Inventory Management Software

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Inventory Management Software

Take Control of your Inventory to Get the Right Parts, On Time, for the Best Price

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SMART INVENTORY MANAGEMENT WITH CMMS

Workflow to Optimize Inventory Management

  • inventory management software inventory setup

    Inventory Setup

    • Set up the inventory module within the CMMS.
    • Define inventory categories, such as spare parts, consumables, tools, stock / non-stock parts,etc.
    • Establish storage locations and bin locations to locate parts and materials easily.
    • Assign QR codes to storage locations and inventory
  • inventory management software item creation & classification

    Item Creation & Classification

    • Create and classify items based on criticality, usage frequency, or other relevant criteria.
    • Input details such as item name, description, part number, vendor information, and unit of measure.
    • Categorize items as high, medium, or low priority for better inventory control.
  • inventory management software stock replenishment

    Stock Replenishment

    • Monitor inventory levels through automated tracking or manual stock checks.
    • Determine reorder points and safety stock levels for each item (minimum, maximum, desired quantities. This does not apply to non-stock parts and materials.
    • Generate alerts and notifications when stock levels fall below minimum quantity thresholds.
  • inventory management software purchase order generation

    Purchase Order Generation

    • Automatically generate purchase orders or requisitions for items that need replenishment.
    • Include details such as item name, quantity, preferred vendor, and delivery deadlines.
  • inventory management software vendor communication

    Vendor Communication

    • Send purchase orders to approved vendors from within the CMMS or existing purchase order software (ERP or other).
    • Receive confirmations or order status updates from vendors.
  • inventory management software goods receipt

    Goods Receipt

    • Receive incoming inventory items.
    • Inspect and verify the received items against the purchase order (accuracy of order; correct items, quantities and condition).
    • Update the CMMS with received quantities and mark items as available in inventory.
  • inventory management software item issue

    Item Issue

    • Record the issuance of items from inventory for maintenance or repair purposes.
    • Associate issued items with work orders, preventive maintenance tasks,  projects, or specific assets.
  • inventory management software stock adjustments

    Stock Adjustments

    • Make necessary stock adjustments in the CMMS due to discrepancies, damaged items, or other inventory issues.
    • Update inventory levels to reflect accurate stock counts.
  • inventory management software inventory audits

    Inventory Audits

    • Conduct periodic inventory audits or cycle counts to ensure accuracy.
    • Verify physical stock counts against the CMMS records.
    • Identify and investigate any discrepancies.
  • inventory management software reporting and analytics

    Reporting and Analytics

    • Generate reports on inventory levels, stock usage, replenishment history, and other relevant metrics.
    • Analyze data to identify trends, optimize inventory levels, and make informed procurement decisions.

BENEFITS OF AN INVENTORY MANAGEMENT SOFTWARE

Seamless Inventory Control for Uninterrupted Operations

inventory management software centralized inventory control

Centralized Inventory Control

CONSOLIDATE all inventory-related information, including stock levels, storage locations, item details, and usage history in one system. Improve visibility and facilitate efficient inventory management with centralized control.

inventory management software preventive maintenance optimization

Preventive Maintenance Optimization

TRIGGER preventive maintenance tasks based on inventory data, such as part replacements and equipment inspections, ensuring timely maintenance to avoid unexpected breakdowns and equipment downtime.

inventory management software mobile access

Mobile
Access

ACCESS the CMMS and perform inventory tasks on mobile devices. Update stock information and perform transactions remotely.

inventory management software inventory usage analysis

Inventory Usage Analysis

GENERATE reports on inventory usage patterns and trends. Get insights into high-demand items, identify slow-moving or obsolete inventory, and highlight opportunities for cost savings and process improvements.

inventory management software bar code

Bar Code / Qr Code Scanning

SCAN items during stock receipt, issuance, or physical inventory counts to capture accurate data. Improve efficiency by reducing manual data entry errors and time required for ordering and restocking spare parts and materials.

inventory management software seamless integration

Seamless
Integration

INTEGRATE with purchasing or financial systems for seamless data flow, reduce manual data entry and improve accuracy. Ensure that inventory information is up-to-date across the organization.

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FEATURES OF AN INVENTORY MANAGEMENT SOFTWARE

For Enhanced Inventory and Cost Control

inventory management software inventory tracking

Inventory Tracking

Track inventory with detailed records of descriptions, quantities, and locations:

  • Capture essential information such as item names, descriptions, part numbers, and vendor details.
  • Record current stock levels and track item movements within the organization.
  • Maintain accurate inventory records to eliminate manual errors and improve data integrity.
inventory management software replenishment management

Replenishment Management

Set reorder points and safety stock levels for proactive inventory replenishment:

  • Define optimal inventory levels (minimum, maximum, and desired quantities) for each item based on historical demand patterns, lead times, and criticality.
  • Establish reorder points to trigger replenishment when stock falls below a predefined threshold.
  • Determine safety stock quantities to ensure buffer inventory for unexpected demand or delays.
inventory management software vendor management

Vendor Management

Maintain vendor information, including contact details, pricing, vendor part number, costs and lead times:

  • Store comprehensive vendor profiles with contact information, contracts, and pricing agreements.
  • Track vendor performance metrics such as on-time delivery, quality, and responsiveness.
  • Streamline communication with vendors for efficient procurement processes and supplier relationship management.
inventory management software purchase order management

Purchase Order Management

Generate and manage purchase orders for inventory items:

  • Create purchase orders within the CMMS, specify items, quantities, and delivery deadlines.
  • Automate the routing and approval process and ensure adherence to procurement policies.
  • Track the status of purchase orders, including pending, approved, and received orders.

