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SYSTEM STUDY

We take a survey of your stock and entire business to identify plausible problem areas, make recommendations and see you through the implementation processes.

Our survey will reveal:

  • Stock loss loopholes
  • Stock display/storage deficiencies
  • The Profitability of your business
  • The condition of the inventory i.e. the materials
  • Level of materials flow within the system
  • The security system in your store/warehouse
  • Safety, Health and Environmental measures in place for the warehouse
  • FULL-SERVICE STOCKTAKING

    Supermarket/Convenience Retail Inventory Counts

    Stock loss can affect your profit margin to an extent that if not detected on time can cause a complete business shut-down. To identify the loopholes for stock loss, it is better to undertake regular stock count for your business. Also, to determining the quantity of items that you have on hand within your facilities and the value is a necessary part of running an efficient and profitable business.

    Our focal point is ACCURACY. We achieve this through a combination of certified standards, well trained staff and our technologies.

    No worries to your daily operations. We adopt a coordinated approach to stocktake without obstructing your daily services in any way and we present reports on hand.

    Our retail stocktake services inculcate the following:

  • The value of your stock
  • The quantity of each stock
  • Stock variances
  • Streamlined quantity on hand
  • Updating of live stock information onto customers EPOS
  • Surplus/deficit reporting
  • Advice and consultation
  • Printed/electronic easy to understand reports.
  • We are readily available to deploy our technologies and our experts to your facility to deliver excellently and accurately to your satisfaction.

    Petrochemical Materials stock taking

    Over the years, we have gained recognition by the nation's apex Oil and Gas Company through our expertise and excellent service delivery. We have continued to carry out Warehouse Re-organization, Physical Stock Taking and inventory maintenance for NNPC SBU's across the nation.

    Our years of remarkable experience in managing petrochemical equipment spare parts and materials has set us on limelight.

    We have our experienced team readily on ground who have been around for over 20years, working in various sectors of the oil and gas industry and ready to identify and count your materials accurately without disorganizing your warehouse.

    We ensure we deliver on our services and submit reports to cover:

  • General materials list of equipment spare parts with detailed specifications
  • Material balance on hand
  • Material value (if required)
  • Obsolete materials
  • Any other aspect as requested.
  • Warehouse & Logistics Inventory Counts

    Our experience has so far revealed that the requirements for stocktake of warehouse/logistics are completely different from those of retail stock count. Performing a stock take often involves closing down for days at a time, causing logistical and financial disruptions to your business. We provide inventory services to help count the items in your warehouse or distribution center without extended and costly facility closures.

    Healthcare Inventory Stocktake

    Conducting an inventory count for a pharmacy or medical facility requires specialized knowledge. Rely on an experienced inventory service provider like us to ensure an accurate inventory count for both dispensary and front-of-house unit of your pharmacy.

    We have procedures and technical solutions to provide you with complete line-by-line product listing for both dispensary and front-of-house on our Stock Detailed Report. We carry out itemized count and accurate evaluation of your stock as required.

    Hospitality Stocktaking

    The best way to find out how your bar operates is to have an independent stocktake carried out. This will reveal any variances that may occur as a result of wastage, staff theft, customer walk-outs, and incomplete deliveries. We use the latest barcode scanning and weighing technologies to count your stock and eliminate all variances. We present you with stock reports, stock valuation reports and audit reports submitting any threats that may affect the profitability of your business.

    SELF SERVICE STOCK TAKING

    For clients who prefer to do it themselves for some budgetary constraints, we have our solutions to help you achieve desired results and accuracy without the expense of outsourcing your entire count.

    However, relying on store staff to conduct stocktaking without access to the right training, equipment and systems can lead to unpalatable and unreliable results. This is why we have put up the following solutions for you.

    Expertise/Equipment Support

    We provide highly-trained stocktakers to coordinate the stocktaking process and give round-the-clock support, whilst passing on valuable skills and experience to your own staff, who will use our industry leading, reliable equipment to collect data accurately and efficiently.

