Record the initial inventory count in the vending machine
3
Monitor and record daily sales
4
Compute inventory turnover ratio
5
Generate accurate product sales forecast
6
Determine the need for restocking
7
Approval: Restocking decision
8
Prepare restock order
9
Log restock order details
10
Physically restock the vending machine
11
Update inventory count after restocking
12
Repeat process for each product category
13
Routinely check machine for any mechanical issues
14
Note and record any loss of product or malfunction
15
Correct stock discrepancies
16
Approval: Inventory Adjustment
17
Generate final inventory report for the period
18
Approval: Final Inventory Report
19
Share final report with management team
20
Have a physical confirmation of the inventory by a third party
Establish inventory rating period
Set the duration for the inventory rating period. This will determine the timeframe for tracking and evaluating the inventory. Consider the length of the rating period in relation to sales cycles and restocking frequency.
Record the initial inventory count in the vending machine
Begin by recording the initial inventory count in the vending machine. This count will serve as the starting point for tracking inventory changes. Ensure accuracy by physically counting each product and entering the counts below.
Monitor and record daily sales
Consistently monitor and record the daily sales of each product in the vending machine. This data will provide insights into customer preferences and help identify popular products that may require more frequent restocking. Document the daily sales count for each product below.
Compute inventory turnover ratio
Calculate the inventory turnover ratio to assess the efficiency of inventory management and to identify potential issues. The ratio is calculated by dividing the cost of goods sold by the average inventory level. Enter the required information for the calculation below.
Generate accurate product sales forecast
Use the recorded daily sales data to generate an accurate product sales forecast for the upcoming period. A reliable forecast helps in planning for restocking and inventory management. Based on your expertise and understanding of the sales pattern, provide the forecasted sales count for each product below.
Determine the need for restocking
Analyze the inventory level, daily sales data, and sales forecast to determine which products need restocking. It is vital to ensure that popular and high-demand products are stocked adequately. Decide whether restocking is required for each product listed below.
1
Yes
2
No
1
Yes
2
No
1
Yes
2
No
1
Yes
2
No
1
Yes
2
No
Approval: Restocking decision
Will be submitted for approval:
Determine the need for restocking
Will be submitted
Prepare restock order
Once the need for restocking has been determined, prepare the restock order for each product. Consider the quantity required to meet customer demands, delivery lead time, and any special instructions for the supplier. Enter the necessary details for each product below.
Log restock order details
Record the details of the restock order for future reference and to track supplier performance. Include the supplier name, order date, expected delivery date, and any other relevant information. Fill in the fields below with the necessary details.
Physically restock the vending machine
Physically restock the vending machine with the ordered products. Follow the established process for stocking each product category, ensuring accuracy and proper placement. Confirm the completion of restocking by checking the box for each product below.
1
Product A restocked
2
Product B restocked
3
Product C restocked
4
Product D restocked
5
Product E restocked
Update inventory count after restocking
After physically restocking the vending machine, update the inventory count to reflect the new stock level. Physically count each restocked product and enter the updated count below.
Repeat process for each product category
Repeat the inventory tracking process for each product category in the vending machine. Ensure accurate record-keeping and restocking for each category to maintain inventory balance and meet customer demands.
1
Snacks
2
Beverages
3
Candy
4
Chips
5
Healthy options
Routinely check machine for any mechanical issues
Regularly inspect the vending machine for any mechanical issues or malfunctioning parts. This ensures the machine operates smoothly and avoids inconvenience to customers. Note any issues or observations below.
Note and record any loss of product or malfunction
If any loss of product or malfunction occurs within the vending machine, note and record it for further investigation or resolution. Include details such as the product name, quantity lost, and nature of the malfunction. Provide the necessary information below.
Correct stock discrepancies
In case of any stock discrepancies found during the inventory tracking process, take appropriate measures to correct them. Identify the cause of the discrepancy and enter the corrective actions taken below.
Approval: Inventory Adjustment
Will be submitted for approval:
Correct stock discrepancies
Will be submitted
Generate final inventory report for the period
Generate the final inventory report for the established rating period. This report should include the initial inventory count, daily sales data, restocking records, and any notable observations. Compile the report and save it as a document for further analysis.
Approval: Final Inventory Report
Will be submitted for approval:
Generate final inventory report for the period
Will be submitted
Share final report with management team
Share the final inventory report with the management team responsible for overseeing vending machine operations. This task ensures transparency and enables informed decision-making. Distribute the report via email or other designated channels. Include a summary of key findings and any recommended actions.
Have a physical confirmation of the inventory by a third party
Arrange for a physical confirmation of the inventory by a third party to ensure independent verification. This task provides an additional layer of accuracy and accountability to the inventory tracking process. Coordinate with the chosen third party to schedule the inventory confirmation. Capture their contact details for reference.
