For organisations that maintain their machinery and equipment, keeping Maintenance, Repair, and Operations (MRO) inventory supplies on hand is a critical function of the maintenance process. Organisations face increasing competition, and simply knowing what’s in stock isn’t sufficient. Your inventory planning needs to work in harmony with your ERP process flow, providing key information to enable better purchasing decisions. For effective maintenance management, it is critical that the necessary spare parts are at hand when needed. Managing the procurement planning as well as the operational, receipt, storage, and issuance of inventory such as parts and consumables.
Spare parts are sometimes considered uneconomical since some parts might never be used. Storage is also important, as parts that are not stored properly can lead to defects. Whilst scarce items may not be available when needed from a supplier. But without spare parts on hand, maintenance crews may wait too long to fix machinery and equipment, impacting productivity. Organisations need to plan and align their service parts inventory and workforce resources to achieve optimal satisfaction levels with minimal costs. Are you effectively managing your stock, inventory, and spare parts?
What Are The Challenges?
Scarce and difficult-to-find inventory require longer lead times and are frequently in short supply. Your supply chain has a direct impact on resilience, security, and economic prosperity, but having a lot of inventory on hand can hurt cash flow. Sourcing, storing, tracking, and distributing spare parts and components within a facility has become more challenging year on year. The length of time it takes to complete each step in your supply chain has an impact on your cash flow and inventory planning.
Agile organisations that shift towards faster data-informed decision-making and outcomes can make it easier for leaders and teams to adjust in the wake of complex business challenges. Avoiding out-of-stock before replenishment and determining the maximum level based on storage space and costs of excess inventory provides certainty around the management of your critical parts and consumables.
Effective Spare Parts Inventory Management
Parts inventory management isn’t just a routine task; it is a critical piece of the puzzle for effective asset management. So, what makes it so essential, and why should you prioritise it? Below are just some of the benefits of an effective parts management system:
- Maintenance crews can quickly access critical items, minimise delays, and ensure continuous operational efficiency.
- Receive alerts when inventory is reaching a low threshold.
- Manage inventory across multiple locations and search for parts at alternative workshops.
- By optimising parts and consumables levels, organisations can allocate capital more effectively and lower overall storage expenses.
- Perform accurate demand forecasting; monitor inventory usage patterns to assist with forecasting and planning.
- Associate the recommended parts with work orders and specific maintenance jobs.
- Standardise and consolidate parts to reduce the complexity of inventory.
- Lower carrying costs by minimising the variety of spare parts needed.
- Navigate long-term contracts with key suppliers to secure priority access and favourable pricing.
- Conduct audits to identify slow-moving parts and keep inventory optimised.
- Build stronger supplier relationships, reducing lead times for critical parts.
Digital Inventory Management
The digital inventory management module from Hardcat is beneficial for managing consumables and spare parts. Our robust parts management module will increase your equipment reliability, modernise maintenance workflows, and reduce the risk of costly disruptions.
- Improve inventory control and save time with accurate data
- Save time and cost of finding parts on hand
- Get ahead of supply chain delays with up-to-date quantities
- Vital parts can be tightly controlled, so you always have the correct threshold levels.
Track, reorder, move, change, and report on consumables and spare parts anywhere, anytime and know the location and quantity on hand. Manage the how, when, and what quantity is used for what purposes, maintaining optimum stock levels (not too high, not too low), as well as a complete history of who used what, pricing changes, and supply chain information.
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