{"id":2513,"date":"2021-01-26T15:03:10","date_gmt":"2021-01-26T15:03:10","guid":{"rendered":"https:\/\/www.chevinfleet.com\/en-au\/?p=2513"},"modified":"2021-04-29T14:00:12","modified_gmt":"2021-04-29T13:00:12","slug":"inventory-optimisation-challenges","status":"publish","type":"training","link":"https:\/\/www.chevinfleet.com\/en-au\/learning-zone\/inventory-optimisation-challenges\/","title":{"rendered":"Using software for inventory optimisation"},"content":{"rendered":"<section  class=\"content-section animated fadeInUp\" >\n    <div class=\"container container--small  user-content fadeInUp__1\">\n        <h3><strong>The Challenge of Inventory Optimisation<\/strong><\/h3>\n<p>Effective inventory management practices are the key to controlling the cost of parts in any type of fleet operation.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10054\" src=\"https:\/\/www.chevinfleet.com\/wp-content\/uploads\/2018\/06\/Inventory-management-.jpg\" alt=\"a worker using a tablet for inventory optimization\" width=\"1285\" height=\"450\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>\u2026and optimising your inventory programmes is essential to keeping administrative costs as low as possible.<\/p>\n<p>By following these five easy steps, you can streamline your parts inventory optimisation and positively impact your fleet\u2019s bottom line\u00a0and eradicate any\u00a0<a href=\"https:\/\/www.chevinfleet.com\/au\/news\/the-impact-of-poor-inventory-management-on-fleets\/\">poor inventory management practices<\/a>:<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>1. Keep parts organised<\/strong><\/h3>\n<p>Parts room housekeeping is a valuable habit for two reasons:<\/p>\n<ul>\n<li><i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i>Keeping inventory organised helps provide visibility into stock for more effective ordering, particularly for high volume items used during routine maintenance.<\/li>\n<li>It helps to identify slow moving and obsolete parts that take up limited shelf space and unnecessarily raise inventory costs.<\/li>\n<\/ul>\n<p>Your parts room should not be a warehouse \u2013 cycling out parts is a practical and cost-effective practice.<\/p>\n<p>Organising parts in sections is also a time and cost saving approach to inventory optimisation. Regularly used and fast-moving parts \u2013 like those for preventive maintenance \u2013 should be most accessible.<\/p>\n<p>Keeping parts in bins or on shelves based on system and component groups such as engines, brakes and electrical can streamline pulling parts for repair orders and, in turn, that can lead to improved shop and technician productivity and reduced downtime.<\/p>\n<p>Placing heavy items where they can be handled more easily is also a time and labour-saving approach.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>2. Train parts personnel\u00a0<\/strong><\/h3>\n<p>Your fleet parts room personnel should know your operation\u2019s vehicles and <a href=\"https:\/\/www.chevinfleet.com\/au\/news\/creating-effective-fleet-maintenance-programme\/\">fleet maintenance programmes<\/a> inside out.<\/p>\n<p>To always ensure that adequate stock is on hand, they should be trained to recognise which parts in your inventory are fast moving, therefore needing to be reordered more frequently.<\/p>\n<p>Likewise, identifying slow moving or obsolete parts can help free up shelf space, lower costs and save unnecessary spend.<\/p>\n<p><strong>DID YOU KNOW:<\/strong>\u00a0You can turn to suppliers to help train parts room staff, so they are familiar with manufacturers\u2019 parts lists and ordering systems.<\/p>\n<h3><\/h3>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10055\" src=\"https:\/\/www.chevinfleet.com\/wp-content\/uploads\/2018\/06\/Inventory-Management-3.jpg\" alt=\"\" width=\"1285\" height=\"579\" \/><\/p>\n<h3><\/h3>\n<p>&nbsp;<\/p>\n<h3><strong>3. Leverage management technology<\/strong><\/h3>\n<p>In order to streamline your ordering, returns, billing and payment processes, it\u2019s important to look at ways to <a href=\"\/au\/fleet-asset-integrations\/#parts\">integrate fleet management and parts suppliers\u2019 systems<\/a>.<\/p>\n<p>System integrations help to ensure data accuracy and can reduce demands on administration, finance and other personnel \u2013 helping cut costs and, in some cases, staffing requirements.<\/p>\n<p>In the parts room, bar coding systems help with inventory control and work to reduce data entry errors. Bar code labels can be used to automatically assign parts used to individual vehicle service histories, reports on parts use, and to generate orders based on turnover and pre-set parameters.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>4. Use service data<\/strong><\/h3>\n<p>Your vehicles\u2019 service histories tell an interesting and valuable story, revealing trends on parts usage, system failures and component failures. This information can be used to determine:<\/p>\n<ul>\n<li><i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i>Any upcoming parts needs<br \/>\n<i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i><\/li>\n<li>Whether inventory levels need to be changed to meet demand<\/li>\n<\/ul>\n<p>With an in-depth picture of parts histories, you can also develop budgets for parts expenditure, see how effective those budgets are and make more informed purchasing decisions.<\/p>\n<p>Service data from telematics systems will also provide you with information that will enhance your inventory optimisation plan, further reducing downtime for service. For example, knowing that a group of vehicles will need a parts replacement campaign allows for more efficient inventory planning and control, and for more cost-effective purchasing practices.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>5. Work with suppliers\u00a0<\/strong><\/h3>\n<p>A good parts supplier is an invaluable resource. Vendors can be of assistance in helping you to use information on past purchases to predict future needs, set reorder points and maintain adequate inventory stocking levels.