ProcureCon US’ Post

Have Multiple Attempts to Improve and Optimize your MRO Inventory gone Sideways? Unsuccessful MRO inventory improvement programs are common. One seed of failure is classic inventory management is relied on rather than MRO inventory theory. When inventory management is discussed, often the concepts relate to direct material inventories of raw materials and finished products. MRO inventory has significantly different drivers and requirements than classic inventory management. A key distinction between classic inventory and MRO inventory is the source of master data records that identify the items to be managed. Raw, input components and finished goods are designed, engineered, and planned using rigorous processes. When product changes are made the process includes BoM and master data record updates. In short, the items are well identified and documented. The MRO parts we need to support our assets have a murkier background. Many assets we support pre-date our ERP/CMMS, supporting technical data packages are of mixed storage formats, with mixed custodians and many impacted by previous mergers. Most importantly, the focused effort to get a clear and accurate picture of the needed items was never made. When we start our MRO inventory optimization program with the assumption that MRO catalogue represents the right items to optimize, we are likely making a big mistake. We are likely trying to optimize clutter and that does not go well. Why do I say that? It comes from being responsible for many MRO catalogue system loads and merger projects. Items have partial identities that work for those people that know the item by its partial handle, and not for anyone else. This is the reason there are so often so many excess item records than needed. My suggestion is to start MRO inventory optimization by rationalizing the items in the MRO catalogue by applying an identity taxonomy. Consistent identities will make them comparable to each other. The rationalized catalogue will then support either building or validating maintenance BoMs. Finally reorder parameters and stocking locations can be optimized. The MRO identity taxonomy should be used in the new MRO item request process enabling matching and ensuring clutter does not accumulate. Let’s discuss your MRO situation

Guesswork is not the best work—especially when it comes to your inventory. NetSuite automates and unifies the entire inventory management process so you can optimize inventory levels and boost profitability. https://lnkd.in/ekG7Civq #Inventory #InventoryManagement

Improve your inventory management strategies with the NetSuite Inventory Aging Report. Gain valuable insights into your stock dynamics and make data-driven decisions. Key benefits: ✅ Identify slow-moving items and take appropriate actions. ✅ Recognize obsolete inventory and adjust procurement strategies. ✅ Optimize inventory levels for improved efficiency. ✅ Enhance cash flow management and resource allocation. Learn how to generate the report and overcome potential challenges in our latest article. Unlock the full potential of your business! Read the full article here: https://lnkd.in/gj6h344F In the comments, share your thoughts and experiences with the NetSuite Inventory Aging Report. Let's discuss and optimize inventory management together.

Improve your inventory management strategies with the NetSuite Inventory Aging Report. Gain valuable insights into your stock dynamics and make data-driven decisions. Key benefits: ✅ Identify slow-moving items and take appropriate actions. ✅ Recognize obsolete inventory and adjust procurement strategies. ✅ Optimize inventory levels for improved efficiency. ✅ Enhance cash flow management and resource allocation. Learn how to generate the report and overcome potential challenges in our latest article. Unlock the full potential of your business! Read the full article here: https://lnkd.in/gj6h344F In the comments, share your thoughts and experiences with the NetSuite Inventory Aging Report. Let's discuss and optimize inventory management together.

Improve your inventory management strategies with the NetSuite Inventory Aging Report. Gain valuable insights into your stock dynamics and make data-driven decisions. Key benefits: ✅ Identify slow-moving items and take appropriate actions. ✅ Recognize obsolete inventory and adjust procurement strategies. ✅ Optimize inventory levels for improved efficiency. ✅ Enhance cash flow management and resource allocation. Learn how to generate the report and overcome potential challenges in our latest article. Unlock the full potential of your business! Read the full article here: https://lnkd.in/gTrQu-Gs In the comments, share your thoughts and experiences with the NetSuite Inventory Aging Report. Let's discuss and optimize inventory management together.

