Posts from 2019-03-03

Enterprise Inventory Policy (EIP)

Enterprise Inventory Policy (EIP) defines both the aggregate-level and the item-level inventory management. Each and every organisation that deals with inventory must have EIP and it shall be reviewed on an annual basis. EIP is a policy document that shall be agreed upon mainly between the CFO and COO as well as by leaders of New Product Development, Marketing, Sales, Procurement etc. This provides a framework within which all the above leaders are expected to operate and ensure best

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What, Why and How of Inventory Auditing?

Inventory auditing is the process of reconciliation between the quantities of physical inventory and the quantities of logical inventory. Here physical inventory refers to the inventory we have on-hand, hence also known as on-hand inventory. And logical inventory refers to the inventory we have on the books or in your ERP or in your system. 

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Association For Supply Chain Management (ASCM), USA