How do you ensure your inventory data is accurate?

RFID can be very useful for this. Companies like Walmart, Dick's and others are moving towards having RFID tags on all or most of their products. Depending on the value of the item, it might make sense for a company to put RFID tags on their items and then they have the ability to scan quickly, without line of site and know pretty much exactly how much they have. It can greatly improve accuracy and reduced time spent on taking inventory.

Key points for maintaining accurate inventory data: - Regular physical counts - Automated tracking systems (barcodes, RFID) - Random audits - Regular data reconciliation - Consistent inventory management procedures - Staff training

Using reliable inventory management software can significantly contribute to maintaining accurate inventory data. Such software can help with real-time tracking, data entry, automated updates, and reporting, reducing the chances of human errors and enhancing overall accuracy.

Simple glance:- 1) daily tracking of materials and monitoring of daily operations. 2) place and mark the incoming materials as per SKU type with the designated number or code and save it in inventory software. 3) dispatch of the FG materials as per batch number and according to FIFO and put the data to your software. 4) forecast order expectations and raw materia price projection from your vendor which will help for sufficient inventory of raw materials for future processes. (forcast of orders - planning - indent - purchase order - MRR - material requisition application to stores - production process or consumption - out come or FG with scraps - stock out of FG - disposal of scrap with valuation.)

In addition to training of the procedures it's important to have a culture that cares about doing the procedures. In my experience, people know what they're supposed to do and most know how to do it properly, they just don't view it as a priority for them. It's not because they're jerks, it's because their focus is elsewhere. "I'll update that later, right now I need to....". This is usually based on good intentions which is why it's difficult to overcome. Do your best to make sure your procedures are quick and that your people know the value of taking that time.

Provide comprehensive training to staff on standardized inventory procedures to ensure consistent and accurate data management.

Conduct regular reviews and checks of inventory records to identify and rectify discrepancies, ensuring ongoing accuracy.

- Regularly seek feedback from staff and stakeholders to identify potential areas for improvement in inventory management processes and data accuracy.

When talking about inventory control, one do the biggest challenge is behavior. The culture created between your company can be determinant to your availability and indeed impacting your data when counting. When creating data modules it is necessary to re-educate everyone as well so, behavior can be minimize and getting more accurate results.

Simple glance:- 1) daily tracking of materials and monitoring of daily operations. 2) place and mark the incoming materials as per SKU type with the designated number or code and save it in inventory software. 3) dispatch of the FG materials as per batch number and according to FIFO and put the data to your software. 4) forecast order expectations and raw materia price projection from your vendor which will help for sufficient inventory of raw materials for future processes. (forcast of orders - planning - indent - purchase order - MRR - material requisition application to stores - production process or consumption - out come or FG with scraps - stock out of FG - disposal of scrap with valuation.)