The primary deliverable of a physical inventory engagement typically consist of an electronic inventory database, a project summary report, and often asset tags are affixed to all equipment. The report summarizes the project procedures and findings. The database contains the information gathered during the physical inventory and also serves as an audit trail of the […]
Communication and coordination is a high priority in conducting a physical inventory, as it is with any project involving multiple individuals. Inventory teams navigate and coordinate progress through client facilities using maps. Teams communicate with one another and the Inventory Controller using 2-way radios and cell phones. When a problem is encountered, teams relay this […]
When allocating inventory personnel into teams, Verasset places emphasis on the customer environment, the asset types involved, and the background of the inventory specialists. Often, inventory team members are focused on specific asset types and departments. This allows them to focus on specific tasks with similar processes. For example, one team may have the sole […]
As described in previous blog entries, the single most important aspect of a physical inventory is accuracy. In this blog series, we have discussed our approach to physical inventory planning. In the coming entries, we will review the process in greater detail. Verasset inventory teams are formed and dispersed based on different roles and responsibilities. […]
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 […]
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 […]
When planning the data capture attributes of a physical inventory, there are various levels of optimization and automation that can streamline the process. First and foremost, pre-populating mobile inventory data collection devices with existing data sources (such as a fixed asset register or that of an asset tracking system) allows for real-time reconciliation and helps […]
There is a fine line between what information is helpful to capture, versus what is practical. To better understand this, there are two competing factors in conducting a successful physical inventory. These are ACCURACY and TIMING. Accuracy is the single most important factor in performing a physical inventory. However, timing is also very important. Timing […]
While it may seem straightforward to establish what types of assets need to be counted during physical inventory, most often, it is not. More often than not, the capitalization limit loses focus when individual assets that fall below the capital limit are bundled together as a capital line item on the fixed asset register. Further, […]
The ideal scenario is to maintain a single shared database (asset database) whereby assets are tracked and managed. This data source would also serve to align (or link) information related to each asset with other information sources, such as purchasing, shipping and financial records. Therefore, it is important that an asset is recorded into the […]