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What is Inventory Shrinkage

Chapter 20
Handbook of Research on Changing Dynamics in Responsible and Sustainable Business in the Post-COVID-19 Era
Variations in records of items kept as stock on the books of a firm as against the actual figures recorded from physical counting of the items in stock.
Published in Chapter:
COVID-19 Pandemic and Its Implications on Storekeeping Practices: Perspectives of Health Workers
Dominic Owusu (University of Cape Coast, Ghana), Francis Kabenlah Mensah (Kwesimintsim Municipal Assembly, Ghana), Benedict Ofori Antwi (University of Cape Coast, Ghana), and Isaac Kwadwo Anim (University of Cape Coast, Ghana)
Copyright: © 2022 |Pages: 13
DOI: 10.4018/978-1-6684-2523-7.ch020
Abstract
Unprecedented outbreaks of disease have challenged the contemporary world with substantial adverse consequences on the effectiveness of business models in operations and supply chain management (OSCM). The advent of COVID-19 put a lot of pressure on staff and resources. However, the focus of contributors has been on the pressure on staff managing the various hospital facilities and ignoring inventory, which is one of the key areas where resources required to take care of patients are managed. Using the resource dependency theory, this chapter analyses how COVID-19 affected the inventory practices of hospitals operating in the Western Region of Ghana. It further makes suggestions on how the inventory of hospitals should be managed in order to avert possible shortages and interruptions in healthcare delivery and further relieve hospital staff of the pressure they have to sustain when there is a shortage. The chapter offers suggestions on areas of inventory management practices that management of hospital facilities should pay attention to.
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Chapter 129
Inventory Shrinkage and Corrective RFID and Management Strategies
The term inventory shrinkage is a very generic term that is commonly used to describe almost any unintentional loss of inventory. It is usually detected by performing an actual physical count to verify that the amount of items on hand are less than manufactured or ordered stock. There are several common sources of inventory depending on retail and/or manufacturing viewpoints. From a retailer’s viewpoint, inventory shrinkage might be due a direct cause of poor recordkeeping, customer/vendor shoplifting, employee theft, damage, obsolescence, and/or misplaced items. From a manufacturing viewpoint, inventory shrinkage may be due to loss of raw materials during a production process (i.e. goods in process, finished goods, and related inventories of raw materials). In many instances, shrinkage may be due to natural as well as illegal causes, such as spoilage or waste. Many sources must be classified as either normal or abnormal and must be dealt with accordingly.
Published in Chapter: Inventory Shrinkage and Corrective RFID and Management Strategies; From: Encyclopedia of E-Commerce Development, Implementation, and Management
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