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Stock Record Accuracy - Poor stock record accuracy is both the most common cause of problems with material planning and the easiest to fix. The question is - what is the most economic level of accuracy so that the time wasted caused by inaccuracies is less than the cost of keeping the data accurate? The answer is that the most economic data accuracy level has been found to be surprisingly high, in almost all circumstances the break-even point is somewhere between 98% and 100%. The question you need to ask yourself is not "can I get my stock records this accurate?" but "do I want to get my stock records this accurate?" The techniques involved are much simpler than the processes involved with even the simplest product manufacturing. Once you decide you want to get your stock records accurate you have made the most difficult decision, the rest is easy!

This e-book focuses on the 3 underlying objectives which will help you improve your stock record accuracy -

• The first objective is the most important and is often neglected, it is to establish a culture where stock record accuracy is seen as important by everyone - the why.
• The second objective is to establish robust and reliable stock recording processes and procedures - the how.
• The third objective is to establish a routine of stock record accuracy auditing which has the focus of not only correcting the data but also of tracking down causes of error - the feedback.

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The eBook contents are as follows :

1. INTRODUCTION

2. UNDERSTANDING THE NEED FOR STOCK RECORD ACCURACY

3. WHY STOCK RECORD ACCURACY IS IMPORTANT

4. STOCK RECORD ACCURACY DEFINED

5. ACHIEVING STOCK RECORD ACCURACY
       5.1 Backflushing
       5.2 Limited Access
       5.3 The Importance of Housekeeping and other People factors
       5.4 Control Group

6. SYSTEMATIC STOCK AUDITING
       6.1 ABC cycle counting
       6.2 Random cycle counting
       6.3 Process control cycle counting

7. CONCLUSION

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Extract

2. Understanding the Need for Stock Record Accuracy
It is interesting to compare the data accuracy achieved in a bank with the accuracy achieved by manufacturing companies. If a bank achieved much less than 100% data accuracy the bank would lose customers as there is a perception that the bank has to have accurate data to do a good job. The cost of maintaining that level of data accuracy is not high. Few people would doubt that the cost of trying to find errors if the cash did not balance would be higher than keeping it correct.

Banks maintain their accuracy by having rigid procedures. You cannot take money from a bank without the correct paperwork. They do not even swap money between drawers without the correct paperwork as each teller is responsible for their own drawer. The accuracy is maintained more by the culture and attitude of the bank employees rather than by a lot of counting and checking.

The difference between a bank and many manufacturing companies is that whilst a bank believes it must have accurate records to do a good job, many manufacturing company do not believe this. If you asked the manager of your bank how accurate his records were you would expect him to say they were close to 100%. If the bank manager said they were less than 90% or, even worse, he didn't know, you would probably take your account elsewhere. How many managers of manufacturing companies even know their data accuracy?

The good news in all this is that the maintenance of accurate data is not difficult or expensive to achieve. The hard part is to make people aware of the need for accurate data and then to ensure that the processes that run the business provide and maintain this accuracy. There are therefore three stages to achieve data accuracy:


1. Establish a culture where data accuracy is seen as important.
2. Check the business processes that affect data accuracy.
3. Routinely monitor and report data accuracy.

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To purchase this Stock Record Accuracy e-book (securely by credit card via PayPal) price £4.95 (about US$8 or €7) click "SRA e-book download" image at the top of this page.

This e-book is also part of the stock record accuracy course available on CD (more details).

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This book is part of the Business Excellence e-Book collection
or you can return to the BPIC home page and index.

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