Inventory Management Policy

Purpose

The purpose of this Inventory Management Policy is to establish guidelines and procedures for the efficient and effective management of inventory within OüS Shop. This Policy aims to ensure accurate tracking, proper storage, and optimal utilization of company products and resources.

Scope

This Policy applies to all employees, contractors, and personnel involved in any aspect of inventory management within OüS Shop. It encompasses all types of inventory, including raw materials, finished goods, supplies, and equipment.

Policy Statements

Responsibility: Inventory control is a shared responsibility among all employees who handle or oversee inventory. Clear roles and responsibilities will be designated within the departments to ensure effective management
Accurate Recording: Inventory transactions, including receipts, issues, transfers, and adjustments, must be accurately recorded in the company’s designated inventory management system. Real-time or periodic physical counts may be conducted to reconcile records with physical inventory.

Inventory Storage and Security

Storage Guidelines: Inventory items will be stored in designated and organized storage areas that comply with safety and security regulations Proper shelving, labeling, and storage conditions will be maintained.
Access Control: Access to inventory storage areas will be restricted to authorized personnel only. Security measures, such as locks as access logs, will be in place to prevent theft, loss or unauthorized access.

Inventory Rotation and Usage

First-In-First-Out (FIFO): All sold products, items and material will be managed on a FIFO basis due to limited production.
Usage Authorization: Only authorized personnel should have access to inventory items, and usage should align with approved procedures and purposes.