<\/p>\n<p>Their knowledge of your operation and experience across multiple fleets can help to identify repetitive part failures and perform comparative analyses between manufacturers.<\/p>\n<p>Suppliers are also adept at determining which parts offer the best overall value for your operation.<\/p>\n<p>A knowledgeable and experienced team is one that is well versed in how to find the right parts at the lowest cost, not just the lowest priced part.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Keeping it all in one place<\/strong><\/h3>\n<p><a href=\"https:\/\/www.chevinfleet.com\/au\/solutions\/fleet-inventory-management-software\/\">Advanced fleet management software can help you to optimise parts inventories and lower costs<\/a>.<\/p>\n<p>Parts modules that allow personnel to track inventory and identify surplus and obsolete parts easily can be used to show what needs to be ordered and what\u2019s not needed at all.<\/p>\n<p>Ultimately, software can be used to streamline inventory management and enable the most effective stocking and purchasing practices by:<\/p>\n<ul>\n<li><i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i>Monitoring and adjusting inventory levels based on usage and upcoming needs<br \/>\n<i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i><\/li>\n<li>Sourcing parts requested in repair orders<br \/>\n<i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i><\/li>\n<li>Issuing purchase orders automatically to vendors when parts inventory levels drop to a pre-determined quantity, or for special items<br \/>\n<i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i><\/li>\n<li>Minimising paper-based and manual inventory replenishment and parts allocation processes<br \/>\n<i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i><\/li>\n<li>Tracking parts coverage once a replacement part is installed in a vehicle, issuing an alert if a covered item fails within the warranty period, and initiating automated claims<br \/>\n<i class=\"fa fa-check-square-o\" aria-hidden=\"true\"><\/i><\/li>\n<li>Improving purchasing practices to maintain correct stocking levels at the lowest cost, eliminate obsolete and uncommon parts, handle high-cost emergency parts orders, and prevent overstock situations<\/li>\n<\/ul>\n<p>Software-based inventory management programmes can lower downtime and improve asset utilisation by returning vehicles to service faster. It can also reduce labour costs for technicians that can add up quickly when a part is out of stock or not easily located.<\/p>\n<p>With a parts system that is integral to your <a href=\"https:\/\/www.chevinfleet.com\/au\/solutions\/fleet-maintenance-management-software\/\">fleet maintenance management<\/a> practices, solving inventory management challenges is much easier.<\/p>\n\n    <\/div>\n<\/section>\n\n\n<section  class=\"content-section \">\n    \n    <div class=\"container container--small u-text-center animated fadeInUp\">\n        \n                            <h3 class=\"fadeInUp__1\"><b>You may also be interested in<\/b><\/h3>\n                                <\/div>\n\n    \n    <div class=\"container container--no-pad fadeInUp__2\">\n        <div class=\"post-type-wrapper\" data-behaviour=\"featured-slider\">\n                            <a class=\"post-type unstyled post-type--transform \" href=\"https:\/\/www.chevinfleet.com\/en-au\/learning-zone\/fleet-driver-safety-training\/\">\n    <div class=\"post-type__image\">\n                    <img decoding=\"async\" src=\"https:\/\/chevin-assets.s3.eu-west-1.amazonaws.com\/wp-content\/uploads\/sites\/4\/2021\/01\/26101810\/Driver-Training_LR-440x440.jpg\">\n            <\/div>\n    <div class=\"post-type__content\">\n                <p class=\"post-type__name\"><strong>Fleet Driver Training: Unlock the Key to Safety and Success<\/strong><\/p>\n                <p class=\"post-type__more\">Read more<\/p>\n    <\/div>\n<\/a>\n                            <a class=\"post-type unstyled post-type--transform \" href=\"https:\/\/www.chevinfleet.com\/en-au\/learning-zone\/parts-inventory-best-management\/\">\n    <div class=\"post-type__image\">\n                    <img decoding=\"async\" src=\"https:\/\/chevin-assets.s3.eu-west-1.amazonaws.com\/wp-content\/uploads\/sites\/4\/2021\/01\/26152714\/inventory-manager-440x400.jpg\">\n            <\/div>\n    <div class=\"post-type__content\">\n                <p class=\"post-type__name\"><strong>Parts inventory management best practices<\/strong><\/p>\n                <p class=\"post-type__more\">Read more<\/p>\n    <\/div>\n<\/a>\n                            <a class=\"post-type unstyled post-type--transform \" href=\"https:\/\/www.chevinfleet.com\/en-au\/learning-zone\/managing-your-inventory\/\">\n    <div class=\"post-type__image\">\n                    <img decoding=\"async\" src=\"https:\/\/chevin-assets.s3.eu-west-1.amazonaws.com\/wp-content\/uploads\/sites\/4\/2021\/01\/26102651\/Managing-Inventory_LR-440x440.jpg\">\n            <\/div>\n    <div class=\"post-type__content\">\n                <p class=\"post-type__name\"><strong>Managing Your Inventory<\/strong><\/p>\n                <p class=\"post-type__more\">Read more<\/p>\n    <\/div>\n<\/a>\n                    <\/div>\n    <\/div>\n<\/section>\n<section class=\"c-hr hr content-section u-show-mobile\">\n<div class=\"container\">\n    <hr>\n<\/div>\n\n<\/section>\n\n\n","protected":false},"excerpt":{"rendered":"<p>Effective inventory optimisation practices are key to controlling the cost of parts in any type of fleet operation.<\/p>\n","protected":false},"featured_media":2514,"menu_order":0,"template":"","training-cats":[34],"class_list":["post-2513","training","type-training","status-publish","has-post-thumbnail","hentry","training-cats-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Easy Steps for Inventory Optimisation - Control Your Costs | Chevin<\/title>\n<meta name=\"description\" content=\"Gain Complete Control Over The Costs Of Your Inventory &amp; Parts With Our 5 Easy Steps For Total Inventory Optimisation. 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