There are 100’s of assets that work behind the smooth running of an organisation. To manage all of them is truly a daunting task. The cost of repairing machines frequently, can be a costly affair. Similarly, replacing a machine before its expiry can also result in increasing the overall maintenance cost.
Thus, to manage assets optimally, we need a technology-driven management system that can monitor, manage, and automatically schedule maintenance activity as per the need of the assets. By doing so, companies can not only improve their productivity but also save a lot of money on managing assets.
What is inventory?
Inventory is generally referred to as the stock of goods and materials available with the business, for the smooth completion of work. It could be the raw materials used for manufacturing a product or the spare parts of machines that are used for business operations or production. Inventory is also a major asset of the organisation. Thus, managing it efficiently can bring about positive changes in the company’s growth.
What is the importance of inventory management?
The inventory management process takes care of stock availability. How much stock is required vs how much stock is available – this can be easily measured through a reliable inventory management process. Imagine a critical machine gets damaged during work hours, the technician finds the problem and requests for a spare part. If the inventory is managed properly through a CMMS, it will only take few seconds to find out if the spare part is available in the stock. This way required action can be implemented and the machine can be brought back to its working condition without much delay.
All in all, CMMS helps in enhancing the MRO maintenance, by streamlining the process of procuring, storing, utilising, and updating the supplies used for running the operational unit.
How Does CMMS help in Inventory and Asset Management?
- Maximise the Stock levels
When the facility managers have a good hold on the stock levels, they will be to procure stock accurately without incurring over-stocking or under-stocking. CMMS helps to optimise stock levels, the software triggers stock notifications automatically. Based on these notifications, the inventory can be updated on time.
- Reduce Human Errors
If you plan to manage inventory manually, then you are sure to many errors. Human errors are natural and when handling a complex process, it is bound to happen. However, the price of such errors can impact the overall profitability of a company. Thus, to eliminate these errors the CMMS is the right solution. CMMS automates processes and reduces human intervention. The software has the capability of tracking processes and maintenance activities automatically without human interference. This results in better management and enhanced productivity.
- Reliable Historic Data
CMMS holds the historical data related to every asset, right from the time of its purchase. The inventory cost incurred over the years is stored in the CMMS. This data is presented in the form of a dashboard with the help of charts and graphs; the higher management can compare the cost over the years and take necessary and more accurate decisions on time.
The Final Word:
Be it retail or any or manufacturing unit, inventory management is the need of every business. Although inventory looks like a small part of the entire process, yet it plays a very significant role in effectively running the entire company. CMMS is the perfect tool that can manage and track inventory in real-time and prevent unplanned downtime and huge cost incurred on repairs and replacement of assets. The cost of implementing a CMMS is very small compared to the benefits it brings to the organisation in the long run.
