock reports are produced from this. Staff are then given a number of locations each in which they must check the reports against the actual stock. Once an item is sighted, it can be signed off and then move on to the next.
There are two different options for stocktakes which both come with their pros and cons, either you conduct stocktakes within trading hours or outside of them. Completing the stocktake within trading hours means that you potentially lose a lot of business as you must close the dealership for an extended period of time (upwards of a few hours!). While you lose money this way, you save money in employee wages by utilising already scheduled hours and not having to pay above and beyond what you normally would.
The flipside to this is conducting stocktakes outside of normal trading hours. Either coming in early in the morning, or once you have closed at night to complete stocktakes has a number of advantages, although it may cost the company a bit more.
The first advantage to undertaking stocktakes outside of trading hours is that there is no disruption for customers and trading. Normal trading is able to resume, ensuring that the company suffers no loss in revenue at all. This is a huge advantage to the dealership and a loss in revenue can be more crippling that anything else.
The second advantage is that there is reduced time pressure to complete the stocktake and open the store. If you start early enough, you can ensure that everything is sighted properly before needing to open the store, instead of rushing to complete and possibly missing items due to time pressure.
While this is, for the dealership, probably the best option in stocktaking, there are ways in which to speed up that process even more.
Software that automatically produces reports, allows for barcode scanning of items, and then automatically calculates variances can significantly improve the time commitment involved in the whole stocktaking process.
Netresult’s AutoStock product can do all of this for you with the ability to streamline your processes and make the stocktake process as easy as possible. Click here to find out more about the AutoStock product.