inventory-reconciliation

Vocabulary Word

Definition

'Inventory-reconciliation' is a process of matching physical stocks with recorded numbers in system. Like checking a list of your school supplies against what you actually have in your bag.

Examples in Different Contexts

In Retail Operations, 'inventory reconciliation' is conducted to ensure sales data aligns with stock levels. A store manager might mention, 'We perform inventory reconciliation monthly to correct any inventory inaccuracies and improve order accuracy.'

Practice Scenarios

Business

Scenario:

Our next audit is coming up soon. We need to start planning to ensure our numbers are correct.

Response:

True. Prior to the audit, we should perform an inventory reconciliation to verify stock records.

Tech

Scenario:

With the latest updates, we need to check if all systems are running without a glitch.

Response:

Yes, let's conduct an inventory reconciliation and cross check our database against actual hardware resources.