Let’s be honest here: When the end of a calendar year arrives many companies loathe preparing to do full year-end inventory counts, and we can’t possibly blame them. Because Insight Works remains dedicated to its cherished client base, we’re always looking for ways to ease any hardships in an operational process, and when it comes to inventory, that solution arrives in the form of our Advanced Inventory Count, an add-on that can significantly reduce count times and streamline the entire process.
From Christmas parties to cracking open that bottle of champagne at midnight during New Year’s Eve celebrations, the end of an annual period signals a myriad of traditional formalities, but for most retailers it also means the rigorous procedure of counting their products. While not the most glamorous way to finish off the year, this period is essential for businesses large and small to complete inventory for year-end tax requirements and financial statements.
What makes conducting a physical inventory count so daunting? It’s monotonous, it requires pinpoint precision and it takes valuable time to do correctly. One of the more difficult aspects about year-end counts can be finding the time; scheduling time to shut everything down to complete counts in-store and at any warehouse can affect business revenues – particularly during a busy shopping season. Then, there’s the issue of setting up a team to complete some prep work in advance, to say nothing of the auditing process along the way and other roadblocks.
Using KONG as a Great Example
One of Insight Works’ clients, The Kong Company (stylized as KONG), not only increased its inventory accuracy but realized multiple benefits by utilizing a system like our Advanced Inventory Count. In a nutshell, here was the problem: When it came to the company’s warehouse and distribution centers, being able to maintain an accurate count of inventory was becoming increasingly difficult. Using its old system, KONG reps would perform very few cycle counts due to the time involved in counting, and this would result in inaccurate inventory records.
Indeed, KONG experienced a myriad of other inventory-related issues which trickled down to affect time-intensive operations, global distribution centers, count errors, stock receiving, onboarding of new staff and more, with the organization unable to keep pace with its growth.
Enter Advanced Inventory Count
When KONG turned to Insight Works for help, the integration of our Warehouse Insight and Advanced Inventory Count add-ons for Business Central replaced its homegrown ERP system, proving to be the perfect solution – all the warehouse management system functionality KONG required was fully realized.
Here’s how KONG benefitted, at-a-glance:
- The Insight Works add-on for Dynamics 365 Business Central made it simple to add scanning capabilities to Kong’s new NAV environment.
- Barcode-enabled pick lists and the ability to create barcode labels for bins helped the company’s overall process.
- The company’s remote operations were now able to access Microsoft Dynamics NAV via Citrix desktop virtualization.
- Overall time savings was realized when counting inventory.
- Inventory management efficiencies were increased.
- Significant cost-savings were realized, staff time was re-allocated to more productive tasks, customer satisfaction soared and capital resources were used more efficiently.
And this is only scratching the surface of what Advanced Inventory Count did for KONG.
About Advanced Inventory Count
We like to think of Advanced Inventory Count as an inventory count system that pays for itself, ultimately enabling inventory managers to simplify inventory and cycle counts with comprehensive data entry, reconciliation, posting and analysis tools.
By turning to Advanced Inventory Count when the end of year arrives, your company can:
- Easily perform manually-entered or barcoded inventory counts and cycle counts
- Automatically reconcile and post lot or serial number discrepancies
- Predefine count sheets or allow users to complete ad hoc inventory counts
- Create formal recount sheets to track count issues and resolutions
- Retain historical statistics for prior counts to judge trends and performance
- Support all location configurations, from non-mandatory bins to directed pick with warehouse item tracking features
- Enable multi-user manual entry for non-barcoded counts while adding count sheets on the fly