Posts tagged "inventory auditing"

My Story of Periodic Inventory Auditing

Not very long ago, in the early 90’s, I was working for a large engineering firm in Chennai. I played multiple hats such as Layout Designer, Coordination with PPC and Inventory Management. Once in a year, that is during the first week of April the whole factory comes to a halt for couple of days. It is not that we didn’t had orders, but it was for inventory counting. 

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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