Knowing what, where, and how many when it comes to parts and inventory is pretty essential when you’re running a facility.
Consider breakdowns, for instance. The more time you spend hunting for spares, the longer you’re out of commission. Knowing what you’ve got in stock is a great way to limit downtime, protect cash flow, free up capital, and minimize borrowing costs.
Luckily, a CMMS is an easy way to keep all asset and inventory information at your fingertips. Here are 7 ways a CMMS helps you control inventory costs:
1. Track parts
Walking through storerooms and manually checking to see if a part is available on a shelf is a waste of time and money, and searching for lost parts can be an even bigger waste. Fiix will let you automatically track stock levels so technicians and engineers can check online to see if a part is available, rather than physically checking the storeroom. If the part is available, they’ll know exactly where to go to pick it up.
2. Optimize stock levels
A CMMS can help you determine the stock levels that meet asset availability requirements while limiting inventory carrying costs. The software can also identify high-need stock items so they can be stored locally. By taking supplier lead-time and how critical a part is into account, you can fine-tune minimum levels and reorder quantities in order to optimize stock levels.
3. Easily order parts
Fiix automatically notifies logistics personnel when parts fall below minimum levels, which reduces the chance of being out of stock. You can order parts through the purchasing section of the CMMS, which makes it easy to calculate all maintenance-related activities at year end from one system.
4. Manage inventory at multiple locations
Fiix lets organizations track parts and supplies in storage locations at multiple sites. Technicians at one site can check to see if a part is available at another site without even having to pick up the phone.
5. Eliminate obsolete parts
A CMMS lets you identify parts that haven’t moved in an extended period of time, which could indicate surplus parts that could be returned for a supplier rebate. This helps you minimize the amount of capital tied up in underused parts and materials.
6. Get reports in real-time
A CMMS gives you access to real-time reporting on inventory levels, the value of stock on hand, purchase order history, and outstanding purchase orders.
7. Build a single integrated system
Many large organizations manage their assets in a CMMS while managing their spare parts in a separate ERP system. But by using a single CMMS system for asset management and inventory control, you cut those additional costs associated with acquiring a separate system, integrating it with the CMMS and training staff on two different systems.
Chances are, your organization signed up for a CMMS to track PMs and work orders. But the software can do a lot more than just track maintenance—it gives you full visibility of what’s in your facility, and can help you track spare parts and control inventory-related costs.