![]() ![]() Employing even a handful of these strategies can go a long way to improving your inventory management process and saving the maintenance team a lot of headaches and money. Each step of the inventory management process can be optimized to reduce waste, redundancies, and inefficiency. Now that you’ve seen what poor inventory management can cost you, let’s take a look at how you can avoid these nightmare scenarios. If you struggle to find parts two or three times a month, that could mean spending hundreds of thousands of dollars a year on something that could be easily avoided.ħ ways to improve maintenance inventory management This may not seem like a lot, but every minute of downtime costs hundreds or thousands of dollars. The inability to track the location of parts reduces wrench time and could increase downtime by an extra few minutes every time there’s a breakdown. It’s estimated that between 10% and 25% of a technician’s time is spent obtaining parts because they are difficult to find. If you have this problem, you’re not alone. ![]() You may have just the right number of parts in your storeroom, but it doesn’t matter if you can’t find them. A proper inventory management system ensures critical parts are on-hand, helping to wipe out unplanned downtime, boost production and save you from losing thousands or millions of dollars. Of all annual, unscheduled downtime, 50% can be linked to a lack of spare parts, according to a report by the Aberdeen Group. This issue is all too common for manufacturers. That’s not to mention the extremely high cost of rush shipping or risky stopgap measures technicians often feel they need to employ to keep production on schedule. Downtime on that machine just went from a couple of hours to a couple of days or weeks, and the cost of that breakdown skyrocketed. Imagine a critical piece of production equipment goes down and you don’t have the part needed to repair it. Having too little stock presents a more immediate problem. Buying too much inventory makes this problem even worse. That means if you’re spending $100,000 every year to purchase stock, you can go ahead and add another $12,000 to $20,000 to your budget for storage space and administration. The typical cost of storing extra parts is between 12% and 20% of the purchase cost. It can be all too easy to mismanage and overspend when it comes to purchasing inventory. All can cause chaos and damage the bottom line. The three main problems of poor inventory management are having too much stock, too little stock, and stock you can’t find. Inventory management is an attempt to have the right stock, in the right place, at the right time, and at the right cost. Poor inventory management can lead to higher costs for parts and storage, imbalanced maintenance scheduling, and an increase in stockouts and obsolete inventory. Any mistake along the way can mean hefty financial losses. There are many steps involved in managing inventory. The cost of poor maintenance inventory management The aim for maintenance teams is to have the right inventory on hand in the right amounts to repair or improve assets, while also considering the space available in their budgets and storerooms. When it comes to maintenance, inventory is the parts used to make assets function properly, like motors, bearings, fans or filters. For a retail store, inventory is the products the store is trying to sell customers, like suits or dresses. The way you define inventory depends on your industry. The goal is to minimize cost by helping facilities know when to purchase more inventory based on normal usage rates. Video What is maintenance inventory management? Four tips for better MRO inventory management ![]()
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