Conducting Physical Inventory Step 1: Planning

Throughout this blog series, we will discuss in detail, how we go about planning for and conducting a typical physical inventory.

The first step in a physical inventory project lies in the planning. Planning first and foremost helps to properly set expectations between Verasset and the client. It also provides a vehicle for our inventory personnel to follow in a very consistent fashion, thus eliminating confusion and guesswork as the project progresses.

There are five key elements to a plan. These can be summarized as identifying:

  1. What is to be inventoried
  2. What information needs to be captured
  3. Scheduling and Timelines,
  4. Quality Assurance Steps
  5. Contingencies

Verasset prepares a comprehensive plan addressing these topics and submits the plan to the client for review, feedback and eventual approval. Once approval has been granted, Verasset personnel execute to the plan without deviation.

In the next blog entry we will begin to explore this process in greater detail…

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