Inventory discrepancies can be caused by a multitude of factors, such as warehouse receiving errors, misplaced or lost inventory, inaccurate records of returns, using outdate warehouse technology, and poorly trained employees.
Common causes could include incorrect recording, supplier errors, organization problems, theft, and more. Minor discrepancies can be resolved by implementing a reliable inventory system to aid with physical stocktakes and cycle counts.
An inventory discrepancy occurs when the inventory recorded in the warehouse management system (WMS) or your inventory management system differs from what’s actually on the shelf. Inventory discrepancies can cut into your profit margins and harm your customer satisfaction.
The most common way to detect stock discrepancies is by doing stock takes or cycle counts on a regular basis, to identify discrepancies early and reduce risk of interruption to production cycles.
There are two types of discrepancy, based on where it originates: System-generated (for example, a validation error that results in a univariate discrepancy) User-generated (for example, a section discrepancy that a user initiates)
Definition of discrepancy
1 : the quality or state of disagreeing or being at variance. 2 : an instance of disagreeing or being at variance.
Generally, ad discrepancy occurs because publishers and advertisers use different standards to calculate ad impressions and ad delivery data. For instance, publishers may calculate impressions based on the number of ad requests generated. Whereas, advertisers may calculate it based on the number of ads delivered.
Reducing a discrepancy of quantity means breaking down a large quantity of a product into smaller quantities for final consumers to buy. There is no such thing as a discrepancy of installation or a discrepancy of promotion. Risk. Channels of distribution allow channel members to share risk.
Spatial discrepancy happens when the location of a producer is too far away from the location of the markets for the product. Temporal discrepancy can be overcome through the use of inventories by wholesalers.
A discrepancy is a lack of agreement or balance. If there is a discrepancy between the money you earned and the number on your paycheck, you should complain to your boss. There is a discrepancy when there is a difference between two things that should be alike.
The Discrepancy Report is an evaluation of a single or multiple ASN. 1 files, looking for suspicious annotation or annotation discrepancies that NCBI staff has noticed commonly occur in genome submissions, both complete and incomplete (WGS).
Shrinkage, a leading cause of discrepancy in your inventory stock, accounts for on average over one percent of total retail sales. Shrinkage occurs through such means as clerical errors, shoplifting, employee theft and supplier fraud.
Ensure the product has not been mistaken for a similar product. Double check your inventory records, perhaps the discrepancy may be as simple as a mathematical error. Ensure there is no missing paperwork, for example, sales or orders that have not been accounted for can often unbalance your stock take count.