INDUSTRIES THAT BENEFIT FROM AN INVENTORY MANAGEMENT SOFTWARE

Seamless Inventory Control for Uninterrupted Operations

inventory management software manufacturing

Manufacturing

  • Efficient inventory management ensures timely availability of raw materials, spare parts, and components, minimizing production downtime and disruptions.
  • Real-time visibility into inventory levels helps in planning production schedules, reducing stock outages, and optimizing production efficiency.
  • Integration with maintenance plans enables proactive maintenance planning, ensuring that equipment downtime due to lack of spare parts is minimized.
inventory management software facilities management

Facilities Management

  • Streamlined inventory control helps facility managers ensure that necessary supplies and equipment are readily available for maintenance tasks and repairs.
  • Tracking and managing consumables such as cleaning supplies, maintenance tools, and safety equipment ensures smooth operations and reduces delays.
  • Integration with work order schedules allows efficient allocation of resources, scheduling preventive maintenance, and reducing emergency repairs.
inventory management software healthcare

Healthcare

  • Inventory system software helps healthcare facilities ensure the availability of key parts and components used to maintain equipment for patient care and healthcare facilities.
  • Accurate tracking of stock levels helps avoid stocking of expired items, reducing risks to patient safety.
  • Integration with maintenance plans allows for timely maintenance and servicing of critical medical equipment, minimizing downtime and ensuring quality care.
inventory management software retail

Retail

  • Inventory management software aids in optimizing stock levels to meet customer demand while minimizing overstocking and associated holding costs.
  • Real-time inventory tracking helps retailers maintain accurate stock information across multiple locations, enabling efficient order fulfillment and reducing lost sales.
  • Effective inventory management in retail store facilities ensures the availability of key parts and items used to maintain stores guaranteeing the best customer experience.
inventory management software logistics distribution

Logistics & Distribution

  • Efficient inventory management enables logistics companies to optimize stock levels, reduce carrying costs, and minimize stockouts.
  • Real-time visibility into inventory levels and stock movements facilitates effective demand planning and order fulfillment.
  • Integration with transportation and supply chain systems allows for seamless coordination between inventory, warehouse management systems, and logistics activities. 
  • Ensure that vehicles and other fleet assets are well maintained and are safe for drivers and operators.
inventory management software energy utilities

Energy & Utilities

  • Inventory management programs assist in tracking and managing critical spare parts, equipment, and materials required for maintenance and repair of infrastructure.
  • Real-time visibility into inventory levels helps utilities minimize downtime by ensuring prompt availability of necessary components.
  • Maintenance management enables proactive maintenance planning, reducing the risk of equipment failures and costly repairs.

INVENTORY MANAGEMENT SOFTWARE

Features Include

  • Maintenance request management
  • Work order management
  • Preventive maintenance
  • Labor and vendor management
  • Reports & analytics, KPI dashboards
  • Equipment downtime tracking
  • Inventory & parts management

Affordable pricing that scales with business requirements

Easy to use Mobile App included

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CLICK MAINT’s Inventory Management Software specific features you will love

Eliminate Inventory Guesswork

Asset Management

  • Track all key assets that need to be maintained
  • Monitor and report on asset downtime
  • Create asset hierarchy (parent, child)
  • Input key details (model, manufacturer, serial number, warranty, etc.)
  • Generate QR codes
  • Associate parts used
  • Attach images and important documents
  • Generate reports on maintenance history, costs, downtime, performance
inventory management software asset management

Parts and Inventory Management

  • Track all key parts and materials used
  • Monitor and report on inventory levels
  • Associate parts with assets and work orders
  • Input key details (supplier, cost, storage location, etc.)
  • Generate QR codes
  • Attach images and important documents
  • Generate reports on parts used, costs, stock levels
inventory management software parts and inventory management

Vendor Management

  • Manage vendor and contractor profiles
  • Assign work orders to vendors
  • Track vendor response time & completion rate
  • Manage vendor contracts and agreements
  • Track vendor communication
  • Generate reports and analytics on vendor performance
  • Vendor invoice management
  • Integrate with accounting systems to streamline vendor payment processes
inventory management software vendor management

Inventory Forecasting and Demand Planning

  • Analyze historical data trends to forecast future demand accurately
  • Utilize statistical models and algorithms to predict demand patterns and variations
  • Streamline supply chain operations by aligning procurement and production with the forecast
  • Monitor and track demand fluctuations in real-time to adjust inventory plans accordingly
  • Generate demand planning reports and analytics for better visibility and decision-making
inventory management software inventory forecasting and demand planning

