Inventory Management in CMMS: Features, Benefits and Importance
CMMS Inventory management in maintenance provides organizations with a powerful solution for streamlining operations and maximizing efficiency. By integrating inventory management features into a Computerized Maintenance Management System, businesses gain access to a wealth of tools and benefits that help them stay ahead of the curve and avoid costly downtime.
A study by Aberdeen Group found that organizations using inventory management with CMMS software reduced their spare parts inventory by 20-50%. In this article, we will delve into the world of inventory management with CMMS, examining how to manage maintenance inventory, the challenges, importance, and benefits of this powerful combination for modern businesses.
Challenges in Managing Maintenance Operations Without Inventory Tool
Inventory management is the backbone of a well-oiled operation. It’s the driving force behind keeping your business running smoothly and ensuring that your assets, spare parts, and supplies are always ready. But, in a fast-paced world where the unexpected can happen at any moment, staying ahead of the curve can be a challenge.
Lack of visibility:
Without a proper digital solution, it can be difficult to keep track of inventory levels, locations, and expiration dates. This can lead to stockouts or excess inventory, which can be costly.
Inaccurate inventory data:
Manual inventory management applications are prone to errors and inconsistencies, leading to inaccurate inventory data. This can make making informed decisions about inventory levels and reordering difficult.
Difficulty in forecasting demand:
Predicting future demand for spare parts and equipment can be challenging. Organizations may over-order or under-order inventory without accurate forecasting, leading to waste and inefficiency.
Difficulty in managing inventory turnover:
A high turnover can lead to additional costs for an organization, such as warehousing, handling, and transportation. It also makes it difficult to properly track inventory and ensure that it’s being used effectively.
The complexity of inventory:
As organizations have a wide variety of equipment and parts, managing such a diverse inventory can be challenging, especially when it comes to tracking the location of the items, their cost, and necessary reorder points.
Maintaining an adequate maintenance spare parts inventory and equipment can be costly, especially for organizations with limited budgets. It can also be challenging to prioritize which items to stock, especially when balancing cost savings with maintaining operational efficiency.
Addressing these challenges can be complex, but investing in maintenance inventory software can help you track and manage your inventory, improve forecasting, and reduce costs associated with inventory management.
How CMMS With Inventory and Parts Management Capabilities Help?
A robust maintenance inventory management system can help streamline your processes, optimize stock levels, and improve overall efficiency, ensuring you have the right parts and equipment available when needed. A computerized maintenance management application can effectively manage inventory in many ways. Here are a few examples:
- Managing parts in CMMS allows you to keep track of your inventory. It enables you to create a database of all your spare parts and equipment, including information about their locations, quantities, and expiration dates.
- It can help you optimize inventory levels by generating reorder reports and alerts based on usage data and predefined reorder points.
- An inventory management feature can help you reduce inventory waste by identifying and addressing issues that lead to excess or obsolete inventory, such as overproduction or excess safety stock.
- It can also improve inventory accuracy and accountability by providing a central location for recording and tracking inventory transactions, such as purchases, deliveries, and transfers.
- You can also analyze your inventory data to identify trends and opportunities for improving your inventory management processes.
List of Features in a CMMS With Inventory and Parts Management Capabilities
Maintenance inventory management with a service management solution typically includes a range of features designed to help you manage your inventory more effectively. Some of the most common features include:
This allows you to create a database of all your spare parts and equipment, including information about their locations, quantities, and expiration dates.
Reorder reports and alerts:
Generates reports and alerts based on usage data and predefined reorder points to help you optimize your inventory levels.
Allows you to quickly and accurately record inventory transactions, such as purchases, deliveries, and transfers, using barcode scanning technology.
Includes tools for analyzing your inventory data to identify trends and opportunities for improving your inventory management processes.
Automated inventory replenishment methods to help you optimize inventory levels and avoid stockouts.
Work Order Management:
The ability to manage parts needed for maintenance activities.
Mobile inventory management: Allows you to manage your inventory remotely using a mobile device.
Benefits of Using a CMMS With Inventory and Parts Management Capabilities
In general, there are many benefits of CMMS, as we look at the ones for inventory management here, below.
Better control over your inventory:
A management solution can help you achieve better control over your inventory by providing a central location for recording and tracking inventory transactions.
It can reduce inventory waste and optimize your inventory levels to help you reduce costs associated with maintaining and replacing inventory.
Improved inventory accuracy:
It can help you improve the accuracy of your inventory data by providing a central location for recording and tracking inventory transactions.
It automates many of the processes involved in inventory management to help you improve the efficiency of your maintenance operations.
Having real-time data and analytics on inventory data can help you make more informed decisions about your inventory management strategies.
Effective inventory management is essential for smooth maintenance operations. Keep track of spare parts, tools, and equipment quantities and locations. Implementing a CMMS with robust inventory management features can help organizations better control their inventory and optimize their maintenance operations.
Use inventory management with a digital platform, and start reaping the benefits. If you have any questions about inventory management with CMMS, contact our experts, they are happy to answer them.
Book a Personalized Demo
Learn how your businesses can use FieldCircle to achieve more efficient, transparent, and profitable service operations.