    Rather than recruit family members and friends who do not have the first knowledge of inventory, we provide trained staff to partner with your knowledgeable staff for the maximum benefit of innovative technology, knowledge and expertise.

    Staff Training

    Your staff need to be fully equipped with the right knowledge about inventory management and stocktaking else all resources put into your stock count can be wasted and the desired result not realized.

    We can train your staff on the step-by-step processes of stock taking, documented procedures and use of equipments. We also subject them to all-round test to ensure they deliver on the job.

    Accuracy Audits

    One of the main benefits of stocktaking is the quality and detailed reports and management information provided at the end of the stocktaking process.

    Here at PRUDENT, we have experienced inventory auditors available to perform accuracy audits for you at any point in time. As a third party service provider, we will monitor and scrutinize all the processes, perform line-by-line checks and balances and produce an unbiased, detailed and easy-to-understand report that will enable you make informed decisions. With us monitoring the checks and balances and managing the process, you can rest assured knowing your inventory counts were performed with true third party objectivity.

    Equipments Rental

    For accuracy, efficiency and speed, our organization can equip your staff with the same inventory equipment utilized by our experts. Hire our handheld terminals and ensure a quick, accurate data collection and reduced stocktaking time. We can also provide our stocktake software solution to enable you track your data and have a complete picture of your stock position.

    SYSTEM SET-UP/OPTIMIZATION

    We help you start from scratch. Whether it is a convenience/retail store, supermarket, pharmacy, electronics store, warehouse, etc, we have the expertise to help hit the ground running. Irrespective of the size of your business, our trained and experienced experts are readily on ground to work with you throughout the entire set-up process. We guide you through every step to profitability. Our wealth of professionalism and experience can transform your ideas into a thriving high-traffic profitable business outlet. We help you open on-time and within budget too. We work with you from start to finish and ensure your stock runs smoothly.

    We can also help you optimize and reset your entire store and transform it into a profitable venture. We give your store the outlook and standard that helps you generate customer traffic to boost your sales.
    Depending on your need, we can integrate our POS software solutions that will help you monitor your daily sales, manage your stock and avoid losses, improve your order and replenishing methods, increase your customer database, generate sales and inventory related reports and increase the overall profitability of your business. We can also set up a manual system for you, with relevant records to help monitor and improve sales

    From teams of one to many more, we perform reset projects ranging from shelves, gondolas to entire stores in convenience, grocery, pharmacy and department store formats. With our decades of experience we have learned that communication, planning, personnel selection, training, and leadership remain essential to the successful execution of many of our single-day to multiple week events. PRUDENT merchandisers have set everything from four-foot specialty sections to massive wall-to-wall full store openings and retrofits.

    Aspects of our system set-up/optimization include amongst other:

    Space/Layout Planning

    Effective space planning allows their customers to easily and efficiently locate products and to maximize consistency across their banner. Our proprietary solution and expertly trained teams assists retailers/warehouse owners with their strategic processes of product placement categorization, departmental adjacencies, fixture layout, promoted space and other factors.

    Product display

    How your products are displayed can determine your sales volume and profitability. A poor display can demean your standards/image and discourage customer from visiting your business.

    We are the stock experts. Poor display can also lead to stock loss either through pilferage, damage or bad stock. With our years of experience and our expertise techniques, we categorize and organize your products display in such a way that is orderly, attractive and convenient for you and your customers.

    In warehouses, we adopt slotting plans that meet inventory rotation requirements, such as FIFO (First In First Out) and LIFO (Last In First Out) and we ensure your materials flow is enhanced.

    Personnel Selection

    We know the right staff for your operations. We help you define the positions, the procedures and the amount of staff you require. We can select the best staff for your business, train and test them to ensure they deliver on their jobs.

