With the aid of drop down menus and system prompts the Warehouse Auditor will assess the inventory management procedures within the warehouse facility focussing on the following areas, make comments and observations and where needed recommend corrective actions:
- Appropriate cycle counts undertaken?
- ABC classification used?
- Level of stock adjustments minimised?
- Target stock levels set?
Inventory is a critical element to most businesses, but different functions within a business have different perceptions of how much inventory there should be. Sales tend to want large volumes of inventory to guarantee service; finance want the inventory minimised to reduce working capital, and operations want sufficient raw material to keep equipment operating efficiently. In addition, all inventories need to be of the right quality, positioned in the right place, at the right time, and in the right quantity. The difficult task of inventory management is to balance and satisfy all of these needs.
All too often companies use rule of thumb techniques for inventory management that do not always stand up to scrutiny. These techniques are not scientific, or factual, and are often based on perception or intangible experience. In many companies this leads to over-inflated inventory holding, squirrel stocks and conflicting ideas between sales, finance, operations and supply chain as to how much inventory is truly required.
The Warehouse Auditor identifies how your inventory is being managed and the effectiveness of the management techniques in place and how appropriate they are to your business needs.
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