What are the best practices for managing inventory and conducting audits?

Question

Accepted Answer

Best practices for managing inventory and conducting audits in a warehouse setting

Implement a robust inventory management system to track stock levels and movements
Regularly conduct physical counts of inventory to ensure accuracy
Utilize barcode scanning or RFID technology for efficient tracking
Establish clear procedures for receiving, storing, and picking inventory
Train staff on proper inventory management practices to minimize errors
Perform regular audits to identify discrepancies and address root causes
Utilize cycle counting to continuously monitor inventory levels and accuracy