The Importance of an Inventory Management Strategy
Many organizations have never considered adopting a strategic approach to managing critical MRO inventories. Depending on the size of the facility or plant, an organization could have thousands or even millions of dollars tied up in MRO supplies and spare parts, which may be stored in various locations and too often are not accurately tracked and monitored.
Annual budgets for stocking and replenishing MRO inventory may fall within the purview of the facility manager, plant manager or building maintenance engineer. Efforts by finance or business management to reduce these budgets are often met with resistance by the front-line stakeholders responsible for spending these funds.
However, it just makes sense that managing maintenance and repair inventories more strategically can pay dividends in terms of saving time, labor and costs; and that these savings can contribute significantly to an organization’s bottom line.