A common misconception about inventory audits is that it’s all or nothing: they’re either handled fully by an internal audit team or completely outsourced to a third party. The reality is, a collaborative approach offers the best of both worlds. Quantum Services will work with your internal audit team to customize a program that provides unique advantages and a variety of cost saving implications.
Have you stopped lately to consider the far reaching impact that security and safety have on your business? If you don’t provide a safe and secure shopping environment for your customers they may never set foot inside your stores. The same is true for employees; if they feel at risk, they won’t come work for you. By protecting customers and employees, you protect yourself— and your bottom line.
Stock sleeves and shelves to capacity. A simple way to make the audit go smoothly is to make sure the barcode of the last item is face up in each angled sleeve so auditors can scan it from the top, inside the cooler.
An accurate inventory audit is a thing of beauty. It provides retailers with a detailed look at what is going on inside the store. Furthermore, an accurate audit gives store managers the confidence they need to take action and resolve issues, reduce shrink and improve profits.
Inside the storeroom, profits are going to waste when expired or damaged products unfit for store shelves are not properly managed.
Our Keystroke Analysis software is a break through in audit reliability. Just as legendary sleuth Sherlock Holmes hunted for clues to solve a mystery, Quantum Services’ Keystroke Analysis Program (QS-KAP) searches for patterns within inventory audits to identify errors and thus boost confidence in the audit results. When store managers have confidence in the audit, they are more likely to take positive actions to improve store operations and procedures.
Item-level scan audits (ILSAs), which itemize exactly what convenience-store managers have in stock, can cause inventory levels to rise. While it defies logic, there are reasons why this happens in convenience stores.
Over the past 20 years, there has been progress toward item-level scan audits, in which every SKU in the convenience store is scanned as a unique auditable item. Our experience indicates about 70% of c-store operators have not chosen to implement full-store item-level scanned inventory audits. They rely on the industry standard of financial audits, which count categories of products (such as “soda”) rather than very specific individual items (Diet Coke vs. Cherry Coke vs. Coke Classic, etc).
Did you know a typical convenience store retail audit requires more than 50,000 individual keystrokes? If you printed out each entry made by the auditors, your report would be more than 100 pages. While no one looks at that level of detail, how do you decide who looks at what? And what is the right amount of data to look at?