Managing inventory is not as simple as it seems, especially when you have a huge office, multiple facilities, or multiple branches to control. Inventory management includes lots of factors that impact business and inventory is crucial for business and it can be a major part of your business, or it can be MRO (Maintenance repair operation).
What Are the Main Problems in Inventory Management?
In inventory management, frequent problems are overstocking and out-of-stock issues. In simple words overstocking is stocking too much and now you have over-purchased.
Overstocking can be dangerous for businesses as lots of businesses invest too much in a stocking but in the end, they are not able to sell it or use it as a result revenue is not generated & economic loss occurs. Wrong interpretation of data leads to overstocking.
Another issue is out-of-stock, in which organizations do not know that their stock is finished as a result productivity suffers operation halts and customer disappointment can also occur. It can cause a hamper in daily operation and work delay also occurs.
For example, while performing maintenance, the maintenance team found that the required inventory is out of stock as a result they will have to repeat the complete maintenance process! This is where maintenance inventory software can save your organization.
Maintenance inventory software is a highly effective solution to eliminate out-of-stock issues. Through this software, you can set a limit whenever the set limit goes below the system alert the person responsible and start the refilling process.
You can also set a re-order limit for each specific inventory whenever inventory goes below the defined level the system will alert the vendor or person responsible and the refilling process will begin
What Happens When Inventory Is Not Available for Maintenance?
When inventory is not available in stock for maintenance then the maintenance team will have to process all work again because when maintenance is scheduled it is important to have check inventory stock availability.
While performing maintenance if inventory is not found then again rescheduling of the asset will be done and all the activities will be repeated again, that is why inventory availability is essential for maintenance.
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How Can You Streamline Operations with Maintenance Inventory Software?
Maintenance inventory software provides accurate analytics that is helpful in estimating how much inventory you will require in a specific period. Through these analytics, you can prepare for finance and will have a clear picture of lump-sum expenses. Below we have discussed a few main points.
How to Streamline Operation with Maintenance Inventory Software
1. Customer Satisfaction
Nowadays every business wants to provide the best service to their customers as it is the demand of time and competition is so high that one mistake can lead to customer loss.
Moreover, when you fail to fulfill your promises and it impacts your brand reputation as well. Furthermore, customers do not hesitate to take issue with social media and that can be extremely dangerous for your business.
Inventory is a major key performance indicator in the supply chain. That is why it is crucial to keep track of inventory with maintenance inventory software it can improve accuracy and lead to better outcomes & customer satisfaction level also increases.
2. No More Inventory Loss
Inventory loss is a major issue in all industries whether it is the retail industry, supply chain industry. Inventory loss can occur due to misplacement or asset theft.
Each scenario leads to an inaccurate inventory count. Businesses do not notice but they suffer from huge losses.
According to the Hindawi, “inventory records are inaccurate for 65% of the nearly 370,000 inventory records observed across 37 retail stores; 20% of the inventory records differ from the physical stock by six or more items”
However, you can avoid inaccuracy and keep track of each inventory with the help of maintenance inventory software. As this software utilizes types of asset tracking techniques such as Barcode, QR Code, RFID, etc.
These techniques are helpful in avoiding theft or misplacement by providing accurate location of each asset & inventory.
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3. Maintenance Work Order Management
Maintenance is helpful in keeping the asset in good shape. When assets get maintenance at regular intervals it leads to a better performance of assets. It makes assets stable and more reliable. Most importantly, it reduces the chances of asset failure and reduces maintenance expenses as well.
With this software, maintenance becomes quite simple and easy. Maintenance scheduling becomes simple with this software. Moreover, when maintenance is scheduled, you need inventory to perform effective maintenance work, that is why inventory numbers must be tracked so that whenever maintenance is performed maintenance team has inventory in stock.
Work order process for maintenance lets you know crucial information such as how much inventory is used in each asset maintenance! How many expenses are done in each maintenance work order! These numbers are helpful in increasing return on investment (ROI).
4. Manage Several Locations
It becomes so hectic when you have an office at multiple locations and managing them can be complex work. This software is extremely useful while managing multiple locations inventory. This software centralizes information on all assets and inventory.
You can schedule maintenance for each individually and remotely as this software sends alerts & notifications for maintenance due! You can create a maintenance work order for an asset that needs maintenance. This feature makes employees more productive.
Organizations execute lots of activities to do in order to expand their business. However, it is important to control the unnecessary expenses of the business.
That is why asset tracking is essential! It can save organizations expenses and make you more productive. Asset failure is also one of the main reasons why organizations spend their money.
However, you can easily avoid maintenance inventory software. It is a type of asset management software that adds value to your organization.
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Frequently Asked Questions (FAQs)
1. How Is Asset Tracking Technique Utilized in Business?
Asset tracking techniques such as Barcode, QR Code, RFID come in the form of a label. Now, this label is attached to the asset and the label contains a unique identification number. This unique number is stored in the software and whenever the asset code is scanned of this number it retrieves all the information of the asset to which it is attached.
2. What Are the Various Types of Asset Tracking Techniques Used in Business?
Various types of asset tracking techniques used in business are Barcode, QR Code (Quick Response Code), RFID (Radio frequency Identification), NFC (Near field communication), GPS (Global positioning system), BLE (Bluetooth low energy), IoT (Internet of Things), etc.
3. What Are the Benefits of Maintenance Inventory Software?
The benefits of maintenance inventory software are given below:
1. Maintenance cost saving.
2. Eliminating theft & misplacement.
3. Manage inventory of single location or multiple locations.
4. Providing accurate data & analytics.