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Inventory Control Checklist
Inventory Management Procedures
Establish minimum and maximum inventory levels for each item.
Implement a system for tracking inventory turnover rates.
Regularly review and update reorder points based on demand forecasts.
Develop a process for handling obsolete or excess inventory.
Ensure accurate inventory data entry and record-keeping.
Stock Audit and Verification
Conduct regular physical inventory counts and reconcile with records.
Implement cycle counting for high-value or fast-moving items.
Verify the accuracy of stock receipts and issues.
Ensure proper training for staff conducting inventory audits.
Document and investigate discrepancies found in audits.
Inventory Optimization and Efficiency
Analyze inventory holding costs and identify opportunities for reduction.
Implement Just-In-Time (JIT) inventory practices where applicable.
Utilize inventory management software for real-time tracking and analysis.
Collaborate with suppliers to improve lead times and order accuracy.
Review and adjust safety stock levels to balance service levels and costs.
