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Inventory accuracy

Poor inventory accuracy contributes to stockout problems. It’s an order fulfillment challenge the pandemic caused for almost a quarter of merchants and happens when the stock in your storeroom inventory doesn’t line up with the volume you’ve recorded electronically.

inventory accuracy measures the difference between recorded stock and actual inventory. If you have 100 units in your stockroom but 80 recorded in your inventory management system, for example, your inventory accuracy would be 80%.

The importance of inventory accuracy

  • Avoid over or understocking

  • Ensure accurate inventory valuation

  • Prevent order delays

  • Reduce dead stock

Inventory accuracy helps you get loyal customers. They won’t order products that are out of stock and this is pretty helpful for them. Moreover, you’ll have a better idea of which products are selling, so you can push them further and make the whole experience smoother for customers. This, in turn, will help your business grow and improve consumer loyalty.

Ian Kelly, CEO of NuLeaf Naturals

Inventory accuracy allows:

  • Accurate inventory valuation

  • Prevent order delays

  • Reduce dead stock

Challenges to inventory accuracy are:

  • Administrative errors

  • Theft

  • Misplaced stocks

  • Return fraud

Do you face inventory accuracy challenges?  Connect with us, and we can share how we we be of value to you.

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