It should go without saying that this will need to be done differently for different inventory items.įirst, let’s define your inventory lead time. So, what is the magic number? Let’s take a look at how you can figure it out. Balancing Inventory Levelsīalance is about finding that “Goldilocks” zone where you don’t have too many parts in stock, but you always have what you need. What’s the solution? Like a lot of things in life, Inventory Management is about using the right tools to help you achieve the right balance. Additionally, if an inventory item becomes outdated, then you are left with the choice of either running on outdated parts for the foreseeable future, or else throwing out your existing inventory and replacing it all. The high out-of-pocket expense for carrying so much stock is too much for many businesses to swallow. If you are looking at a part like a cutting tool for a drill, an automotive battery, or an electric motor, then costs can add up quickly. Your inventory space is not unlimited, and you must pay for each part or component before you need to use it. However, for larger components, this is not the case. For these smaller parts, there is little cost associated with storage, and their low individual cost makes overstocking relatively inexpensive. Some inventory, like screws or other small parts, can easily be stored in mass quantities. Too little inventory and you risk having a stockout, but overstocking is not a good solution. Having the right amount of inventory is a balancing act. I want creamer when I get my coffee, but I don’t want my entire kitchen filled with stacked boxes of creamer either. So, how do we prevent future stockouts? At first, it seems simple: make sure you are always so overstocked that you never run out. It can make an already bad situation even more expensive, and further delay the work from being completed. Not only do you need to order the part, but you’ll likely also be paying extra to expedite the shipping to get it in as soon as possible. But without the right inventory, it becomes impossible to use an asset. I could have just drunk the cup black, and I might have if another thought hadn’t occurred to me: “What if I had been trying to fix an asset instead of a cup of coffee?” What if it were a missing spark plug or a specialized component? I can go without a cup of coffee today and wait a week for a new box of creamer cups.
There was nothing unusual about my trip for a daily cup of coffee, but when I got there, I was shocked to find that I couldn’t fix my cup. Get the scoop on company announcements and product updatesĪ couple of weeks ago, I went into the kitchen at our office when I arrived in the morning.
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