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Warehouse Inventories

Inventories are not just records that help to maintain records of the resources of a functional system. They are also the mark, which portrays the status and the overall performance of the respective system that will act as a lever for development. The main aim of warehouse inventories is to oil the administration process, resulting in frictionless movements in its day-to-day activities. This article highlights the functions of warehouse inventories.

What is a warehouse inventory?

Like all inventories, it is the record of all functional and non-functional activities and recourses in a warehouse that is a part of the warehouse administration.

There are a number of professional agencies that deliver exemplary services in this field using expert human resources and technology, which minimizes errors and contributes to the overall development of the portable warehouse for sale productivity.

Let us check the main functions of the warehouse inventories.

A� Auditing

A� Analyzing

A� Recording

A� Reporting

Auditing

Auditing is the first step of the inventory recording process. It consists of the following three fragments.

A� Inspection

A� Categorization

A� Accounting

Inspection

Inspection is the process by which an inventory specialist identifies the subject (the things that comes under an inventory) in a warehouse.

Categorization

In categorization, the inventory experts classify subjects into different categories according to its function and importance.

Accounting

The categorized subjects undergo verification on the basis of value and functional status.

Analyzing

After the audition, the second function is to analyze the audit report. It is mainly based on the following steps,

A� Verification

A� Comparison

Verification

In this step of analyzing, the collected data undergoes verification and in case of an altered result the entire audit process is revised.

Comparison

After the verification process, the confirmed data will be compared with previous inventory data for the differences.

Recording

There are mainly two types of recording that are used by the warehouse inventories, they are,

A� Digital recording

A� Filing

Digital recording

In digital recording, the data are formatted into digital form. Many warehouse inventory softwares help in analyzing the data precisely. Digitization of data helps to store data, which enables easy transfer and multiple accesses.

Filing

The data is stored and filed after verification. These files are of great value as it bears the authentication and can use for formal and legal requirements.

Reporting

Reporting is the final step of the completion of the warehouse inventory. Both digital and filed data undergo authentication from the authorized person/department. After authentication, it acquires legal value. Reporting undergoes the following steps,

A� Reviewing

A� Rectification/forwarding

A� Authentication

Reviewing

Reviewing the report is necessary before submission of the warehouse inventory. After the review the report is forwarded for authentication otherwise, any mistakes are identified.

Rectification/forwarding

If any mistakes are reported during the final review, the report is then sent to the analyzing section. After rectification, the file is forwarded for authentication.

Authentication

It is the final section of the warehouse inventory where all the documents and data are authenticated by the inventory agency.

Though the basic functions are same, the mode of operation of warehouse inventory may differ from agency to agency.