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Last updated on Sep 12, 2024

Dealing with high-value items, how do you tackle discrepancies in inventory records effectively?

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Bhavya Jain

Lead Business Analyst - Supply Chain

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Discrepancies in inventory records, especially with high-value items, can be a major headache. To address them effectively:

- Conduct regular audits: Frequent checks ensure discrepancies are caught and addressed promptly.

- Implement a robust tracking system: Use technology to track item movement accurately.

- Train staff thoroughly: Ensure all team members understand the importance of precise handling and reporting.

How have you successfully managed inventory discrepancies? Share your strategies.

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Bhavya Jain

Lead Business Analyst - Supply Chain
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To investigate inventory discrepancies, start by conducting a root cause analysis to identify where mismatches occur—be it during receiving, storing, or picking processes. Cross-check physical stock against digital records and audit high-value items more frequently. To reduce discrepancies, implement real-time tracking with barcodes or RFID to minimize human error. Automate inventory counts using cycle counting—where sections of the inventory are regularly counted instead of waiting for an annual check. Additionally, train staff on proper inventory management procedures, ensuring clear documentation and accountability throughout the process.

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Mattia Costa

Lean Six Sigma | Operations | Supply Chain Management
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I would start by conducting a detailed audit to identify the root causes, such as errors in data entry, miscounts, or theft. I ensure strict adherence to inventory management protocols, like regular cycle counts and spot checks, to catch discrepancies early. Using technology like barcode scanning or RFID can improve accuracy and reduce manual errors. I also provide training to the team on proper handling and recording procedures. It's important to maintain clear documentation and have a robust reconciliation process in place, so we can quickly address any issues and prevent them from recurring.

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