With parts taking up at least 33% of the total maintenance cost, most fleet managers face severe repercussions by negating the significance of a proper parts inventory management process. From deadstock liability to delayed operations due to parts unavailability, there’s a whole lot the businesses have to endure. A digitized inventory management platform can solve these challenges and, at the same time, help in maintaining the vehicles in the top condition. Here’s how.
Maintain multi-location digital repository
In most cases, businesses spread their parts warehouse across their operations. And itemizing, identifying and tracking every part from multiple locations is a herculean process. With an inventory management system, fleet managers can maintain a digital record of parts quantities across the locations and have easy access to item details, from anywhere and at any time.
Handle parts purchasing
Instead of relying on messy paperwork to monitor parts quantity, an inventory management software gives you a comprehensive view of your stock and helps you place an order with ease. Whenever a part reaches the restock point, the fleet manager can choose a vendor, compare brand performance and make a purchase, all from a single platform.
Predict parts usage
Predictive inventory management takes fleet managers one step ahead by helping them make business decisions based on actual data. By collaborating fleet maintenance schedule and vehicle performance, the system recognizes patterns in parts usage to highlight the stock that are frequently replaced. This way, fleet managers can ensure stock availability at all times and purchase parts based on the usage to avoid unwanted wastages.
Set parts restock point
There are many instances where critical work orders suffer delays due to unavailability of parts. Here’s where restock point can be a lifesaver. Based on the fleet performance and part usage reports, fleet managers can identify part quantities that are to be maintained and set the restock value accordingly. This way, when a part hits the restock point, you can easily place the order to avoid any costly downtime.
With real-time notifications, fleet managers can improve response time and make quicker decisions. Whenever a part reaches the restock point or goes out-of-stock, the fleet managers get notified immediately. Also, fleet managers can personalize notifications to receive updates whenever parts are assigned to work orders and other scenarios.
3 Ways inventory management benefits your operations
Reduce costs and maximize profit margin
Deadstock is a dead weight for your business and your profit margin. An inventory management software can help you organize part stocks and maintain parts based on their usage. This way, businesses can reduce unnecessary costs and realize better profits.
Streamline business processes
Fleet businesses can operate smoothly only when different processes are interconnected. When it comes to maintaining vehicles in the optimal state, inventory management and work orders function parallelly. While creating a work order, fleet managers can check parts availability and allocate items to a particular work order. This way, businesses don’t indulge in unnecessary expenses on parts that are already stocked in their warehouse.
Make better purchasing decisions
Insights into parts utilization, vehicle historical data and part brand performance can help fleet managers make purchases efficiently. With real data, fleet managers can compare parts longevity to evaluate vendor-based performance, purchase crucial parts on-time and manage any unforeseeable situations with ease.
Automate your fleet operations and manage your parts inventory in an effective manner to minimize costs with MaintainX and its intelligent inventory management system.