EZasset's Blog!

Any inventory generates data. Lots of data.

Lots. Of data.

(That’s a 50 inch plasma monitor for the record.)

Photo by “Handsome” M.Herrmann

What is done with that data is essential to an inventory. If it’s merely going to be thrown out, left forlorn by the wayside, with no meaningful changes made: then why go through the stress of an inventory?

However, if a better understanding of the operating costs can be achieved, if changes to procedures, protocols, or even business focus will occur: then an inventory is perfect.

There are a few phases to a good inventory:

Baseline, scanning, reconciliation, updates, new inventory.

And a few definitions.

Baseline – The initial inventory. Based off of purchase orders, receipts, and best guesses. Most likely inaccurate.

Scanning – Or “capturing” the actual process of identifying what is where. Can include asset specific information and in-house bar codes. Is prone to user errors but is the most accurate and up-to-date inventory.

Reconciliation – the process where by users identify what is accurate and what isn’t. Full of questions like “Why is that there?” and “Does that person still work here?” Involves a visual inspection of any questionable items.

Updates - did anything happen when an inventory was being taken that directly affected it? If so, this is the place to add it in. Also, this is when the baseline inventory is updated with the new information. Creating:

New Inventory – Brand spanking and shiny new. Owing to human nature however, this will only be accurate for about thirty seconds. Maybe.

To conduct an accurate inventory:

Identify what categories will be essential to capturing. Location, user and serial number would be considered vital for nearly every business. Make, model and age might be less important for some, more important for others. This will most likely require a few meetings with key personnel.

Establish a baseline inventory. This is a rough idea of where everything should be. It isn’t gospel, nor should it be treated as such. In fact, it should be treated with a healthy dose of skepticism.

Physically scan the assets. The goal of an inventory is to update the baseline inventory. This means actually seeing the bar codes on the items themselves, and recording them. Unless an individuals word is above contestation (which does still occur from time to time), then double check everything.

Reconcile the scans with the baseline inventory. Double check where things should be, versus where they are. Use the baseline to help fill in blanks and answer questions. Use the actual scan to show where an item has landed. If the baseline shows an asset in New York, and the verified scan says its in Dallas. Then the inventory is updated.

Update the inventory! Change things around! Enter in new information and remember: It’s going to be inaccurate again. That’s why annual and semi-annual inventories happen! Think of it as a game of cat and mouse, learn the rules and play the game.

De-brief. This will be mentioned often on this blog, prepare for it. The debrief is essential to streamlining and optimizing any business process. Sitting down with all involved employees and asking three simple questions:

“What did we do well?”

“What did we not do well?”

“How can we improve?”

Three questions asked in a safe and open environment, that quickly create dialog and fosters the creation of ideas. Focused ideas that if implemented can bring about great changes within a corporations structure!