Last Updated on December 28, 2022 by Ossian Muscad
Inventory templates are a great way to keep track of inventory and supplies in any business. Whether running a small mom-and-pop shop or an international company, inventory templates can help you stay organized and keep your stocks up to date. This guide will explain how inventory templates work, why they’re essential, and how to create one for your business.
What is an Inventory Template?
An inventory template, also known as an inventory checklist, is a tool businesses use to itemize stock of merchandise, properties, goods, and other building materials. Auditors utilize inventory templates to verify and ensure that the list of suppliers and purchases accurately match the actual on-hand product count.
5 Types of Inventory
There are different types of inventory, and inventory templates should be tailored to fit different inventory categories. The five main inventory types are the following:
- Raw Materials
- Work-in-progress (WIP)
- Maintenance, Repair, and Operations
- Finished Goods Inventory
- Obsolete Inventory
Raw Materials
This type of inventory is the components used to manufacture finished products. Also known as feedstocks, raw materials include all the necessary items for production. These items are unprocessed materials. Some examples of raw materials include:
- [ ] Metals
- [ ] Wood
- [ ] Latex
- [ ] Resin
- [ ] Vegetables
- [ ] Coal
- [ ] Fabric
- [ ] Stones
Work-in-Progress (WIP)
Inventories that fall under Work-in-Progress are items that are partially completed. These are components that you commonly find and use during assembly. Work-in-progress costs will be transferred to finished goods after they are completed. Examples of WiP items include:
- [ ] Collar
- [ ] Sleeves
- [ ] Cuffs
- [ ] Buttons
- [ ] Stitching
Maintenance, Repair, and Operations (MRO)
This inventory type consists of items used in the upkeep of the organization’s equipment and facilities. This inventory is also known as indirect because it does not become direct products or services. Examples of MRO inventory include:
- [ ] Brushes
- [ ] Paint
- [ ] Screws and bolts
- [ ] Tools
- [ ] Cleaning supplies
Finished Goods inventory
This inventory type consists of items already completed and ready for sale. The inventory will be sold to generate income for the organization. Examples of finished goods inventory include:
- [ ] Clothing
- [ ] Furniture
- [ ] Electrical items
- [ ] Toys
- [ ] Bicycles
- [ ] Books
Obsolete inventory
This inventory type consists of items that are no longer produced and are no longer useful. These inventory items are worthless and cannot be sold or used by the company. Examples of obsolete inventory include:
- [ ] VHS tapes
- [ ] Cassette tapes
- [ ] Film cameras
- [ ] Flip phones
- [ ] Typewriters
Why Should You Make an Inventory Template?
An inventory template is a great way to keep track of your inventory and stock. It will help you stay organized, saving time, money, and energy for essential operations. Inventory templates also make monitoring inventory and stock levels easier in real-time, allowing you to order supplies when needed, and avoiding overstocking.
Additionally, inventory templates help you keep track of inventory costs and profits, helping you make better decisions when it comes to purchasing inventory items. Ultimately, inventory templates make inventory management easier, more efficient, and more accurate.
How to Create an Inventory Template
Creating inventory templates is relatively simple. Simply follow the steps outlined below:
- First, you must decide which inventory type (raw material, WIP, MRO, finished goods, or obsolete) to include in your inventory template.
- Next, create a list of items to include in the inventory template. This should include the item name, quantity, and unit of measure.
- Create columns for inventory categories such as inventory data, item description, quantity, cost, and value.
- Then, input inventory item data into inventory template columns. Make sure to add inventory details such as item number, description, unit of measure, and quantity.
- Finally, use inventory report tools and formulas to calculate inventory items such as cost, value, turnover, and inventory ratio.
Create Inventory Templates with DATAMYTE
Now that you know what an inventory template is all about, it’s time to create one for your business. Paper-based inventory templates are still viable; however, they’re less effective or efficient than digitized templates. By utilizing a low-code platform like DATAMYTE, you can take advantage of digitization and create an inventory checklist that you can access using your mobile device.
The DataMyte Digital Clipboard is a low-code software that features a checklist builder. With this tool, you can create comprehensive digital inventory templates that you and your team can access on your mobile device. Thanks to its drag-and-drop interface and other low-code features, you can create inventory templates easily and quickly without the need for coding or other complexities.
Moreover, DataMyte inventory templates are equipped with inventory metrics and analytics that can help you gain insight into inventory management. This can help you make better inventory decisions and track inventory costs and profits.
You can also conduct layered process audits using DATAMYTE. LPAs are an advanced auditing method where you conduct assessments throughout the entire inventory process. With this type of inventory audit, you can ensure inventory accuracy and inventory compliance throughout the inventory management system.
With the DataMyte Digital Clipboard, you have an all-in-one solution for creating and managing inventory templates. It is a comprehensive system that makes inventory tracking and analysis easier and smarter than ever. Book a demo with us today to learn more about DATAMYTE and its capabilities.
Conclusion
Doing inventory and stock management are tedious processes. But with inventory templates, they won’t be. With inventory templates, you can accurately monitor inventory levels and costs and make better inventory decisions.
Furthermore, inventory templates can be digitized with the help of a low-code platform like DATAMYTE. With this type of inventory template, you can keep track of inventory and inventory compliance in real time. Get started today!
