How Auditing can impact product based companies?

Auditing is that functionality that maintains a systematic record of all the company’s data. This data could range from stocks, accounts, books, documents etc. Hence maintaining an accuracy is a key factor while auditing. Auditing helps companies plan their future growth.

Audits give the company the data they require to plan their future growth. Auditing is important for any organisation especially for product based companies because of the huge amount of products they deal with. How can companies organise all their products, how can they know which product needs to be dispatched first, how do they rectify a wrong batch produced, how do they know which product has to go to which store, how do they know which product is fast selling, how do they know which product is not moving. The answers to all these how’s is by conducting audits periodically and systematically.

Yes audits are very crucial as it gives relevant information about a brand or product. It is the basis on which the company decides what the next plan of action should be taken. Auditing is that key process that manages and protects the finished goods. After production where the goods need to be dispatched, in how much quantity, to which region, how are they stored, how many days they can be stored, how are they sent to retail stores, which store gets how much quantity, how are the products displayed on the store, when should they be taken off the stores, the shelf life of a product, how to take care of damaged products, which product is in demand, which product is not needed. All these key and vital information is got only by auditing. Thus auditing is very important and the information derived even more for the growth and future of any company.

Companies must hire efficient auditors, to perform this key functionality of auditing. Also this is not a one time process. This needs to be conducted periodically as per the products the company is manufacturing. Consumable products require auditing at least on a monthly basis, non consumable and durable products can delay the auditing process to may be every quarter. Monthly or quarterly auditing is that process that cannot be neglected. Auditing helps companies plan their future, helps companies to reduce their errors thereby helping companies to increase their productivity and profitability. Thus auditing is that process that is required for maintaining a long term, cash rich healthy company.

Hence for better productivity, companies can involve temporary staffing solutions like Taskmo (FeedMyPockets Formerly) to hire and manage temp staff for audits and surveys.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store