Learn how Inventory Management Software can Streamline Your Maintenance Activities

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IMPLEMENTATION AND BEST PRACTICES FOR INVENTORY MANAGEMENT SOFTWARE

Manage Inventory with Ease

inventory management software manage inventory with Ease

Data migration and system setup

  • Assess existing inventory data and determine the required data fields for migration.
  • Cleanse and organize the data to ensure accuracy and consistency.
  • Work with the CMMS provider to migrate your data into the new CMMS software.
  • Configure the system settings, including user access controls, notifications, workflows, permissions, and data synchronization with other modules.
inventory management software manage inventory with Ease

Defining inventory management workflows and processes

  • Analyze and document existing inventory management workflows and identify areas for improvement.
  • Determine the best inventory control and costing methods ((First-in-First-out (FIFO), Last-in-First-out (LIFO), average cost, or Just-in-Time (JIT)), based on your business needs.
  • Define standardized procedures for receiving, storing, issuing, and returning inventory items.
  • Establish clear guidelines for inventory reconciliation, cycle counts, and physical inventory audits.
inventory management software manage inventory with Ease

Establishing accurate inventory counts and classifications

  • Conduct a thorough inventory audit to ensure accurate starting counts.
  • Classify inventory items based on attributes like SKU, category, location, and criticality.
  • Assign unique identifiers, such as barcodes, QR codes or serial numbers to track and identify inventory items..
  • Implement a regular cycle counting process to verify inventory accuracy and address any discrepancies.
inventory management software manage inventory with Ease

Setting up automated alerts and notifications

  • Identify key inventory thresholds, such as minimum stock levels and expiration dates, and configure automatic alerts to maintenance managers and other users who should be notified.
  • Set up notifications for low inventory levels, stock-outs, or pending purchase orders to ensure fast response times and so nothing falls through the cracks.
  • Define escalation procedures for critical inventory issues, such as equipment downtime due to lack of spare parts.
inventory management software manage inventory with Ease

Monitoring key performance indicators and making continuous improvements

  • Define and track relevant key performance indicators (KPIs) for inventory management, such as stock accuracy, turnover rate, and fill rate.
  • Regularly review and analyze the KPI data to identify areas for improvement and measure the effectiveness and impact of the CMMS software.
  • Use the insights gained from data analysis to refine inventory management processes and optimize system configurations.
  • Foster a culture of continuous improvement by encouraging cross-departmental collaboration and incorporating feedback from stakeholders.

INVENTORY MANAGEMENT SOFTWARE

Everything you need to know

inventory management software

What is Inventory Management Software, and why is it important?

It is a technology that helps businesses track, organize, and optimize their inventory levels and ordering and consumption processes. It is important because it enables businesses to have real-time visibility into their inventory, prevents stock outages and overstocking, streamlines procurement, and improves overall operational efficiency.

How does Inventory Management Functionality work within a CMMS?

A CMMS provides a dedicated inventory management functionality or module within the system that allows maintenance teams to effectively manage and track inventory for maintenance activities, ensuring the availability of spare parts, reducing equipment downtime, and optimizing maintenance processes. Parts and other inventory items are used on corrective maintenance and preventive maintenance work orders. The CMMS’s inventory management module makes it easy for users to identify parts used for specific assets and work orders, know how many parts are available, which suppliers to order from, and to process orders.

What are the key features to look for in Inventory Management Software?

Key features to consider include real-time inventory tracking, automated stock replenishment, barcode / QR code generation and reading, supplier management, demand planning, and reporting & analytics capabilities. Additionally, integration capabilities with existing systems, user-friendly interface, mobile accessibility, and security measures are important factors to evaluate.

How does Inventory Management Software help in cost reduction?

The software helps in cost reduction by minimizing stock outages and overstocking, optimizing inventory levels, streamlining procurement processes, and preventing excess or obsolete inventory. By maintaining optimal inventory levels, businesses can reduce carrying costs, minimize waste from degraded inventory, avoid expensive costs of rush orders, and reduce costly equipment downtime. 

Can Inventory Management Software help with demand forecasting?

Yes, some more robust inventory management solutions offer demand forecasting capabilities. These tools use historical data, trend analysis, and statistical algorithms to predict future demand, allowing businesses to plan their inventory levels and purchasing activities more accurately, reducing stockouts and improving customer satisfaction.

How can I measure the success and effectiveness of Inventory Management Software implementation?

Success can be measured by monitoring key performance indicators (KPIs) such as stock accuracy, turnover rate, order fulfillment rate, and inventory carrying costs. By tracking these metrics before and after implementing the software, businesses can assess the impact, identify areas of improvement, and make data-driven decisions to optimize inventory management processes.

Can Inventory Management Software be customized to suit specific business needs?

Yes, many inventory management solutions offer customization options to align with specific business requirements. This may include configuring workflows, data fields, reports, and integrations with other systems. It is important to communicate your specific needs with the software vendor and ensure that customization options are available to tailor the software to your unique business processes.

inventory management software
inventory management software
inventory management software