STOCK CHECLIST FOR FMCG COMPANIES

1. Stock Overview

Compile a list of all products in inventory

Categorize products by type and brand

Assess total inventory value

Identify stock on hand versus stock on order

2. Stock Accuracy Verification

Conduct physical count of all inventory items

Reconcile physical count with system records

Investigate variances and adjust records as necessary

Implement cycle counting for ongoing accuracy

3. Quality Control Check

Inspect products for quality and safety standards

Check for proper labeling and barcodes

Assess conditions of storage facilities

Monitor temperature and humidity levels for perishable items

4. Order Fulfillment Readiness

Review pending orders and backorders

Ensure stock availability for upcoming shipments

Confirm packaging and labeling readiness

Coordinate with logistics for timely deliveries

5. Supplier Relationship Management

Evaluate current supplier contracts and terms

Monitor supplier delivery performance

Establish contingency plans for supply chain disruptions

Communicate regularly about stock levels and needs

6. Sales and Demand Forecasting

Analyze historical sales data for trends

Collaborate with sales team for demand insights

Adjust stock levels based on promotional activities

Forecast seasonal demand fluctuations

Here are some additional steps that could be included in the "Sales and Demand Forecasting" section of the checklist

Utilize market research to identify emerging consumer trends

Monitor competitor activity and pricing strategies for insights

Incorporate economic indicators that might affect purchasing behavior

Conduct customer surveys to gather feedback on preferences and needs

Leverage inventory turnover rates to inform stock levels

Use data analytics tools to enhance forecasting accuracy

Review previous forecast accuracy and adjust methodologies accordingly

Implement a rolling forecast process to continuously update predictions

Collaborate with marketing to align strategies with demand forecasts

Set up alerts for significant changes in demand patterns or sales spikes

7. Documentation and Record Keeping

Maintain accurate records of stock movements

Document discrepancies and resolutions

Ensure compliance with distribution regulations

Archive past inventory reports for reference

8. Staff Accountability and Responsibility

Assign stock management roles within the team

Establish protocols for reporting stock issues

Conduct training sessions on inventory best practices

Encourage a culture of accountability in stock handling