    Automated System/Deployment of Technology

    Our unique solution provides total access to current store conditions and configurations allowing you plan how to maximise sales and profit.
    Our proven POS technology and software to help you monitor product performance, out of stocks situations, sales volume, profitability and overall report on every activity patterning to your business transactions.

    BUILDING PROJECT & PETROL SERVICE FORECOURT STOCKTAKE

    We offer a professional, efficient and accurate inventory services to building project sites and service station forecourts, whether independent building projects/petrol stations or nationwide franchises/construction companies.

    At Prudent Stock Taking Services, we employ professionally trained staffs who understand the complexities of inventory management in building construction and petrol forecourts.

    We attach a well trained diligent and trustworthy inventory specialist to monitor and document each activity at your project site ensuring all sharp practices, including fraudulent and pilferage acts are eliminated thereby ensuring profitability, proper utilization of all resources spent and timely realization of set objectives.

    No more worries over whether the right amount of materials for your building project has been supplied and well utilized or whether the right litres of product has been poured into your storage tanks and how much has been sold. Our Inventory Associates will keep your mind at peace and deliver to your satisfaction.

    As valuation experts, we can also offer an unbiased stock valuation service in the case of change of ownership of your petrol or service station business.

    BUSINESS SALES

    Transferring ownership of your business? We can provide an independent, unbiased stock valuation on the day of transfer. Valuation for business transfers require specialist knowledge, as a wrong valuation could end up costing money that is impossible to recover. Our teams of valuers are fully qualified and have experiences in most types of business. So, be rest assured that your stock is being handled by professionals who will give you the best value for your business.

    All business transfers will be attended by at least two senior Inventory Associates. We will give you an accurate STOCK VALUE and issue a certificate of net stock value that will take into account the age and condition of stock to all parties involved.

    TRAINING FOR SUPERMARKET OWNERS AND SUPERMARKET STAFF

    Our consultancy services develop Training and Manpower Development Programmes for all retail stores and supermarket owner/staff on areas considered very crucial in business growth and profit maximization.

    Aspects of the training include:

  • Customer Relationship
  • Security in stores
  • Product Display Techniques
  • Space maximization profit
  • Sales volume Maximization
  • Managing Customer Database
  • Loss control
  • Preventing Damages
  • We have competent and reliable training instructors, who are sound and experienced in the field of retail/wholesale businesses and readily available to impart the strategies and techniques to help you grown your business.

    Benefits of Stocktaking

    Stock taking involves many valuable and expensive man-hours to arrange and carry out, plus a great deal of management time needed to investigate the almost inevitable list of stock discrepancies.

    However, the cost and effort are more than justified by the following long list of benefits, especially if it is performed by reliable professional stocktakers with the right experience and defined system/procedures.

    Accurate records of stock

    With stocktaking, stock balances on stock records become reliable and dependable. Accurate stock balances shown revealed by stocktaking reports, will ensure that all requirement of your customers or the users are covered by existing stock balances and will be sold/issued promptly and efficiently. This prevents the occurrence of a common situation of stock shown in the records system but not being physically present.

    Complete focus on business operations

    With professionals handling your stocktake, your staff no longer need to spend time preparing inventories. Instead, they can focus on their assigned tasks and perform efficiently.

    Security Aspect of Stores

    The security aspect of store management demands that regular physical checks be made to ensure any possible theft or fraud is quickly detected and investigation carried out – accurate stock records will identify shrinkage and possible staff theft.

    Wellbeing and good management of stock

    Excellent inventory management system brings lots of benefits including organized atmosphere, attractive display outlook, tidy sales/storage areas, less stock damage, increased employee awareness and high profitability.

    Product line analysi

    Stocktaking reports will reveal which products are selling and which are not. This will enable organizations take actions that can maximize profit and increase growth.

    Computerized stock control system can be verified

    Computers are as good as the data supplied to them. So the data being supplied from stock control, warehousing and stock records must be accurate and relevant. Stock taking therefore is the only means of verifying the accuracy and reliability of computer figures.

