Methods for maintaining inventory records between audit periods

• US 20080027835A1
• Filed: 08/22/2006
• Published: 01/31/2008
• Est. Priority Date: 07/31/2006
• Status: Abandoned Application

• Current Assignee: Caterpillar Incorporated
• Original Assignee: Caterpillar Incorporated
• Inventors: LeMasters, Scott Andrew, Stein, Andrew Christopher, Meyer, Douglas Clifford
• Application Number:
  US11/507,426
• Publication Number:
  US 20080027835A1
• Time in Patent Office: Days
• US Class Current: 705/28
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders

Abstract

A method for maintaining inventory records between audit periods includes establishing a virtual bin associated with an actual inventory record and collecting data indicative of actual quantities of one or more products associated with an inventory. The data indicative of the actual quantities of each of the one or more products is compared with the inventory record associated with the corresponding product. An inventory adjustment factor is determined for each of the one or more products based on the comparison. The inventory adjustment factor for each of the one or more products is stored in the virtual bin. The method also includes adjusting the inventory record associated with each of the one or more products based on the stored inventory adjustment factor.

Claims

1. A method for maintaining inventory records, comprising:

establishing a virtual bin associated with an actual inventory record;

collecting data indicative of actual quantities of one or more products associated with an inventory;

comparing the data indicative of the actual quantities of each of the one or more products with the inventory record associated with the corresponding product;

determining an inventory adjustment factor for each of the one or more products based on the comparison;

storing the inventory adjustment factor for each of the one or more products in the virtual bin; and

adjusting the inventory record associated with each of the one or more products based on the stored inventory adjustment factor.

2. The method of claim 1, wherein collecting data includes:

selecting one or more part numbers associated with the one or more products; and

performing a physical count of each product corresponding to the one or more selected part numbers.

3. The method of claim 2, further including:

analyzing the inventory record based on historical inventory records;

identifying one or more trends in inventory records adjustments based on the analysis; and

modifying a inventory control process to address the one or more trends in inventory records adjustments.

4. The method of claim 3, wherein modifying an inventory control process includes performing one or more additional physical counts at predetermined intervals.

5. The method of claim 1, wherein the inventory adjustment factor includes a net inventory adjustment factor, the net inventory adjustment factor including a sum of inventory adjustment factors since a preceding auditing reconciliation period.

6. The method of claim 1, wherein the storing further includes updating an inventory adjustment factor for each of the one or more products in the virtual bin based on a change in the data indicative of the actual quantities of each of the one or more products.

7. The method of claim 1, wherein the adjusting further includes reporting the adjusted inventory record to an auditing agency in response to a request from the auditing agency.

8. The method of claim 1, wherein the adjusting further includes reporting the adjusted inventory record to an auditing agency by an auditing reconciliation deadline.

9. The method of claim 1, wherein the adjusting further includes reporting the adjusted inventory record to an auditing agency if the adjusted inventory record is substantially identical to the inventory record.

10. A method for maintaining inventory records, comprising:

establishing a virtual inventory record based on an actual inventory record;

collecting data indicative of actual quantities of one or more products associated with an inventory;

comparing the data indicative of the actual quantities of each of the one or more products with the actual inventory record associated with the corresponding product;

periodically updating the virtual inventory record associated with each of the one or more products based on a change in the data indicative of the actual quantities of each of the one or more products; and

adjusting the actual inventory record associated with each of the one or more products based on the virtual inventory record associated with each of the one or more products.

11. The method of claim 10, wherein collecting data includes:

selecting one or more part numbers associated with the one or more products; and

performing a physical count of each product corresponding to the one or more selected part numbers.

12. The method of claim 11, further including:

analyzing the adjusted actual inventory record based on historical inventory records;

identifying one or more trends in inventory records adjustments based on the analysis; and

modifying a inventory control process to address the one or more trends in inventory records adjustments.

13. The method of claim 12, wherein modifying an inventory control process includes performing one or more additional physical counts at predetermined intervals.

14. The method of claim 10, wherein the adjusting further includes reporting the adjusted actual inventory record to an auditing agency in response to a request from the auditing agency.

15. The method of claim 10, wherein the adjusting further includes reporting the adjusted actual inventory record to an auditing agency by an auditing reconciliation deadline.

16. The method of claim 10, wherein the adjusting further includes reporting the adjusted actual inventory record to an auditing agency if the adjusted actual inventory record is substantially identical to the actual inventory record.

17. A computer readable medium for use on a computer system, the computer readable medium having computer executable instructions for performing a method comprising:

creating a virtual bin associated with an inventory record;

collecting data indicative of actual quantities of one or more products associated with an inventory;

comparing the data indicative of the actual quantities of each of the one or more products with the inventory record associated with the corresponding product;

determining an inventory adjustment factor for each of the one or more products based on the comparison;

storing the inventory adjustment factor for each of the one or more products in the virtual bin;

periodically updating the inventory adjustment factor for each of the one or more products in the virtual bin based on a change in the data indicative of the actual quantities of each of the one or more products; and

adjusting the inventory record associated with each of the one or more products based on the stored inventory adjustment factor associated with each of the one or more products.

18. The computer readable medium of claim 17, wherein collecting data includes:

selecting one or more part numbers associated with the one or more products; and

prompting a user for physical count data associated with each product corresponding to the one or more selected part numbers.

19. The computer readable medium of claim 18, further including:

analyzing the inventory record based on historical inventory records;

identifying one or more trends in inventory records adjustments based on the analysis; and

modifying a inventory control process to address the one or more trends in inventory records adjustments.

20. The computer readable medium of claim 17, wherein the inventory adjustment factor includes a net inventory adjustment factor, the net inventory adjustment factor including a sum of inventory adjustment factors since a preceding auditing reconciliation period.