Tell me about a time when you had to adjust inventory levels based on audit findings. How did you handle it?

There was a time when I had to adjust inventory levels based on audit findings. In this particular instance, the audit revealed that we had an excess of a certain product that was not selling well. To handle it, I first analyzed the sales data to understand the demand for the product and identified the slow-moving items. I then worked closely with the procurement team to reduce future orders for the product. Additionally, I coordinated with the sales team to promote the product and clear out the excess inventory. Finally, I ensured that the inventory levels were adjusted accordingly in the system and kept a record of the adjustments made.

In my previous role as an Inventory Controller, I encountered a situation in which I had to adjust inventory levels based on audit findings. The audit revealed that we had excess inventory for a specific product that was not selling well. To handle this, I first conducted a thorough analysis of the sales data to identify the slow-moving items. I then collaborated with the procurement team to reduce future orders for this product, taking into account the demand forecast. Additionally, I worked closely with the sales team to develop promotional strategies and clearance plans to ensure the excess inventory was sold. To adjust the inventory levels, I accurately updated the inventory management system, paying attention to detail to ensure accuracy and alignment with audit findings. Through this process, I was able to optimize inventory levels and prevent further accumulation of excess stock.

In my previous role as an Inventory Controller, I encountered a situation where the audit findings revealed a significant discrepancy in the inventory levels for a particular product. To address this issue, I immediately initiated an investigation by conducting a thorough review of the audit report and cross-referencing it with the sales and procurement data. This analysis revealed that there was a misalignment between the system records and the physical inventory count due to an error in the receiving process. Understanding the urgency of resolving this discrepancy, I proactively collaborated with the warehouse team to conduct a physical recount and document any discrepancies accurately. Based on the findings, I devised a systematic plan to adjust the inventory levels by reconciling the system records and physically updating the stock quantities. Throughout the process, I maintained open communication with the warehouse team and ensured that all adjustments were properly documented and validated to minimize any potential errors. As a result of my actions, we were able to rectify the inventory discrepancy, improve data accuracy, and prevent future discrepancies, thus enhancing the overall efficiency of the inventory management process.