Physical Inventory Entry 6 – Plan for Contingencies

Verasset performs what are commonly referred to as “open inventories”. This means that business operations remain constant while the physical inventory is performed.

While this is often necessary, it can be problematic. As regular business activities are occurring, assets are moving and conditions are changing. This potentially introduces the risk of inaccuracies. Consequently, the tighter the schedule the better, as it reduces the risks associated with changing conditions and interference with normal operations.

These risks can be controlled by establishing an aggressive, yet attainable project schedule. The schedule also prepares everyone involved in order to ensure timelines are met.

Regardless of planning and preparation, unexpected roadblocks and problems can, and likely will occur. The shear fact that normal business operations continue creates ever changing conditions. Changing conditions can easily introduce unforeseen delays.

For this reason great emphasis must be placed on contingency planning. Contingencies plans account for various environmental conditions, such as: what to do when access to an area is not readily available as planned.

When done properly, contingency planning eliminates delays and provides clear paths towards universal problem solving.

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