These inventory accuracy KPIs are an integral part of ensuring that the materials management team meets its core efficiencies. Inventory control or materials management plays an essential role in ensuring that the production line manufacturing process remains on point and improves continuously. As a result, measuring these objectives is key to organizational success. They focus on tracking metrics grouped as the inventory accuracy objectives for the materials management team member, team, and manager result areas.
It is necessary to track and measure these KPIs over time because they offer insight into the material management teams’ successes and where improvements are needed. Metrics like ensuring accurate inventory control levels consistently and continuously, designing and implementing inventory control systems, recording daily shipments and goods received, and ensuring precise reporting play a fundamental role in managing the inventory control process, driving the successful manufacturing process.
Using inventory accuracy objectives for the materials management team member, manager, and team aim to ensure consistency over time. High performing metrics are valued, translating into an effective inventory accuracy strategy and application by the materials management team. On the other hand, low performing metrics must be revisited to ensure a steady increase in performance over time.