{"id":6700,"date":"2018-08-14T09:53:17","date_gmt":"2018-08-14T16:53:17","guid":{"rendered":"https:\/\/blog-prod.qad.com\/blog\/?p=6700"},"modified":"2022-10-21T11:15:09","modified_gmt":"2022-10-21T18:15:09","slug":"metrics-matter-inventory-accuracy","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2018\/08\/metrics-matter-inventory-accuracy","title":{"rendered":"Metrics that Matter: Inventory Accuracy"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;6701&#8243; img_size=&#8221;full&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Inventory accuracy is arguably the most important metric for <a target=\"_blank\" href=\"https:\/\/www.qad.com\/solutions\/manufacturing-erp\" rel=\"noopener\">manufacturing<\/a> operations. Without adequate levels of accuracy, the company cannot plan or forecast; the <\/span><a target=\"_blank\" href=\"https:\/\/www.qad.com\/blog\/2018\/07\/improving-supply-chain-visibility-qad-supplier-portal\/\" rel=\"noopener\"><span style=\"font-weight: 400;\">supply chain<\/span><\/a><span style=\"font-weight: 400;\"> will falter; costs will rise; customers will be unhappy; and the shop floor will suffer from poor productivity and throughput. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s a big effect from a simple metric whose importance is often underrated.\u00a0Let\u2019s explore this crucial predictor of manufacturing success.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is Inventory Accuracy?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Inventory accuracy is usually stated as a percentage, as in \u201cwe have 95 percent inventory accuracy.\u201d Many people might think this means 95 percent of the on-hand balance records are correct. But to be a true measure of accuracy, the company needs four factors to be right:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On-hand balance totals must be accurate.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Locations and location counts must be correct.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Item or bin labels and identification must be present.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the company uses serial or lot number tracking, an accurate inventory record must also correctly identify the lot or serial numbers on hand by location.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There\u2019s only one way to be accurate. Accuracy means that when an employee goes to the location on the record, the part will be there, in that exact location, in the recorded quantity by lot or serial number and correctly labeled.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why is Accurate Inventory Important?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Inventory is one of the most valuable assets for a company. A lack of inventory can spell trouble when there is unforeseen demand, which can make it difficult to meet sales goals. Inventory can also become a liability if there is an overabundance, introducing risks like damage, theft and spoilage. Inventory management systems can help to mitigate these risks by providing the visibility needed for proper business forecasting and planning, especially when dealing with complex supply chains. Having inventory accuracy:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improves inventory management practices<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Minimizes stockouts and overstocking<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduces operational costs<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Taking Accurate Inventory Can Be Challenging in Multiple Ways<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Inventory is not accurate if:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The on-hand balance is off.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The total count is right but the item has multiple locations and the specific location count is wrong.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The lot number is wrong.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The serial numbers in the location differ from the record.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The item is not in the designated location, even if it\u2019s off by a single bin.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The item is in multiple locations but not all locations are part of the record.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Items are misidentified or labeled incorrectly, even if the on-hand count is right.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Items are mixed in the bin.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You magically find items not included in the on-hand balance or location records.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Ways to Improve Inventory Accuracy<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It\u2019s easy to see that there are more ways to be wrong than to be right when it comes to <\/span><a href=\"https:\/\/www.qad.com\/blog\/2017\/05\/inventory-lesson-hp\/\"><span style=\"font-weight: 400;\">inventory<\/span><\/a><span style=\"font-weight: 400;\"> accuracy. In case any of these scenarios sound familiar, here are some best practices to consider when attempting to improve accuracy.<\/span><\/p>\n<p><b>Standardize your Bins or Pallets<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Tidiness counts when it comes to accurate inventory storage and using a few standard sizes of bins and pallets can help keep the warehouse neat. When you have mixed bin sizes on a single rack, it\u2019s easy for the small bins to get shoved behind larger bins, where they may remain invisible for months. During the time the bin is hidden, your inventory records may reflect a balance that your staff can\u2019t locate, resulting in lost production or worse, unhappy customers.<\/span><\/p>\n<p><b>Be a Label Fanatic<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Some warehouses write part numbers on cartons using markers or pens, which can cause potential errors. Handwritten labels can also be hard to read. The person writing the part number may transpose digits, resulting in mislabeled goods, or the carton may be reused, resulting in mislabeled goods.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Implementing a good barcode label printing program is an important step in improving accuracy. Labels should include human-readable numbers as well as barcodes, and labels should be large enough to be easily read from a picking distance.<\/span><\/p>\n<p><b>Use Cycle Counting for Continuous Improvement<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Many companies start a cycle counting program, count 20 items and pat themselves on the back when 19 items match the total on-hand. Yes, this could be construed as 95 percent accuracy, but it might not be. Make sure to validate that locations, lots and labels are accurate as well as the total.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Oftentimes, the real issue with cycle counting is that people misunderstand its purpose. The idea is not to simply correct errors in the on-hand balance and call it a day. Cycle counting is, first and foremost, a quality control procedure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you find an error during a cycle count, it should be standard operating procedure to track down how the error occurred and to adjust the process so that error can\u2019t happen again. This is how continuous improvement on the shop floor works, and it should be how continuous improvement in your inventory process works as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may uncover training issues, equipment issues, staffing issues or any number of other problems. The point is to resolve the issue, not bury it.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Calculate Inventory Accuracy<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To calculate inventory accuracy, divide the number of counted items that perfectly match every aspect of the record by the total number of items counted. The resulting number is your inventory balance accuracy. <\/span><a href=\"https:\/\/www.qad.com\/cloud-erp\"><span style=\"font-weight: 400;\">QAD Cloud ERP<\/span><\/a><span style=\"font-weight: 400;\"> includes tools and reports to make cycle counting and inventory accuracy calculations simple.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">What challenges are you finding most difficult when it comes to inventory accuracy? Let us know in the comments section below.<\/span><\/i><\/p>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [{\n    \"@type\": \"Question\",\n    \"name\": \"What is Inventory Accuracy?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Inventory accuracy is usually stated as a percentage, as in \u201cwe have 95 percent inventory accuracy.\u201d Many people might think this means 95 percent of the on-hand balance records are correct. But to be a true measure of accuracy, the company needs four factors to be right: On-hand balance totals must be accurate. Locations and location counts must be correct. Item or bin labels and identification must be present. 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QAD Cloud ERP includes tools and reports to make cycle counting and inventory accuracy calculations simple.\"\n    }\n  }\n  ]\n   }\n<\/script>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;6701&#8243; img_size=&#8221;full&#8221;][vc_column_text]Inventory accuracy is arguably the most important metric for manufacturing operations. Without adequate levels of accuracy, the company cannot plan or forecast; the supply chain will falter; costs will rise; customers will be unhappy; and the shop floor will suffer from poor productivity and throughput. That\u2019s a big effect from a simple metric [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":6701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,199],"tags":[211,9,12,528,112,309,527,264,92],"class_list":["post-6700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-manufacturing-trends","tag-cloud","tag-cloud-erp","tag-continuous-improvement","tag-cycle-counting","tag-erp","tag-inventory","tag-inventory-accuracy","tag-metrics","tag-supply-chain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metrics that Matter: Inventory Accuracy | QAD Blog<\/title>\n<meta name=\"description\" content=\"Inventory accuracy is arguably the most important metric for manufacturing operations. 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