    Stock records and stock control system will be tested

    Verification by physical counts will act as a form of performance check on the stores administrative system and necessary adjustments can be made.

    Stocktaking result as an indication of overall stores efficiency and management control

    The number and size of stocktaking discrepancies is a good indication of the degree of stores efficiency. A high incidence of stock discrepancies usually warrants a close look at the personnel and systems involved.

    External Body

    The mere fact that the work force knows that a neutral body/organization is coming to carry out physical stock taking, stock check, and go through their records of sales, receipts, invoices and possibly identify areas of mismanagement of resources, will make them to be very careful and diligent in carrying out their functional activities.

    Up to Date position of your Business Current Value

    Understanding where your business is financially is important when having to deal with booking, housekeeping, insurance claims and business transfer.

    FAQs

    Many of our clients often pose questions to us regarding stocktaking and inventory management. Below are the most frequently asked ones. If you have any other question in mind, feel free to contact us on info@prudent.com.ng or call us on 07036533374

    Q?

    What is Stocktaking?

    A.

    Physical verification of the quantities and condition of items held in an inventory, as a basis for accurate inventory audit and valuation. It is the accurate count, analysis and valuation of stock in your business at a particular time of the month or year. It is also required to complete the Balance Sheet in your year-end account whre it is classified as Current Asset. The analysis and valuation will be used to generate gross profit report which will reveal whether your business is running at a profit or lost.

    Q?

    Why do I need to do stocktaking when am fully in charge of my business operations?

    A.

    Many business owners do not know the accurate value of their stock. They don't know if they are losing stock and how stock losses occur. Some do not know if they are making profit and how much profit. Stocktaking will let you know your stock worth, analyze your profit, reveal stock loss loopholes and correct them, analyze individual item performance, help you replenish low level stock and increase your profit.

    Q?

    Why use an external company to count your stock?

    A.

    Often, those involved in handling ordering, issuing and selling stock may not be appropriate to use for stocktaking as there is the risk of increasing or manipulating stock quantities on papers for cover for damages, theft or bad stock during stocktaking. Prudent Stocktakers as an Independent company will report all findings "as it is", with an unbiased true third-part objectivity. You will benefit from our attention to details, reliability and accuracy coming from an independent third-party service provider. Also, your staff will be able to concentrate on other relevant and important aspect of their jobs and the business without distractions.

    Q?

    Can stocktake help increase sales?

    A.

    Yes, it is proven. Stocktake report will reveal your stock position and items that was declared out of stock is brought out and is sold. Stocks requiring replenishing will be reported and when replenished, sales are increased.

    Q?

    How often should I have a stocktake?

    A.

    Stocktake is done on a regular basis. Depending on the industry and the purpose, stocktaking should be carried out weekly, monthly, quarterly and especially yearly basis, for annual financial accounting purposes.

    Q?

    How long will it take?

    A.

    We always provide a team large enough to complete your stocktake. Each and every stocktake is on the basis of "job and finish ", so it takes quite enough time to finish all counts and present reports.

    Q?

    Do I have to close the business whilst the stocktake is being done?

    A.

    No. We have methods and procedures that we use to ensure that your business remains open. This avoids upsetting customers and allows minimum disruption to your operation.

    Q?

    Can you carry out stocktake at weekends and holidays?

    A.

    Yes we can, and please note we do not raise our fee for weekend or holiday work.

    Q?

    What can I get from Prudent Stocktaking Services?

    A.

    We count your stock using our latest stocktaking system. Stocktake data are collected with barcode scanner or by manual data entry. We will give a general stock list, your stock worth, item-by-item performance report, variances report, stock replenishment report, store performance appraisal and planned courses of action to reduce costs and eliminate loss from shrinkage and stock management viewpoint. We do not compromise with quality, accuracy, efficiency transparency and reliability.