Inventory Management Guide for 2X More Space

At PSIPL, we know that effective inventory management is critical for ensuring smooth facility operations and minimizing downtime. Here are the keys to efficient inventory management practices for facility maintenance teams:

Know your inventory:

Implement a system to track all parts, supplies, and equipment in stock. Use barcoding, RFID, and asset tagging where possible. Regular physical counts keep data accurate.?

Use software:

Implement inventory management software to help organize parts and supplies, set optimal restock levels, generate reorder reports, and track usage history. The software automates manual tasks and provides insights.??

Determine reorder points:

Calculate the minimum stock level needed before reordering based on usage rates and lead times. Set economic order quantities to optimize ordering frequency and costs.

Adopt just-in-time purchasing:

Order parts and supplies as needed to minimize warehousing and carrying costs. Leverage vendors that offer fast inventory replenishment and delivery.

Practice life cycle costing:

Determine the total cost of owning different parts and equipment over their full life cycles, including purchase price, maintenance, and eventual disposal. This ensures the most cost-effective options are selected.

Prioritize critical spares:?

Identify parts that are essential to minimizing downtime and assign low restock levels. Keep an extra inventory of critical components to ensure uptime.

Consolidate suppliers:

Reduce the number of parts vendors to simplify ordering, improve negotiating power and take advantage of volume discounts. Request consignment options to reduce on-site inventory.

Use vendor-managed inventory:

Outsource inventory management for certain parts to suppliers who monitor stock levels and automatically replenish based on thresholds you set.??

Cross-train technicians:

Employees who can perform multiple maintenance roles provide flexibility and adaptability when certain parts are unavailable. Some workarounds can be implemented in a pinch.

These are the fundamentals of effective parts and supply management that PSIPL emphasizes to maximize efficiency, reduce costs and minimize downtime and disruptions for the facilities we manage.?

With the right inventory management practices in place, facility maintenance teams can spend less time chasing parts and more time keeping buildings running smoothly.