Five Reasons to Take Control of your Inventory Audit Cycle
Around and around it goes; the inventory audit cycle. Audits rely on you to start them as they do not happen by themselves. If you need a little motivation however, we can help, with five reasons to take control and take action with an inventory audit.
Every contract is different, but most inventory cycles come back around within five years. Some even stipulate fines or other penalties for not conducting audits in a timely manner. Has it been a while since your last audit? Perhaps it is time to get out your contract and ensure you are on schedule.
Knowing the state of your equipment and keeping an eye on work completed by outside contractors is important to making sure everything is working as it should and not likely to cause dangerous situations for technicians or the public.
An inventory audit is a chance to take your equipment’s vital signs, with an eye for small issues that may be repairable before they become large problems.
If you are an attaching company, do you have a real, functioning attachment on a pole for every rental fee you are paying, or are some “ghosts?” If you are a pole owner, are all your attachers legitimate and are all legitimate ones accounted for? Finding discrepancies could save your company money, or if you are a pole owner, lead to the ability to charge back rent or begin charging rent on bootlegs.
General good stewardship
Some companies become lax on inventory audits for simple reasons. From not onboarding new management to things such as failing to read contracts and simply not paying attention to billing unless it changes, the typical reasons often amount to a lack of process.
The bottom line: efficiency and cost-effectiveness depend on best practices like timely, thorough inventory audits. So, get on it. Read your contracts, and if it is time, put an inventory audit in motion today.