What are the effects of inventory inaccuracy on an organization?
What are the underlying reasons for inventory inaccuracy?
How do you balance between excess inventory and out of stocks?
This half-day class covers reasons for, sources of and effects of inventory inaccuracy, inventory measurement and how to improve accuracy, as well as cycle counting in the ERP system, including dealing with new items in a cycle count process, how a physical inventory and cycle count interact in an ERP system and calculating necessary cycle count resources. Attendees will also perform item classification exercises.
This class can be presented in a half-day basic edition, or in 2-3 classes for more advanced information. Attendees should include those people responsible for ensuring the security and administration of the company’s inventories, along with individuals from other departments who directly interface to inventory and are stakeholders in maintaining inventory accuracy.
- Effect of lack of accuracy
- Measuring inventory accuracy
- The issues involved in measurement
- 20+ reasons for inventory inaccuracy
- 20+ sources of inventory inaccuracy
- Steps to improve inventory accuracy
- ABC data within an ERP system
- Dealing with new items in a cycle count process
- How a physical inventory and cycle count interact in an ERP system
- Exercises in classifying items
- Calculating necessary cycle counting resources