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.
Inventory Management Services Explained
Regardless of the tools, systems or technologies currently in use, COSOL can provide a variety of services to help organisations improve inventory management processes, including:
Inventory audits
A comprehensive review of an organisation's inventory levels, tracking systems and procedures. Our consultants can help identify areas where inventory can be improved, such as reducing waste, increasing efficiency and improving accuracy.
Inventory forecasting
Development of accurate forecasts for future demand based on accurate job plans and schedules. This information can be used to ensure organisations have the right amount of inventory on hand to meet customer demand without overstocking.
Inventory optimisation
Optimise inventory levels by identifying the right amount of inventory to keep on hand for each item. This can help organisations save money on storage costs and improve customer service.
Inventory systems implementation
Select and implement new inventory management systems to improve efficiency, accuracy and visibility into inventory levels.
Inventory training
Train employees on inventory management best practices. This can help employees understand their roles and responsibilities in managing inventory and how to improve efficiency and accuracy.
Importance Of Inventory Management
Having the replacement parts, the right tools, consumables, safety, and PPE equipment on hand is essential for organisations aiming to achieve schedule compliance and customer service KPIs by completing maintenance works on time.
Keeping too much inventory ties up resources in items sitting on shelves and may also waste time in locating and retrieving items from storage facilities. Too little inventory means scheduled jobs are delayed, increasing the risk of asset failure and unplanned downtime.
Accurately categorising critical spares ensures that safety stock is managed appropriately, and does not fall part of slow-moving stock reviews.
Why COSOL
COSOL has helped clients with large and distributed operations across asset-intensive industries to:
- set up item catalogues, kits and supersession options
- align inventory items, stores and purchasing processes to maintenance plans to reduce manual intervention, reduce delays in work execution and streamline procurement
- monitor stock levels and automatically trigger resupply when minimum thresholds are reached
- guide stocktake processes on inventory turns and high-value items with the use of mobile devices to scan barcodes
- maintain accurate inventory requirements on job plans
- manage rotating items through use and refurbishment
- redesign supply chain processes and systems to minimise stockholdings and optimise logistics through a distributed stores network for ease of access by regional service technicians.
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.