MRO Inventory Optimization is not complicated but is a discipline that requires attention. There are many reasons why inventory optimization is critical in today’s ever challenging economic climate.
Before we get into explain the simplicity and need for MRO inventory optimization, it is worth mentioning how MRO is impacted in 2020.
With increased demand for organizations to have a clear MRO strategy, inventory optimization is now playing a lead role which is directly impacting significant costs of overall operations across supply chain, labor, procurement, sourcing, warehouse, logistics, etc.
The major concerns of the organizations for touching the MRO inventory is that they know that it exists across systems, but there are duplicates. The Maintenance teams spend about 20 to 30% of their time searching for a part, with even more delayed time with obsolete parts and not being prepared with the alternated.
Frankly the ‘DATA IS DIRTY’, and below are the difficulties one faces including:
And many more…
In lieu of all these difficulties, we simply will put it on the back burner, and get the job done slowly which would take another 2 to 3 years.
The absolutely ‘NO’, companies who we work with have had one, or several of these thoughts before approaching us. Therefore, firstly we need to remove the prejudices associated with MRO Data:
MRO Inventory Optimization does require specific – tools, domain experts, and experience in analyzing the insights and making actionable recommendation. Enventure, takes it to the next level of even supporting some of the implementations via a network of trusted partners. The client ownership is minimal, and usage of tools are simple yet configurable. Periodic walk through of insights – weekly, monthly & quarterly; recommendations, progress, feedback is extremely proactive, and to the point with quick results.
In the next blog, I will share some details of some of the techniques of inventory optimization and the results thereby.