Inventory Management

Advanced Inventory Management

InnovA is efficiently designed for a more accurate inventory description. Once the sales agreement has been signed by all required parties, your operations team has a dashboard to guide them on what needs to be processed for every item.  This can be broken down into roles and permissions that are specific to your company.  For every item that will be sold, we have created a step-by-step guide to verify the item title, any liens, validate the location, schedule inspections, review contract details, and request pricing valuations before accepting bids. Each inventory item will have icons that are red or green to indicate what needs to be completed.  This a great visual but also allows you to assign permissions for these responsibilities to be completed by a person or multiple people with activity tracking. You will be able to track all inventory from the moment the inventory is created until it has been loaded out with live details at a very granular level.

Verify Title

For inventory that it titled required the icon will be red.  The person assigned to tracking what titles have been received can change the status, and any title notes, then make the title icon green. If the title is not received the icon will stay red and the inventory status will stay on the website.  Creating this process has proven to reduce arbitration from titled items being sold when the title was not actually received.

Verify Lien

Verifying liens is not a requirement but is something that we recommend. As an auctioneer, you have a fiduciary obligation to both the buyer and seller to represent both parties.  Once a lien has been verified you can add the lien details to a specific item or to the schedule, depending on if the request is for net proceeds, a specific amount, or no interest.  InnovA will track who liens are owed to so that proceeds can be disbursed in the order as required to meet the consignors’ obligations.

Verify Location

Many times, auction companies have multiple yards or selling items from their customer's yards.  All inventory should be verified to its location when creating the item listing. Once the inventory is verified or received the person given permission will make the icon green validating it was at the assigned location. This process will also work in the same way for load out, once the item leaves there is an additional icon showing that the item was removed from the location.

Verify Inspection

Inspection requests are generally created by a sales coordinator or an inspection manager.  Once the inspection is complete, we recommend that someone reviews the inspection report for accuracy.  Once the report is approved the icon should be marked green.

Verify Details

This icon can be used for anything that you like.  If there is a process that you require and we have not thought of it, then this one will fill that need.  We can create custom workflow icons if that is needed.

Verify Work Orders

Work orders for repairs, details, transport or anything else can be requested by the item or for the schedule a.  This icon reminds someone to go back and check to make sure those requests have been completed.

Verify Pricing

Sometimes consignors will choose to list inventory for retail or request a starting bid at auction.  This icon reminds whoever is assigned this task to confirm the pricing listed is the same as the contract or review any differences.  Once this has been reviewed the icon should be selected to green.

Verify Quality Control

By the time you get to this stage if all the icons in front of this one is green most of the quality control should be completed.  We believe that one more look does not hurt.  The person in this role compares photos to text and makes sure everything meets your company standards before listing online. The icon is selected green when ready to move forward.

Complete to go Online

This is the last step from the inventory status online changes from coming soon to make offer, posting the upcoming auction date, or prebid if the auction is within 7 days.  Following all these steps allows you to track how long it takes to process inventory, allows permissions to be assigned to a role or a person, and makes the item description consistent when customers are viewing your website.