Update inventory levels after sales or new shipments
10
Review and adjust pricing if necessary
11
Approval: Manager for pricing adjustments
12
Create a restocking plan for items running low
13
Generate inventory reports by category, location, value etc.
14
Approval: Inventory Reports by Department Head
15
Identify slow moving items and plan for their disposal or discount
16
Plan for seasonal inventory changes
17
Compare actual inventory with recorded inventory
18
Recognize and record any inventory shrinkage or loss
19
Approval: Inventory Shrinkage Report by Manager
20
Document all inventory related processes and update Google Sheet accordingly
Input inventory items into the Google Sheet
In this task, you will input the details of each inventory item into the Google Sheet. This includes the item name, description, SKU, and any other relevant information. Make sure to double-check the accuracy of the input to avoid any errors or confusion later on.
Categorize items by type
In this task, you will categorize each inventory item by its type. This will help in organizing and determining the different types of items in stock. Determine the appropriate category for each item and select it from the dropdown list provided.
1
Electronics
2
Clothing
3
Home Appliances
4
Beauty
5
Kitchenware
Enter the quantity of each item in stock
In this task, you will enter the quantity of each item currently in stock. This will help in keeping track of the available inventory and determining when to restock. Enter the quantity in the number field provided.
Record the location of each item in the warehouse
In this task, you will record the location of each item in the warehouse. This will make it easier to find specific items when needed. Enter the location details in the text field provided.
Enter the cost price of each item
In this task, you will enter the cost price of each item. This is important for calculating the total inventory value and determining profitability. Enter the cost price in the number field provided.
Enter the selling price of each item
In this task, you will enter the selling price of each item. This is important for determining the profit margin and setting the appropriate pricing for each item. Enter the selling price in the number field provided.
Input supplier details for each item
In this task, you will input the supplier details for each item. This includes the supplier name, contact information, and any other relevant details. Enter the supplier details in the text fields provided.
Calculate total inventory value
By calculating the total inventory value, you can determine the current worth of your inventory. This information is crucial for financial reporting and analysis. It allows you to assess the value of your inventory and make informed decisions regarding procurement and sales.
Update inventory levels after sales or new shipments
This task involves updating inventory levels after sales or new shipments. By recording changes in inventory levels accurately, you can maintain an up-to-date and accurate representation of stock availability. This ensures that you can meet customer demand and prevent stockouts.
Review and adjust pricing if necessary
In this task, you will review and adjust the pricing of inventory items if necessary. By regularly reviewing pricing, you can ensure that your products remain competitive in the market and maximize profitability. Adjustments may be required due to changes in costs or market conditions.
Approval: Manager for pricing adjustments
Will be submitted for approval:
Review and adjust pricing if necessary
Will be submitted
Create a restocking plan for items running low
This task involves creating a restocking plan for items that are running low. By proactively identifying items with low stock levels, you can ensure that you replenish inventory in a timely manner and prevent stockouts. This task helps maintain a smooth supply chain and customer satisfaction.
1
Place reorder with supplier
2
Check for alternative suppliers
3
Adjust reorder quantities
4
Review lead times
5
Update procurement timelines
Generate inventory reports by category, location, value etc.
By generating inventory reports by category, location, value, and other criteria, you can gain valuable insights into your inventory management. These reports provide a comprehensive overview of inventory performance, identify trends, and inform decision-making processes.
1
Category
2
Location
3
Value
4
Quantity
5
Supplier
Approval: Inventory Reports by Department Head
Will be submitted for approval:
Generate inventory reports by category, location, value etc.
Will be submitted
Identify slow moving items and plan for their disposal or discount
In this task, you will identify slow-moving items in your inventory. Slow-moving items are those that have low sales activity or are not in high demand. By identifying these items, you can plan for their disposal or offer discounts to promote sales and free up valuable warehouse space.
1
Offer discounts
2
Run promotional campaigns
3
Donate to charity
4
Liquidate through auctions
5
Repackage or rebrand
Plan for seasonal inventory changes
Planning for seasonal inventory changes is essential to align your inventory with customer demand during different seasons or holidays. By analyzing historical data and market trends, you can anticipate changes in customer preferences and adjust your inventory levels and assortment accordingly.
1
Increased demand
2
Decreased demand
3
Special promotions
4
Holiday-specific items
5
Inventory clearance
Compare actual inventory with recorded inventory
This task involves comparing the actual inventory with the recorded inventory in the Google Sheet. By conducting regular checks, you can identify any discrepancies and take corrective actions to ensure the accuracy and integrity of your inventory data.
Recognize and record any inventory shrinkage or loss
In this task, you will recognize and record any inventory shrinkage or loss. Inventory shrinkage refers to the loss of inventory due to theft, damage, or other factors. By promptly identifying and recording shrinkage, you can take appropriate measures to mitigate losses and prevent future incidents.
1
Theft
2
Damage
3
Expired
4
Misplaced
5
Defective
Approval: Inventory Shrinkage Report by Manager
Will be submitted for approval:
Recognize and record any inventory shrinkage or loss
Will be submitted
Document all inventory related processes and update Google Sheet accordingly
It is important to document all inventory related processes and keep the Google Sheet updated accordingly. This ensures that all stakeholders have access to accurate and up-to-date information. By documenting processes, you can maintain consistency, train new employees, and effectively communicate inventory management procedures.
