What are the different ways to maintain an accurate inventory ?
There are multiple measures that can be implemented to maintain an accurate inventory. The most important being a regular cycle count, the others also prove to be a sure cure. Using an inventory management software keeps track of all the inventory and when and where is every piece of inventory placed. Keeping a record of any and all inventory movement certainly helps in tracking any lost pieces.
This record can be kept manually or can be a part of the management software, the software being less tedious. Implementing a good inventory naming and labelling practice assists the process of making each inventory unique. Any shortage or loss will hence be easier to detect. Another very successful measure is to limit inventory access to authorised personnel only. A new hire has a higher chance of misplacing inventory without apt training. Using an HST during picking and putaway reduces the chance of mismatched inventory count further.
Cycle count is the most efficient method of maintaining an accurate inventory. A part of the inventory is counted everyday, aiding a complete cycle count over a scheduled span of time. Any or all discrepancy immediately comes into notice via a scheduled cycle count, hence assisting the process of inventory adjustment.