All companies need to pay close attention to their MRO (maintenance, repair, and operating supply) inventories. Ideally, these items should be managed in a coherent system like those used to manage a company’s line of business inventory. When MRO inventories are neglected, companies will not be able to function properly.
Companies need MRO solutions to help them manage these important inventories. Verusen, an industry expert, explains how companies can find these solutions and shares what they can do to keep their businesses running smoothly.
Optimizing MRO
MRO inventory runs the gamut from cleaning and office supplies to highly technical spare parts for machinery. Many firms neglect their MRO inventories when they are doing strategic planning. In these cases, MRO has not been prioritized because the supply chain is scattered and there are many different types of inventory being managed.
The first step toward optimizing MRO is doing a full inventory of parts and supplies that are already on hand. When companies go in with a good sense of what kinds of products they already have and in what quantities, they can decide which types of products to buy in the future.
The next step is creating a logical, fully integrated inventory control system. These systems need to be set up to integrate with the company’s line of business inventory.
Having a central inventory optimization system is a much better idea than allowing different departments to operate their own data systems. Having separate databases can lead to siloed data and cause companies to miss out on important information until it is too late.
An AI-powered system like that provided by Verusen helps companies stay organized and keep on top of costs. This type of management can save money and time when it comes to optimizing inventory.
Next, the database will need to be kept up to date. Every department should be trained on how to properly input data so it can be used by everyone in the company. If even one employee inputs bad data, it will affect the entire company. The use of a proper MRO optimization system will lead to lower costs and higher productivity.
Agile Response
A good MRO control system means that a company will be able to keep up with challenges. These can range from seasonal swings in productivity to the introduction of new machinery.
For example, when new machinery is introduced, all of its spare parts need to be entered into the system. A new strategy for supplying MRO needs to be created.
Another way in which MRO systems support agile response is that companies are able to adapt quickly when change is necessary. They will not be held back by having to unload large quantities of unneeded MRO supplies when circumstances change.
Avoiding Duplication of Efforts
A robust MRO management system will also prevent companies from experiencing problems with duplication of effort. These redundancies can be as simple as two departments ordering the same item from two different suppliers. When MRO purchasing is centralized, this problem will not occur.
Modeling Supply and Demand
A robust AI system is especially useful because it helps companies model future supply and demand. Planning ahead means that companies can be better prepared. Watching out for future trends means that companies can plan for future expenses and predict periods of high and low demand. This feature carries over from line of business inventory management.
The Bottom Line: MRO Solutions Save Money
When a company’s MRO supplies inventory is managed with as much care as its line of business inventory, there are great cost savings to be had. Having too many spare parts on hand is a waste of money, but not having enough can lead to delays which may be even more costly.
Proper inventory management also means that a company’s MRO supplies will not sit on the shelf long enough to become obsolete. Obsolete maintenance and repair products could represent a significant loss of revenue.
Using a Data-Driven Approach
The supply of parts, cleaning supplies, office supplies, and other necessary items are just as important as the products the company sells. Understanding this can lead to a revolution in how a company manages itself and its data.
MRO solutions help companies make good decisions and will lead to more profits and less waste. When companies have robust MRO management methods in place, they will be able to adapt to challenges.
Neglecting MRO can lead to a dangerous situation where a company cannot meet its obligations to its customers. This could cause the company to lose its good reputation and could keep future customers away. With a proper MRO optimization system like those created by Verusen, companies can be sure that they will be able to respond to changing market conditions.
