Inventory Management

Regardless of the tools, systems or technologies currently in use, COSOL can provide a variety of services to help organisations improve inventory management processes, including:

Inventory audits 
A comprehensive review of an organisation's inventory levels, tracking systems and procedures. Our consultants can help identify areas where inventory can be improved, such as reducing waste, increasing efficiency and improving accuracy.

Inventory forecasting 
Development of accurate forecasts for future demand based on accurate job plans and schedules. This information can be used to ensure organisations have the right amount of inventory on hand to meet customer demand without overstocking.

Inventory optimisation 
Optimise inventory levels by identifying the right amount of inventory to keep on hand for each item. This can help organisations save money on storage costs and improve customer service.

Inventory systems implementation 
Select and implement new inventory management systems to improve efficiency, accuracy and visibility into inventory levels.

Inventory training 
Train employees on inventory management best practices. This can help employees understand their roles and responsibilities in managing inventory and how to improve efficiency and accuracy.

Having the right tools, consumables, safety and PPE equipment, and replacement parts on hand is essential for organisations aiming to achieve schedule compliance and customer service KPIs by completing maintenance works on time.

Keeping too much inventory ties up resources in items sitting on shelves and may also waste time in locating and retrieving items from storage facilities. Too little inventory means scheduled jobs are delayed, increasing the risk of asset failure and unplanned downtime.

Wasteful spending can also occur when work crews are forced to source the items they need in an ad hoc manner from local suppliers using petty cash or company credit cards.

COSOL has helped clients with large and distributed operations across asset-intensive industries to:

• set up item catalogues, kits and supersession options
• align inventory items, stores and purchasing processes to maintenance plans to reduce manual intervention, reduce delays in work execution and streamline procurement
• monitor stock levels and automatically trigger resupply when minimum thresholds are reached
• guide stocktake processes on inventory turns and high-value items with the use of mobile devices to scan barcodes
• maintain accurate inventory requirements on job plans
• manage rotating items through use and refurbishment
• redesign supply chain processes and systems to minimise stockholdings and optimise logistics through a distributed stores network for ease of access by regional service technicians.