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How do you set and review inventory shrinkage and loss goals and policies?

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Inventory shrinkage and loss are the difference between the actual and recorded inventory of a business. They can result from theft, damage, miscounting, or other errors. Inventory shrinkage and loss can have a negative impact on your profitability, cash flow, and customer satisfaction. In this article, you will learn how to set and review inventory shrinkage and loss goals and policies, and how to implement some best practices to prevent and reduce them.

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André Ochoa, MBA, MBS

Ajudo as empresas a desconstruir as perdas transformando em Lucro/ Preven??o de Perdas | Seguran?a Empresarial | Riscos…

1 Set realistic goals

The first step to reduce inventory shrinkage and loss is to set realistic and measurable goals for your business. You can use industry benchmarks, historical data, or your own expectations to determine what level of shrinkage and loss is acceptable for your business. You should also consider the type, value, and turnover of your inventory, as well as the risk factors and costs associated with shrinkage and loss. Once you have your goals, you should communicate them clearly to your staff and stakeholders, and monitor them regularly.

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André Ochoa, MBA, MBS

Ajudo as empresas a desconstruir as perdas transformando em Lucro/ Preven??o de Perdas | Seguran?a Empresarial | Riscos | Logística
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é importante ter pelo menos dois tipos de meta. Uma departamental com foco na redu??o das perdas de estoque, que impactam na margem. E outra corporativa envolvendo todas as áreas com riscos associados n?o s?o as perdas de estoques, mas as demais perdas que qualquer organiza??o está exposta. Como por exemplo. Legal, administrativa, financeira, comercial, produtiva e logística.

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2 Review your policies

The next step is to review your existing policies and procedures related to inventory management. Identifying any gaps, weaknesses, or inconsistencies that may contribute to inventory shrinkage and loss is essential. Your policies should cover areas such as inventory counting and reconciliation, security and access control, handling and storage, returns and disposal, and reporting and auditing. Additionally, you should update your policies to reflect any changes in your business environment, such as new products, suppliers, customers, or regulations.

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3 Train your staff

One of the most important factors in reducing inventory shrinkage and loss is your staff. You should train your staff on how to follow your inventory policies and procedures, and how to use your inventory system and tools. You should also educate your staff on the causes and consequences of inventory shrinkage and loss, and how to prevent and report them. You should also motivate your staff to comply with your policies and goals, and reward them for good performance and behavior.

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4 Implement preventive measures

In order to reduce the risk and opportunity of inventory shrinkage and loss, it is important to implement preventive measures. These can include using inventory tags, labels, or barcodes to track and identify your inventory, as well as using inventory software, scanners, or cameras to automate and simplify your inventory processes. Additionally, you can use locks, alarms, or cameras to secure your inventory and deter theft, as well as shelves, bins, or containers to organize and protect your inventory. Finally, quality control, inspection, or testing can be used to detect and correct any inventory errors or defects.

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Rick Soden

Manager at DICK'S Sporting Goods
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I agree that preventative measures are necessary to prevent loss but you also have to be very strategic on the return on investment on these programs . You need to target minimalizing the highest losses while still insuring that customer service and or productivity are not adversely affected by the addition of these new loss prevention policies and procedures. You need to have some acceptable losses to balance a company's reputation with customers and employees while still keeping control on shrink by reviewing inventory results and then analyzing the data to determine key shrink areas . The data then determines a reasonable action plan to focus on until the next inventory while regular audits continue to steer the direction.

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Curtis Lilly

Director @ University of Missouri Health Care | Food and Nutrition Services
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I agree that preventative measures are necessary to prevent loss but you also have to be very strategic on the return on investment on these programs . You also must track and minimize waste, complete monthly inventory, and ensure your food cost is in line with your cost, especially with inflation. You don’t want the customer to pay to much or your operation lose revenue. Also, ensure you have regular inspections and improve on any errors you find.

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5 Conduct regular audits

The final step is to conduct regular audits to measure and evaluate your inventory shrinkage and loss performance. You should audit your inventory at least once a year, or more frequently depending on your business needs and goals. You should use a consistent and accurate method to count and reconcile your inventory, such as cycle counting, physical counting, or perpetual inventory. You should also analyze your audit results to identify any trends, patterns, or issues that may indicate the sources and causes of your inventory shrinkage and loss. You should then take corrective actions to address any problems and improve your inventory management.

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How do you set and review inventory shrinkage and loss goals and policies?

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1 Set realistic goals

2 Review your policies

3 Train your staff

4 Implement preventive measures

5 Conduct regular audits

Inventory Management

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How do you set and review inventory shrinkage and loss goals and policies?

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1 Set realistic goals

2 Review your policies

3 Train your staff

4 Implement preventive measures

5 Conduct regular audits

Inventory Management

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