You're facing discrepancies with high-value inventory items. How can you ensure their security and accuracy?
Facing discrepancies with high-value inventory can be daunting, but you can take steps to safeguard these assets and ensure their accuracy. Here's how to tighten controls and improve oversight:
What other strategies have worked for you in managing high-value inventory?
You're facing discrepancies with high-value inventory items. How can you ensure their security and accuracy?
Facing discrepancies with high-value inventory can be daunting, but you can take steps to safeguard these assets and ensure their accuracy. Here's how to tighten controls and improve oversight:
What other strategies have worked for you in managing high-value inventory?
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Some ways to go about it: 1. Separate responsibilities for inventory handling, recording, and auditing. This reduces the likelihood of internal discrepancies. 2. Use digital logs that automatically record each access, creating a detailed, time-stamped audit trail that’s hard to manipulate. 3. Limit physical access to high-value inventory zones with biometric or passcode systems, ensuring only authorized personnel can enter. 4. Regularly analyze inventory shrinkage trends by SKU or department to identify any unusual patterns that may indicate theft or errors. 5. Establish strict handling procedures for high-value items, such as two-person verification for moving or accessing these assets, adding an extra layer of oversight.
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Best way to do not face discrepancies is prevention. - Ensure your cycle count is up to date and it is being audited. - Place SOPs and training your team. - Have technology working for you, RFID, for example. - Each employee with a specific role and be responsable for it. - Run risk management protocols - Have cameras and bodyguards around to keep an outside view.
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Avoid multi tasking job... Assign people to there specific function. If they do picking let them do it. If they do packing let them do it.if they do counting let them do it.if they do loading / unloading let them do it. In short ur area ur responsibility.
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Achieving security and accuracy requires layered controls and precise visibility. Start with integrated automated tracking, like RFID systems, to provide real-time data on stock movement and location. Align this with cycle counting focused on high-risk SKUs to catch discrepancies early. Physical access should be restricted, using electronic locks and monitored zones for authorized personnel only. Implement anomaly detection through analytics, flagging irregular stock adjustments or unusual transaction patterns. Conduct periodic asset reconciliation to validate actual versus system counts, leveraging root cause analysis on discrepancies to refine procedures and enhance accountability.
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