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What are the top inventory metrics to track for accuracy?

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Inventory accuracy is crucial for warehouse operations, as it affects customer satisfaction, order fulfillment, inventory costs, and operational efficiency. However, measuring and improving inventory accuracy can be challenging, as it involves multiple factors, processes, and systems. In this article, we will discuss the top inventory metrics to track for accuracy, and how they can help you identify and resolve inventory issues.

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JC Negri

VP of Growth at Intech Innovation Group
Munzir Mustafa

Management Consultant - Lean Six Sigma Black Belt ( ICBB?), MBA, PMP

1 Cycle Count Accuracy

Cycle count accuracy (CCA) is the percentage of items that match the physical count to the system count during a cycle count. Cycle counts are periodic audits of a subset of inventory items, usually based on ABC analysis, which classifies items by their value and frequency of demand. CCA helps you monitor the accuracy of your inventory records, detect discrepancies, and adjust your inventory levels accordingly. A high CCA indicates that your inventory system is reliable and up-to-date, while a low CCA suggests that there are errors or inefficiencies in your inventory management.

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JC Negri

VP of Growth at Intech Innovation Group
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Here is one of the most important metrics. I believe the formula goes: (Counted Quantity / Expected Quantity) x 100 This involves regularly counting a subset of your inventory items instead of conducting a full physical inventory count. The cycle count accuracy metric assesses how well your cycle counting processes align with the actual inventory levels. A high cycle count accuracy indicates that the cycle counting method is effective in maintaining accurate inventory records, reducing the likelihood of discrepancies. Furthermore, have all this info in real-time (WMS, IMS even the CRM)

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Munzir Mustafa

Management Consultant - Lean Six Sigma Black Belt ( ICBB?), MBA, PMP
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1. Inventory Cycle-time 2. Inventory return rate. 3. Picking accuracy. 4. Inventory backorder rate. 5. Dispatching accuracy. 5. Inventory receiving accuracy. 6. Inventory putaway rate

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Mansoor Ahmed CSCP-APICS

Supply Chain Professional / Warehouse Management Lead / Material Management / Inventory and Logistics Management.
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Over and above all metrics mentioned are imperative but if you are not facing back orders issues your inventory management is satisfactorily well.

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2 Inventory Turnover Ratio

Inventory turnover ratio (ITR) is the number of times your inventory is sold and replaced in a given period, usually a year. ITR measures how well you manage your inventory levels, optimize your storage space, and meet customer demand. A high ITR indicates that your inventory is moving fast and generating revenue, while a low ITR implies that your inventory is stagnant, obsolete, or overstocked. To calculate ITR, you need to divide the cost of goods sold by the average inventory value.

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André Luis

Servi?os de consultoria na ALS Consultoria em Gest?o de Estoque
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O giro de estoque é igual ao total de vendas dividido pelo volume médio de estoque. Por exemplo, se o volume médio mensal no estoque de um supermercado é de 3 mil garrafas de água, e s?o vendidas 12 mil delas por ano, o giro de estoque é 4, o que significa que o estoque foi completamente renovado 4 vezes.

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3 Fill Rate

Fill rate is the percentage of customer orders that are fulfilled from the available inventory, without backorders or stockouts. Fill rate measures how well you satisfy customer expectations, balance inventory supply and demand, and avoid lost sales or customer dissatisfaction. A high fill rate indicates that your inventory is aligned with customer demand, while a low fill rate suggests that your inventory is insufficient, inaccurate, or poorly distributed. To calculate fill rate, you need to divide the number of items shipped by the number of items ordered.

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André Luis

Servi?os de consultoria na ALS Consultoria em Gest?o de Estoque
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O gerenciamento de inventário inclui várias tarefas e atividades centradas nos produtos de uma empresa para venda. A taxa de preenchimento representa a capacidade da empresa de atender à demanda atual com estoque disponível. Contadores e gerentes geralmente s?o responsáveis por determinar quanto inventário é necessário ter sempre à m?o. Um estoque ocorre quando a taxa de preenchimento excede o estoque atual. Isso ocorre quando uma empresa n?o possui produtos suficientes disponíveis para atender à demanda do consumidor.

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4 Inventory Shrinkage

Inventory shrinkage is the difference between the recorded inventory and the actual inventory, due to theft, damage, misplacement, or human error. Inventory shrinkage reduces your inventory value, profitability, and accuracy. A low inventory shrinkage indicates that your inventory is secure, protected, and accounted for, while a high inventory shrinkage implies that your inventory is vulnerable, exposed, or neglected. To calculate inventory shrinkage, you need to subtract the actual inventory from the recorded inventory, and divide the result by the recorded inventory.

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5 Inventory Accuracy Rate

Inventory accuracy rate (IAR) is the percentage of items that have the correct quantity and location in the inventory system, compared to the physical inventory. IAR is the ultimate metric for inventory accuracy, as it reflects the overall quality and consistency of your inventory management. A high IAR indicates that your inventory is well-organized, verified, and updated, while a low IAR suggests that your inventory is chaotic, inaccurate, or outdated. To calculate IAR, you need to divide the number of items with the correct quantity and location by the total number of items in the inventory.

By tracking these inventory metrics, you can evaluate and improve your inventory accuracy, and enhance your warehouse operations. However, tracking these metrics alone is not enough. You also need to analyze the root causes of inventory errors, implement corrective actions, and train your staff on inventory best practices.

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André Luis

Servi?os de consultoria na ALS Consultoria em Gest?o de Estoque
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O cálculo da Acuracidade de Estoque pode ser feito avaliando-se cada item separadamente ou o total armazenado. Para ambos os casos, basta dividir o número contabilizado no estoque físico pelo que consta no sistema e multiplicar por 100. No gerenciamento de estoque, um Indicador-chave de Desempenho (KPI, sigla em inglês de Key Performance Indicator) é uma métrica que ajuda a monitorar o estoque, a entrada e saída de produtos e a disponibilidade de estoque.

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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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What are the top inventory metrics to track for accuracy?

1

2

3

4

5

6

1 Cycle Count Accuracy

2 Inventory Turnover Ratio

3 Fill Rate

4 Inventory Shrinkage

5 Inventory Accuracy Rate

6 Here’s what else to consider

Warehouse Operations

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What are the top inventory metrics to track for accuracy?

1

2

3

4

5

6

1 Cycle Count Accuracy

2 Inventory Turnover Ratio

3 Fill Rate

4 Inventory Shrinkage

5 Inventory Accuracy Rate

6 Here’s what else to consider

Warehouse Operations

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