Inventory data accuracy:
"The percentage of inventory records which do not contain any errors. "

Get more definitions about Inventory data accuracy and other ERP related terms here. Learn everything you need about ERP software here. Every time someone touches the inventory, there is an opportunity to have movement without an appropriate data adjustment.

Probably the most common event to maintain inventory data quality is to count each piece of the inventory and compare/reconcile the result with the values in your records, in total and for the more advanced systems, by location. Over the years most companies have scheduled this “Inventory” event to occur once a year, usually near the end of the fiscal year. Some do this count twice a year. Many companies have moved or are transitioning to replace this inventory counting event with a process called cycle counting -- to count portions of the inventory throughout the year.

There are several ways to approach maintaining inventory accuracy.

Depending on the number of SKUs or the size of your inventory, you create an inventory control position to maintain the accuracy of your data. The net improvement in productivity will typically pay at least for a part-time position.


Terms related to Inventory accuracy:
Inventory records
Inventory