Physical Inventory Entry 5 – Standards and Conventions

An important aspect of planning a physical inventory is establishing standards and conventions. These are used to align terms, methods, and actions.

For example, it is common to align similar assets into categories, which are established as a convention. Another convention would embrace where data is sourced from and how it is recorded. Another would dictate label placement.

There are many more examples. An important convention we would like to highlight relates to actions. For example, how should inventory personnel proceed as they encounter different situations? One convention would be set in order to govern what procedure personnel should follow when an area is unavailable.

Another would govern what to do when assets to be counted are still sealed in manufacturer packaging.  Conventions create standards, thus helping to avoid creating problems and delays due to varying procedures for like conditions.

Conventions lead people to think, act, and capture information in a consistent manner. This helps to build and maintain momentum as it eliminates uncertainty and delays.

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