Inventory Management
Get the right balance between inventory availability, need, supply and cost.
Inventory management is about finding the balance of inventory that allows maintenance work to be performed with minimal delays caused by the availability of materials, managing critical spares, and catering for future demands.
Materials required in inventory for maintenance, repairs, and operations are the spare parts, consumables, and tools needed to complete maintenance work orders. Having the right items available at the right time allows maintenance teams to effectively execute their set maintenance plans and schedules.
As a result, organisations can reduce unplanned downtime and cut back on otherwise avoidable costs. Having a forward view of expected inventory usage also allows organisations to negotiate more favourable contracts with suppliers.
COSOL's expert process consulting team can advise on your organisation's inventory management practices. By working with an expert to review and recommend changes, your organisation can improve efficiency, profitability and risk management.
Our inventory management services include:
- Audits
- Data Remediation
- Forecasting
- Optimisation
- Systems Implementation
- Training.
BOOST BUSINESS PERFORMANCE
Refreshed inventory management practices can improve efficiency and reduce costs, with a direct impact on the bottom line.
REDUCE STOCK LEVEL RISKS
Implement processes that ensure the right inventory is on hand to meet customer demand and avoid stockouts and overstocking.
REDUCE INVENTORY HOLDINGS
Gartner research indicates inventory reduction of 20–30% is achieved through optimised inventory management.
MINIMISE DOWNTIME
When parts needed for repair are not readily available, unplanned outages are extended, impacting productivity and customer service.
IMPROVE TIME MANAGEMENT
Improving stock control eliminates time wasted in searching for the right spare parts. RFID tags, barcodes or QR codes can speed up the process.
AUTOMATE PROCUREMENT
Apply an analytics approach to monitor stock levels and eliminate over or understocked warehouses by automating resupply processes.
EMBED BEST PRACTICE PROCESSES
Contact our asset management process experts to learn more about how we can help embed asset management best practice processes into your organisation.
