"Inventory audit" refers to the process of verifying the actual stock levels of a company or organization against recorded inventory data. The goal of this audit is to identify and resolve any discrepancies between physical inventory levels and expected inventory levels.
Typical functions of software in the area of inventory audit include:
Inventory reconciliation: Comparing physical stock levels with inventory records in the software to identify discrepancies.
Barcode or RFID support: Capturing inventory data using barcode or RFID technology to improve the accuracy and efficiency of inventory audits.
Automated inventory auditing: Ability to automate inventory audits at specific intervals or after defined events to speed up the process and reduce human error.
Real-time inventory updates: Instant updating of inventory data in real-time to provide a current overview of stock levels.