A worldwide chain operating restaurants, hotels and casinos in over 100 countries needed to locate and track a wide variety of high value celebrity memorabilia and miscellaneous equipment in support of a corporate acquisition.
The challenge: The memorabilia was periodically transferred from one location to another without any systematic record kept of the relocations. The memorabilia was either on display within a restaurant, hotel or casino, or stored at one of several warehouses located in over 40 countries.
The objective: Locate, accurately identify, catalogue and reconcile data about each piece of property. Because of the pending acquisition, it was also crucial that the project be completed in a relatively short time.
The solution: Before initiating the inventory verification, Verasset worked closely with the client management team to fully understand the problem and identify all the business, operational, logistical, political and social obstacles that would likely be encountered. Planning focused on minimizing the amount of time to complete the project and ensuring the most cost effective scheduling. Once planning was complete, Verasset deployed ten teams of inventory specialists around the world to simultaneously inventory the memorabilia and equipment. The company’s typical methodology was to visit each location after closing hours to avoid disrupting regular business operations. This often meant working between 2 a.m. and 10 a.m.
Using a mobile computing device and customizable inventory management software, Verasset pre-loaded the customer’s existing inventory database into the management software and verified, updated, and reconciled property information in real time. In addition, Verasset took digital photographs of the memorabilia, which were linked to each corresponding record in the database, and affixed and recorded 2D barcode microdots to ease future identification of the memorabilia and streamline future inventory cycle counts.
Using the results of this real-time reconciliation, Verasset generated a number of reports identifying; discrepancies, additions, changes and supplied them to the customer with periodic data feeds. Inventory discrepancies were further researched through interviews with the local representation and resolved when possible. Detailed notes were compiled and submitted with the final deliverable referencing what was learned about specific items, i.e., whether they were lost/stolen, damaged, or unknown.
The entire project was completed within three months.
Verasset compiled a consolidated database of all the memorabilia and equipment along with discovery notes and digital photographs, which were provided to the client. These records will allow the customer to update its property tracking system using the newly validated inventory baseline. The customer now knows exactly what property it has, where it is located, and has the ability to easily track the movement of these rare, high value assets between various facilities around the world.