With its account inventory cost control and parts management features, CMMS software prevents time- and money-wasting problems like running out of parts, searching for lost parts, or duplicating inventory you didn’t know you had.
But as many maintenance managers know, account inventory is a double-edged sword. Perhaps no issue in maintenance management is more frustrating than inventory control management.
What many don’t realize, however, is you can get your fastest return on investment (ROI) for CMMS software by implementing inventory control management.
And that’s a benefit that’s hard to ignore.
Inventory Control Management = Real Cost Savings
In the maintenance department, inventory is merchandise purchased for the purpose of asset maintenance and repair. The cost of the merchandise purchased but not yet used is reported as account inventory.
Too much inventory can cost organizations in storage, insurance, cash flow, and losses if it becomes obsolete. Too little inventory can result in delayed repairs or downtime.
CMMS software prevents these problems by…
- Quickly identifying what you need for which piece of equipment, providing critical data when an emergency arises
- Showing where parts or materials are stored, making it quicker and easier for staff members to find them and preventing duplicate ordering because someone didn’t look in the right place
- Enabling techs to reserve certain parts, ensuring the parts are available
- Tracking issue quantities to prevent situations where there’s one part on hand when the job takes two
- Controlling stock based on need and availability to avoid both under-stocking and over-stocking
- Tracking slow-moving parts that might be surplus and need to be returned to the vendor
- Streamlining reordering by determining current inventory levels and automatically generating purchase orders based on need
- Setting reorder points that calculate your average daily usage rate by the part’s lead time in days
- Tracking shipments, vendor performance, and warranty information.
- Automating cyclical inventory counts and monitoring your inventory turn levels
- Tracking inventory loss or shrinkage.
- Using barcodes to make it easy to scan parts in or out
Inventory is an asset, and it needs to be monitored like any asset. By ignoring inventory control management, you’re losing out on the fastest way to find real savings for your organization.
How could CMMS software help you with account inventory? Leave a comment or contact us.