Regardless of your particular industry, inventory dilemmas often plague companies. You want a healthy level of parts for those broken-down units, but you must also curb expenses. Carrying a lot of inventory is just not cost effective in the business world. Explore the basic rules that help you stay current with inventory needs. Supporting your customers is the ultimate goal.
Innovate Your Inventory Flow
One of the best ways to keep up with your parts inventory is by automating it. Consider the use of software that automatically fills your bins when they hit a certain level. Relationships between vendors and businesses must be strong, however. The vendor essentially takes over the purchase-order process so that you don’t have to spend time with this time-consuming task. Your parts arrive just in time for an order or repair.
Choose High-Quality Parts
You cannot sufficiently service your customers without high-quality parts. Paying a little bit more for the parts is worth the cost because they’ll simply last longer. As a result, your products become resilient in the customers’ hands. Instead of using basic wood for a construction project, for example, consider pressure treated wood poles. They go through a preservation process that makes them nearly indestructible. Think about this example and apply it to your parts needs in the future.
Keep up With Recalls
A sufficient volume of parts in your inventory doesn’t mean a lot to your customers when recalls are calling. Set up a notification system in your business to keep up with those regular recalls. Although most recalls are benign in nature, they can add up to product failures in the field. By swapping out parts as necessary, your customers won’t see the brunt of problems described by the parts manufacturer. Smooth, product use by every customer should be a priority.
Inventory management is never a perfect art, but it can be managed. Learn from any mistakes so that they don’t occur again. Alter company protocols when inventory issues continue to persist. By prioritizing the inventory’s role in your business’s success, you’ll eventually smooth out any issues.