Frequently Asked Questions

Stocktaking is the process of physically counting and recording all the inventory or stock items a business possesses. It is crucial for businesses because it helps them gain an accurate understanding of their stock levels, identify discrepancies, and ensure their financial records match the physical stock on hand. This process allows businesses to make informed decisions regarding ordering, production, and sales, ultimately improving efficiency and profitability.

 The frequency of stocktaking depends on the size and nature of the business. Generally, smaller businesses may perform stocktaking on a monthly or quarterly basis, while larger businesses with higher inventory turnover might do it more frequently, such as weekly or even daily. Seasonal businesses may also conduct stocktaking before and after peak periods to manage their stock levels effectively.

Businesses can adopt various methods for stocktaking, depending on their resources and requirements. Manual stocktaking involves physically counting items, either using pen and paper or spreadsheets. Barcode scanning or using handheld devices equipped with inventory management software is another popular method. Some businesses also employ radio frequency identification (RFID) technology, allowing for automated and real-time stock tracking.

Stocktaking plays a vital role in inventory management by providing accurate data on stock levels. This information helps businesses make informed decisions about stock replenishment, reducing the risk of stockouts or oversupply.

Through stocktaking, businesses can identify slow-moving or obsolete stock, allowing them to optimize their inventory and avoid tying up capital in unsold products. It also enables businesses to improve forecasting accuracy and monitor inventory turnover, leading to increased efficiency and profitability.

Discrepancies during stocktaking, such as missing or excess inventory, can be unsettling for businesses. To address these issues, the first step is to conduct a thorough investigation to identify the causes. Discrepancies can arise due to a number of reasons such as theft, administrative errors, or issues in the supply chain. Once the cause is determined, businesses can implement corrective measures like enhanced security, process improvements, or re-evaluating supplier relationships to minimize discrepancies in the future.

Absolutely! Technology can greatly streamline the stocktaking process. Inventory management software can automate various tasks, such as generating stock reports, tracking item movement, and reconciling stock levels with financial records.

Barcode scanners and RFID technology can significantly speed up the counting process, reducing human errors and providing real-time updates. Utilising technology not only saves time but also improves accuracy and efficiency in stocktaking.

Orridge PS are part of Orridge & Co, one of Europe’s largest stock taking companies. We specialise in pharmaceutical stocktaking and over several decades have built up an excellent reputation throughout the healthcare community.

We were founded in 1846 by Benjamin Orridge, appointed pharmacist to Queen Victoria and a founding member of the Royal Pharmaceutical Council.

We cover all sectors of the pharmaceutical industry, and this includes Pharmacies and Doctors surgeries, from independents through to national groups. Both Hospital and Supermarket Pharmacies. The former group includes Mental Health areas, Outpatient wards, any of the specialist units along with the main hospital pharmacies. Furthermore, we capture data for both Robotic Pharmacies and the Pharmaceutical manufacture and Supply Chain industries which can vary significantly in scale and complexities.

Using the latest barcode scanning technology, we capture data for each and every product within a site. This takes out assumptions of grouping similar stock together and so provides an accurate valuation. The practices we use prioritise dispensing over the stocktake as we understand that your patients should always come first. The staff we supply for a stocktake are trained pharmacy members of our team and have the full support of a dedicated management structure behind them.

For every stocktake we provide a full category stock breakdown; this provides you with valuation information by location e.g. Fridge, CD cabinet, dispensary. We can also provide a date-checking service when completing a stocktake to identify any short-dated stock along with completing delivery checks on the day of the stocktake and comparing this to any delivery notes.

Yes, we can. We specialise in providing accurate pharmacy valuations for these circumstances, and many others, and our dedicated team understand the pressures that these events can cause. Dedicated account managers will liaise with you every step of the way so that should a short notice postponement be needed along with a new date, we understand this and will work with you to ensure that you get what you need. There’s no hidden costs or charges to this work as everything will be made clear during the start of your journey with Orridge.

All we require is an approximate value of the stock that you hold which enables us to provide the correct resource to count it all in a timely manner. Our pharmacy database has been developed and maintained in house using leading industry data sets alongside boots on the ground information. This leads us to provide you with a suite of reports that will be customised to your needs.

Orridge have developed our own internal system which can be easily adapted to suit the needs of our clients. We work with our clients to develop bespoke reports and data feeds, so the information is on hand in a timely manner. Our specialist supply chain team have years of experience working in warehouses and will support you in ensuring you get the right solution for your business.

Orridge Supply Chain Solutions are part of Orridge & Co, one of Europe’s largest stock taking companies. Specialising in warehouse inventory management services, we are at the forefront of innovative solutions which address the full range of inventory management needs.

We understand that every client has a different operation and may have different needs, so we make sure we tailor all of our solutions to fit each client – our team of experts will develop a solution based on your specific requirements.

One of the ways retailers can save time, money, administration, and resources is to allow their suppliers to deliver stock to stores or warehouses in good faith (not manually checking all inbound deliveries). As a way of ensuring stock accuracy, sample audits are carried out, and an accuracy figure is derived.

This figure is used to measure the performance of the supplier and appropriate charges are levied back to them – normally a reduction in the entire charge by the percentage of the inaccuracy (a reduction in price based on the level of inaccuracy). For example, a 5% reduction in the invoice value where only 95% accuracy is achieved.

This is a service that helps us determine the accuracy level of deliveries you receive. The benefits of this allow our clients to pinpoint areas of their operation which fall below a required standard. The accuracy figure we deliver can also help allocate the correct charges to the right place, whether this be internal or to your suppliers.