Improve your inventory management strategies with the NetSuite Inventory Aging Report. Gain valuable insights into your stock dynamics and make data-driven decisions. Key benefits: ✅ Identify slow-moving items and take appropriate actions. ✅ Recognize obsolete inventory and adjust procurement strategies. ✅ Optimize inventory levels for improved efficiency. ✅ Enhance cash flow management and resource allocation. Learn how to generate the report and overcome potential challenges in our latest article. Unlock the full potential of your business! Read the full article here: https://lnkd.in/gTrQu-Gs In the comments, share your thoughts and experiences with the NetSuite Inventory Aging Report. Let's discuss and optimize inventory management together.

Improve your inventory management strategies with the NetSuite Inventory Aging Report. Gain valuable insights into your stock dynamics and make data-driven decisions. Key benefits: ✅ Identify slow-moving items and take appropriate actions. ✅ Recognize obsolete inventory and adjust procurement strategies. ✅ Optimize inventory levels for improved efficiency. ✅ Enhance cash flow management and resource allocation. Learn how to generate the report and overcome potential challenges in our latest article. Unlock the full potential of your business! Read the full article here: https://lnkd.in/gj6h344F In the comments, share your thoughts and experiences with the NetSuite Inventory Aging Report. Let's discuss and optimize inventory management together.

Improve your inventory management strategies with the NetSuite Inventory Aging Report. Gain valuable insights into your stock dynamics and make data-driven decisions. Key benefits: ✅ Identify slow-moving items and take appropriate actions. ✅ Recognize obsolete inventory and adjust procurement strategies. ✅ Optimize inventory levels for improved efficiency. ✅ Enhance cash flow management and resource allocation. Learn how to generate the report and overcome potential challenges in our latest article. Unlock the full potential of your business! Read the full article here: https://lnkd.in/gTrQu-Gs In the comments, share your thoughts and experiences with the NetSuite Inventory Aging Report. Let's discuss and optimize inventory management together.

Improve your inventory management strategies with the NetSuite Inventory Aging Report. Gain valuable insights into your stock dynamics and make data-driven decisions. Key benefits: ✅ Identify slow-moving items and take appropriate actions. ✅ Recognize obsolete inventory and adjust procurement strategies. ✅ Optimize inventory levels for improved efficiency. ✅ Enhance cash flow management and resource allocation. Learn how to generate the report and overcome potential challenges in our latest article. Unlock the full potential of your business! Read the full article here: https://lnkd.in/gj6h344F In the comments, share your thoughts and experiences with the NetSuite Inventory Aging Report. Let's discuss and optimize inventory management together.

WHAT'S THE DIFFERENCE BETWEEN STOCK AND INVENTORY? Is there a difference between inventory and stock? There is a difference. differentiating between what stock and inventory and how to manage them is a challenge for most businesses particularly in East Africa. Stock vs. Inventory: What’s the Difference? "Stock items" are the goods you sell to customers, they are basically finished products. "Inventory" includes the products you sell, as well as the materials and equipment needed to make them. Although the definition of stock is concise, there are four main types of inventory: raw materials, work in progress, MRO supplies, and finished goods. Stock includes finished products, parts, materials—whatever you sell to customers. The more stock—or products—you sell, the more revenue your business generates. Stock includes bundled items. Inventory on the other hand, includes finished products and all the assets a business owns or uses to complete production. Inventory comprises of; Raw materials  (Raw materials are parts or components used to make a final product), Work in Progress (WIP)( inventory is still in production), Maintenance, Repair, and Operating Supplies (MRO)(Items that support production but are not part of the finished product are MRO supplies), Finished Goods(Completed products that are packaged and ready to be sold). Managing and accounting of Stock and Inventory becomes very complex as demand for stock grows, or as stock levels decrease, raw materials and MRO supplies must be available for production. Our Solution automates inventory control with out-of-the-box features: 1. Tracks inventory with the use of QR codes or barcodes 2. Compatible with any device 3. Allows you to scan QR codes or barcodes with a Bluetooth scanner or the camera on your mobile device Generates new QR codes or barcodes and connects to printers for smooth label production  Makes it easy to upload CSV files using your existing spreadsheets to help minimize manual product entries Offers upgrades to scale with your business Provides real-time status of your stock and inventory Tracks inventory across multiple business locations Customizes reports that you can save, share, and print Features multi-user access for sharing data with clients, customers, or employees Manage your inventory more intuitively with stelden.com inventory management software. Email consult@stelden.com