Audit plan types
FactoryLogix inventory auditing focuses on several types of inventory audit plan types that represent cycle audit (cycle counting) strategies:
Continuous (scheduled)
Random Sample (scheduled)
Inventory By Exception (triggered)
Random Sample and Continuous strategies are types of cycle auditing which both require a planned schedule of counting tasks.
The Inventory by Exception strategy is a triggered type of inventory audit which does not require a set schedule for each counting task.
Note
FactoryLogix also has DataMiner data sources in FactoryLogix Analytics for full inventory auditing traceability and reporting. See Audit plan reporting for more information.
Continuous
Continuous inventory (also known as perpetual inventory), is a scheduled inventory auditing process where inventory data is updated in real-time, reflecting changes in inventory quantities and availability as they occur. Essentially, a continuous type of inventory auditing plan is a “wall-to-wall” count of all defined inventory locations conducted at predetermined intervals. This contrasts with periodic inventory systems, which rely on manual physical counts at specific intervals.
Random sample
Random sampling is a scheduled inventory auditing process that involves selecting a representative subset of items for counting, allowing an organization to estimate the accuracy of their entire inventory without counting every item. This method is useful for large inventories and helps streamline the cycle auditing process.
Inventory by exception
Inventory by exception is a triggered (that is, not scheduled) physical inventory auditing process used to verify and document the existence and location of those items whose existence and location have not been verified and documented since the last physical inventory was conducted. This method is sometimes used for inventory or materials that are subject to calibration, maintenance, movement, network operation, or some other form of activity that is documented by a controlling entity.