Do you feel like your margins are being squeezed? That the comb scrutinizing your bottom line is becoming more and more fine-toothed? That the expectations for cost control efficiency are increasing rapidly?
Inventory control has always been important, but it is becoming more important than ever as your margins are in fact being squeezed, the scrutiny of your bottom line is increasing, and the expectations of cost control efficiency get higher and higher as real-time data analysis improves.
When it comes to parts inventory control, the stakes are even higher. Why? Because mistakes could potentially jeopardize the productivity and profitability of your company.
Implementing optimization strategies for your parts inventory control program will help.
Ordering the right parts is the best place to start. For ordering, it is beneficial to allow only a few appropriate technicians and employees to order spare parts when the need arises. Requests for parts and orders from other employees can go through them, reducing the possibility of placing repeat orders or ending up with too much stock. For those employees that can make orders, a classification system should be put in place – which items are the most important and urgent to have? Employees need to know what they can order, how much they can order, and how often they can order.
For the employees who don’t have the ability to place spare parts orders, you’ll need a tracking protocol. A tracking protocol will allow everyone to see what has been ordered, when it will arrive, and where it should be stored. This will ensure that the goods are received correctly and delivered to the correct location, which will later be important when it comes time to determine if a new order needs to be made. The best integrated tracking processes will be easily accessible and easy to use; you should also ensure that the process is adopted throughout your entire company so that each department is able to access the information at any time.
Keeping a close eye on parts usage is another way to control costs and increase profitability. Using a system that monitors maintenance schedules and repair cycles will allow you to anticipate your spare parts needs rather than reacting hastily to spare parts emergencies.
Parts inventory control is one of the key ways organizations can manage their product and increase profitability in the current economic environment. Implementing effective strategies that optimize your current processes will both improve your productivity and reduce costs.
If you would like to discuss your company’s parts inventory control needs with an experienced expert, please contact Acumen to set up a consultation.
