Understanding parts management and inventory optimization plays an important role in an organization’s success – particularly so for those with mission-critical assets. The challenge is how to best balance inventory levels.
On one hand, reducing inventory could free up important capital. On the other, the savings achieved could be quickly lost if an unexpected production outage occurred because a critical part wasn’t available. Many organizations conduct inventory audits manually each year – a labor-intensive and an often prohibitively expensive process. The most effective way to reduce inventory while protecting against the risk of stock-outs is to use inventory optimization software in conjunction with an EAM solution that can define stock levels and then maintain them in an automated fashion.
Parts stock levels are also often inaccurate due to incorrect selection of parts from the catalog. Parts management can be further enhanced by the use of an intuitive, graphical parts catalog to help organizations find the right parts quickly and easily.