Insights on MRO inventory management
MRO stands for Maintenance, Repair, and Operations. The purpose of MRO inventory is to make sure the company will have spare parts, materials, and supplies available as and when needed. For this, the company needs inventory management.
By managing inventory properly, companies can:
- Reduce high acquisition costs
- Avoid duplication order
- Ensure better visibility of MROs
As one of the leading e-marketplaces for genuine and unused MRO spares, we share with you useful insights on inventory management:
Streamline MRO purchase: Without a unified MRO purchasing approach, companies will end up over-buying MRO products or will not be able to achieve economies of scale. For an effective MRO inventory management plan, companies need a centralized approach.
Perform an audit: Performing an audit will determine whether all the required MRO inventory is already stocked or whether there is obsolete inventory that can be eliminated. It is also recommended to follow up with a regular physical count of the items. This ensures a company maintains an accurate inventory count and has thorough insights on the stocks at hand.
Selection of strategic suppliers: The selection of suppliers is a critical aspect of managing MRO inventory. It is advised to channel the bulk purchase to a few strategic suppliers. As this simplifies the acquisition and reduces administrative costs. However, there are several factors to consider here such as:
- Product quality
- Supplier dependability
- turn-around time
- Shipping cost
Forecast demand: An effective RO inventory management depends on demand forecasting. The procurement team needs to understand the peak and low usage seasons so that they can adjust the orders accordingly. For instance, if you buy MRO spares during your lean production season, you may end up with obsolete inventory.
Educating employees in proper spare parts and interchangeability record keeping: It is important to make sure employees understand the supply chain process. They should follow proper documentation when taking inventory out of a warehouse or stockroom.
Locate MRO inventory centrally: Locating MRO inventory centrally facilitates tracking and eliminates potential duplication of purchases. Not only should the MRO parts have a central location, the place that they are stored at should be well-organized. In a cluttered stockroom, employees will end up wasting production hours looking for the right tool.
Planning to buy MRO spares online at discounted prices?
If you are looking for MRO spares such as worm wheels, bearings and pressure regulators, you can find them on mjvaluemart.com. It is an online platform that connects buyers with sellers across India. Small businesses and traders can buy unused inventory at discounted prices from suppliers and manufacturers that have excess inventory. Buyers can find a wide range of industrial spares such as fasteners, bearings, gearboxes and valves. Valve uses are found in almost all machinery systems. The best part is that buyers have control over the pricing as they can directly negotiate the price with the seller.
To become a registered buyer, click here.
