Inventory & Assets Verification Processes Established

A company, manufacturing instrumentation erection hardware, ranging from instrumentation fittings, valves, manifolds and air headers to DIN pipe clamps, SAE flanges and condensate pots (turnover INR 100 Crores).

We conducted verification of Inventory & Assets. The facts were -

  • First time in the history of the company 100% inventory & assets verification completed successfully along with tagging
  • Exercise done without disturbing the production operations with 8 people deployment at multiple locations
  • 105 assets found extra
  • Assets worth Rs. 6.30 Crores found short
  • Assets worth Rs.93 Lacs found dismantled
  • Inventory worth Rs.3.80 Crores found extra
  • Inventory worth Rs. 56 Lacs found short
  • Several system & process related lapses observed
  • Is material / assets movement process defined & implemented?
  • Is perpetual inventory verification process implemented?
  • Is inventory storage system adequate to support the operations?
  • Are area custodians defined & made responsible?
  • Is ERP capable enough to handle the system requirements?
  • Is independent check done periodically?

Connect with Strateworks Solutions