Milestone News

Successfully managing and tracking assets is also a difficult task to achieve. In the past spreadsheets, barcodes, and a large portion of manual labour and time was used to keep track of a business’s assets. Unfortunately, this also meant that there were many mistakes and miscalculations because of human error.

One cannot always prevent an employee from receiving an unexpected bill or forming an addiction; however, measures can be put into place to make it difficult for employees to steal. We discuss how inventory systems can reduce stock shrink and prevent employee theft

Foot traffic counting is the simple exercise of counting how many customers are walking in and out of a store at any given time. There are devices that have been designed to perform this task which can record when customers enter and exit a store, and what the foot count in the store is or was throughout the day. These devices are also referred to as head counters, feet counters or people counters.

Retail shrink (otherwise known as shrinkage) is the percentage of your inventory that goes missing, gets damaged, or goes ‘off’. This is a big problem for retailers, as they are spending money on stock and not seeing a return. This loss can be due to shoplifting, employee theft, stock passing expiry date or perishable stock going off, supplier fault or fraud, administrative mistakes, and accidental damage.

Inventory management and stock take are often seen as tedious and frustrating tasks. That may be, but it is also one of the most important aspects of owning a business.Inventory management refers to a recordkeeping system that tracks whether you have the right inventory, at the right time, and in the right place. All industries, from wholesale to retail, make use of some form of inventory management system.

There are multiple methods and devices that can be used to implement stock control and inventory management; however, RFID is by far the superior technology with which to achieve accurate results.