I believe following practices are indispensable for inventory accuracy. Meticulous tracking and cycle counts: Track transactions as closely as possible.there is always a chance of oversight.conduct NONSTOP cycle counts. Multiple checkpoints: Ensure there are multiple checks happening before the inventory moves in/out of your warehouse.the four eyes principles help in this regard. Deploy Robust Systems: A robust WMS is a truly an investment worth making. a good system can greatly reduce the chances of errors and increase the efficiency of a warehouse. Train Train and Train: There is always a new member in your team. Train them on every job, after all…practice makes a man perfect Hope that helps!

To begin, strengthening foundational processes is essential. Standardizing inventory handling procedures and ensuring quality checks at entry points prevent errors from cascading. Categorizing inventory using methods like ABC or VED analysis helps prioritize focus on high-impact items. While technology is not the sole solution, its judicious use amplifies process excellence. Barcode or RFID systems can track inventory seamlessly, and simple inventory management software provides actionable insights into trends and discrepancies. Combined with a well-structured discrepancy resolution plan and safety stocks for critical items, these measures ensure preparedness for any eventuality.

I believe that cultivating a culture of quality control and accountability is essential for success. 1. Emphasize Quality: Making quality a core value at every level. 2. Set clear standards: Define and communicate what quality means for our organization. 3. Equip our team: provide the right tools and training for accuracy and efficiency. 4. Foster accountability: Encourage transparency and hold everyone accountable. 5. Celebrate success: Recognize high-quality work and learn from mistakes

To prevent inventory discrepancies from escalating, I would implement regular, systematic audits and real-time tracking systems to identify issues early. Ensuring proper staff training on inventory management and accurate data entry is crucial. Implementing automated alerts for discrepancies and reviewing supply chain processes helps pinpoint root causes. Collaborating closely with vendors and suppliers also ensures alignment. Timely corrective actions and continuous monitoring prevent small issues from becoming larger problems.

The first major action must be to categorize inventory (using the abc method at least,abc xyz even better). Having an exhaustive view enables you to define an effective action plan. Then make sure you regularly check MOQ, safety stock and leadtime to ensure you're building up the right inventory! Finally be sure that CEO, CFO and COO are involved into a regular governance. Manage your stock is strategic and not only a supply chain task !