Inventory Accuracy

Inventory accuracy refers to the degree to which a company's recorded inventory matches the actual inventory on hand. It's crucial for businesses to maintain accurate inventory records, as discrepancies can lead to overstocking or stockouts, affecting sales and customer satisfaction. High inventory accuracy improves operational efficiency, reduces costs, and enhances decision-making. Companies achieve this through regular audits, inventory management systems, and proper tracking methods. Ultimately, accurate inventory helps businesses effectively manage resources, fulfill customer orders timely, and minimize losses due to errors or theft.