Challenges in managing spare parts & consumables along with tools
Managing spare parts, small assemblies, consumables and PPE along with tooling inventory is one of the most challenging issues faced by tool room inventory operators. This blog aims to discover and discuss some of the challenges and solutions in managing these additional inventory items.
Challenges –
Storage, handling and maintenance
Each of these tool room inventory types have different requirements for storing, handling and managing them. In tool inventory management, manufacturers need to think about where tools are stored, shape and sizes of tools, and where they are. However, for consumables, shelf life and correct storage temperature are the key considerations. Managing spare parts inventory adds another level of complexity to inventory management process with having to consider how frequently they are used and their special sizes.
Unpredictable usage rate and demand
Another challenge is differences in usage of consumables and spare parts and its impact on maintaining the stock levels. Some consumables may be required more frequently at certain times, causing a premature depletion. Meanwhile, spare parts, can experience irregular demand.
Storage space constraints
Depending on the size of the tool room, there may not be enough storage space to accommodate the entire range of spare parts and consumables that will be required. It is a big challenge for the tool room operators to organize the storage space efficiently and make the best use of it, especially the storage of consumables and spare parts, that may require different storage conditions (for example, temperature and humidity) than the tools.
Lack of visibility across different sites
In some companies, the management of spare parts (including consumables) may be done individually at each location, rather than across the entire company, as it may be in other companies. The lack of a centralised database and a lack of transparency will make it difficult for tool room operators to have a clear picture of what spare parts are on hand at different locations due to the lack of centralised data. If they need spare parts urgently, it would be helpful to them to be able to access stock availability across multiple locations within their organization and to be able to source spare parts instantly.
Solutions
To address these issues, tool room operators can implement a number of strategies, such as the adoption of inventory management software, the establishment of efficient storage systems, the implementation of automated reordering processes, conducting regular audits, and the training of employees. By collaborating with suppliers and leveraging technology solutions, tool rooms can also be streamlined in terms of the management of spare parts and consumables, as well as overall operational efficiency.
Many tooling suppliers offer vending and inventory-tracking solutions. However, CRIBWISE allows for more customizable hardware-software integrations that encompass all types of inventory, regardless of brand. We offer the flexibility and choice of various, market-leading vending solutions via our partners – providing ample options for storing all types of inventory. Or, you can choose to use CRIBWISE’s cloud-based software alone without hardware integration. Our smart software includes AI functionality which allows for stock optimization, enabling you to efficiently and automatically manage ordering, purchasing, and suppliers.
Read our success story to discover how Finnish supplier to the paper-making industry, Valmet, got complete control of its tooling inventory and consumable items, slashing losses by 50%.