Why Stock Audit Required?
There are two folds to Stock Audit Requirements. One Fold, it is mandatory now a days to monitor and to provide accuracy of in-store data and mainly concerned with
documentation and certification to below stakeholders –
Private Financial Institutions
Another Fold, Required to increase the retail management solutions and to maximize the population of size of the business and its performance.
Types of Audit we do –
Finding out exactly what is happening at store level has never been so important, we can put together a retail audit programme tailored to your requirements.
- Price & Promotion Tracking
- Programme can consist of a number of services, including compliance, availability studies and space vs. sales studies
- Monitor your competitor activity
Promotional Compliance Audits
Planogram compliance and on-shelf promotional assessments ascertain that promotional activity is being correctly executed across purchased featured space and all applicable stores. Our research data can also be used to modify and propel your promotional strategy across national and international retail markets.
We will ensure your promotions are set up in-store correctly on the first day of any campaign or during key periods.
- National or International coverage to ensure 100% compliance
- Regular or ad-hoc audits to monitor promotional compliance
- Visit a range of outlets on day one of your campaign
- Photographs on Entry and Exit
- Roots causes for any non-compliance
- Capability to correct any non-compliance whilst in store
- Checking the fixture is correct to planogram
- Product availability
- POS is sited correctly
On-Shelf Availability Studies
Helping you to identify any availability issues throughout the supply chain. Of course, lack of on-shelf availability is not always a matter of products being out of stock, but are related to issues with general replenishment, stock system errors alongside missing 0shelf edge label and planogram compliance.
Monitor product levels and prevent “out-of-stock” issues
Having low or empty shelves is a reoccurring problem for suppliers and retailers, alike. To help avoid this scenario we can design an in-depth programme to investigate the root cause for any availability issue within your retail category. Our action plan will cover:
- Open or Covert Audits
- Stores visited 2-3 times per day, 2-3 times per week over a 2-3 week period, providing you with robust product availability data
- Opens audits allows our team to work with store personnel to fix any issues, replace shelf edge, correct stock book errors
- Loss revenue calculated using average rate of sales
- Photographs taken during each visit
Retailer Range Reviews
Providing retail insight into product ranges by monitoring and assessing product ranges in-store.
Dedicated retailer range review programmes
We can implement a range review programme to provide you with all the insight you need to monitor each retailer’s ranges in-store.
- Current stock in store
- Pre-range review surveys to ensure the planned changes can be implemented
- Establish exact in-store layout
- Post range review audits to ensure the fixture has been implemented correctly
- Arrange an appointment with the relevant store personnel to review the head office plan in advance and record any variances.
Merchandising / POS Placement Point of Sale Audits
SOLISCA conduct merchandising audits on behalf of retailers and suppliers to ensure their marketing strategies have been successfully implemented at store level. Our POS analysis incorporates:
- POS sent directly to field team to ensure compliance on day 1 of campaign or new product launch
- Reviewing replenished shelves, ensuring that the merchandise fixture uses the correct planogram
- Ensure promotional material is sited as agreed
- Highly experienced team members who will conduct the merchandising audits
- Monitor on-shelf availability
- Provide root causes for any non-compliance
- Photographs taken on arrival and exit
Benefits of Using Our Merchandising Audit Programme
Both retailers and suppliers can benefit from our merchandising audit:
- Ensure 100% compliance
- Maximise availability on-shelf
- Receive root cause analysis and subsequent remedial action
- Minimise loss of revenue due to poor implementation and replenishment throughout key trading promotional periods
- Revisit outlets throughout the life of a campaign or key period. This will ensure pos’ will remain with stock availability and in the right place
Providing retail data and analysis for key categories across all market channels.
Ad-hoc and ongoing retail data analysis insight reports
Our Retail Market analysis reports will provide a total measurement package which will cover all retailer channels and sectors and will help you in moving forward with your effective retail business strategy. Stay ahead of market changes, save time and improve your profitability by choosing SOLISCA for your retail market analysis needs. We will support you in a number of ways, providing complete insight and analysis into your
- Regular, full retail market insights across all your key product categories. These will be captured on a daily basis and will be from both in-store activities and on-line trawling
- Our retail analytic experts will analyse Epos and in-store promotional data to measure the effectiveness of planned in-store activities. This will allow you to see where the greatest ROI’s can be achieved and help you to do better for your business. Moving
forward, you can devise an effective strategy to keep improving
- We will provide promotional activity calendars for both your brands and those of your key competitors, helping you stay ahead of the competition
- Our retail market analysis reports can show which stores are under-performing, helping you target these for additional support, which will in turn maximise budgets whilst providing the greatest ROI
Inventory tends to be the easiest assets to manipulate and hence it’s essential to keep a constant vigil over it. Here are some reasons why inventory audit is considered paramount:
Inventory audit is also required to match the actual quantity of items in stock against the accounting records while also adjusting for differences and allowing for shrinkage so that the ledger reflects accurate values.
- Inventory audit will be able to reveal which physical goods or products are over- or under- stocked. This will allow you to properly and effectively stock your business thus helping maximize profit.
- Inventory audit is necessary to reduce unnecessary investment on stocks and to ensure that you have a proper line balancing in the process.
- Inventory audit is needed to compare actual physical counts and match it to business records: When this count is conducted accurately, an inventory audit will be able to disclose the true picture of what you actually hold as compared to the recorded stocks which, in turn, will give you an understanding of the financial health of the company. Misstatement of inventory balances often tends to have a direct effect on reported profit.
- Inventory audit is imperative to account for any sort of inventory losses resulting from, wastage, pilferage, damage, obsolescence, and dormant stock.
- An inventory audit will also help determine the effectiveness of your warehouse procedures and help reveal any issues within your organisation’s warehouse procedures, whether it is at the receiving dock or during the actual packaging. This could help in highlighting any potential inefficiencies in the process such as disorganisation of the warehouse and slow retrieving methods.
- Inventory audit will help reveal any failure owing to lack of security which results in loss, theft or misappropriation.
- High levels of stock generally result in unnecessary overstocking thus resulting in poor cash flows and financial loss. An inventory audit at timely intervals will help remedy that issue. Similarly, it helps in determining any obsolete inventory in stock or orders incorrectly supplied to customers which could not only lead to financial loss but also result in an irreparable damage to the organisation’s reputation.
Do You Know What is happening in your stores?
– LOSS Prevention
– Health and Safety
We Recommend Here – Store Checklist App