How can you implement an inventory accuracy program?

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Inventory accuracy is the degree of alignment between the physical stock and the recorded data in a warehouse. It is essential for efficient operations, customer satisfaction, and financial performance. However, achieving and maintaining a high level of inventory accuracy can be challenging, especially in large and complex warehouses. In this article, you will learn how to implement an inventory accuracy program that can help you improve your warehouse performance and reduce errors.

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Arumugam L

Manager- Supply Chain & Inventory Manager

1 Define your goals and metrics

The first step to implement an inventory accuracy program is to define your goals and metrics. You need to have a clear vision of what you want to achieve and how you will measure it. For example, you may want to increase your inventory accuracy rate to 99% or reduce your inventory shrinkage to 1%. You also need to establish the key performance indicators (KPIs) that will help you track your progress and identify areas of improvement. Some common KPIs for inventory accuracy are cycle count accuracy, inventory turnover ratio, and fill rate.

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Victor García

Director de Chain Solutions | Profesor Universitario | Miembro de APLOG | Entusiasta de AI en México
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1 assess where your are, and where you want to be. 2 Analysis (one optione is the ABC or XYZ ...) 3 Actions, areas or SKU to test, tools and time frame 4 Results and adjustments

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2 Assess your current situation

The second step is to assess your current situation and identify the root causes of inventory inaccuracy. You need to conduct a thorough analysis of your warehouse processes, systems, and people. You can use tools such as process mapping, gap analysis, and root cause analysis to identify the sources of errors and inefficiencies. For example, you may find out that your inventory inaccuracy is caused by poor data entry, outdated technology, or insufficient training.

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Arumugam L

Manager- Supply Chain & Inventory Manager
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Inventory accuracy required not only in stock available, also in ordering system. Ist need to target which inv.item is contributing more to the business either in the value or Volume. 1st value - value contributing inventories should be made accuracy in available and reorder. Daily monitoring on the high value inventories with daily physical to match with books. Reorder should be well planned in regular intervals with min 95% accuracy in lead time, price and delivery dates. 100% accuracy on reorder Qty.

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3 Implement improvement actions

The third step is to implement improvement actions that can address the root causes of inventory inaccuracy and enhance your warehouse performance. You should prioritize the actions based on their impact, feasibility, and cost, as well as assign responsibilities, timelines, and resources for each action. Examples of such improvement actions include adopting barcode scanning or RFID technology to automate data capture and reduce human errors, implementing a cycle counting program to verify inventory accuracy and correct discrepancies, establishing standard operating procedures (SOPs) and best practices for inventory management and control, and providing regular training and feedback to warehouse staff on inventory accuracy and accountability.

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4 Monitor and evaluate results

The fourth step is to monitor and evaluate the results of your improvement actions and compare them with your goals and metrics. You need to collect and analyze data on your inventory accuracy and performance indicators. You also need to solicit feedback from your warehouse staff, customers, and suppliers. You should use tools such as dashboards, reports, and surveys to visualize and communicate your results. You should also celebrate your achievements and recognize your team's efforts.

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5 Continuously improve

The fifth step is to continuously improve your inventory accuracy program and adapt to changing conditions and needs. You need to review your goals and metrics regularly and adjust them as needed. You also need to identify new opportunities and challenges for improvement and implement corrective or preventive actions. You should foster a culture of continuous improvement and learning in your warehouse and encourage innovation and collaboration.

Implementing an inventory accuracy program can help you optimize your warehouse operations, increase customer satisfaction, and boost your bottom line. By following these five steps, you can achieve and maintain a high level of inventory accuracy and performance.

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Arumugam L

Manager- Supply Chain & Inventory Manager
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Penny inventories will be there in every industry which does not contribute value too high, but occupies considerable volume, space, storage condition, shelf life. It may be the vital for production. It has to be monitored in the cycle count, bin card accuracy with book on monthly basis. Qly or Hly verification on physical count with books to keep accurate for further process.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you implement an inventory accuracy program?

1

2

3

4

5

6

1 Define your goals and metrics

2 Assess your current situation

3 Implement improvement actions

4 Monitor and evaluate results

5 Continuously improve

6 Here’s what else to consider

Warehouse Operations

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How can you implement an inventory accuracy program?

1

2

3

4

5

6

1 Define your goals and metrics

2 Assess your current situation

3 Implement improvement actions

4 Monitor and evaluate results

5 Continuously improve

6 Here’s what else to consider

Warehouse Operations

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