Inventory management is easily one of the least engaging, yet most complicated and impactful aspects of an organization that metal fabricators must learn to control. However, there are some universal strategies that successful fabricators employ in order to ensure both productivity and a healthy financial bottom line.
#1: Go low (as much as possible).
The top metal fabricators tend to have several best practices in common, but one of the most crucial is that they keep a very keen eye on the numbers. They make consistent, strong efforts to analyze their past demand in order to predict future requirements, keeping inventory as low as possible, while still being able to react optimally to needs, based on that data.
#2: Keep in mind Newton’s first law.
An object at rest stays at rest and an object in motion stays in motion. This requires yet more analysis — again, not the most glamorous part of fabrication life, but absolutely critical for success. Understanding how, why and when materials flow through the fabrication process — and how best to keep each process in motion and working symbiotically — can help shine a light on bottlenecks or other inefficiencies that can ultimately cost the company money.
#3: Eyes on the prize (and anything else you can, for that matter).
One of the most important aspects of solid inventory management is the enablement of true transparency. Transparency is the window through which all of the company’s metaphorical cogs and gears, and their various movements, can be seen. Without it, access to the needed metrics to analyze performance is impossible and accountability will eventually go straight out the window. When no one can see what’s happening on the inside, the problem areas can never be addressed. EVS utilizes a manufacturing-specific ERP from MIE Solutions (MIETrak Pro) to help ensure transparency across departments.
EVS Metal believes that their top-flight inventory management protocols are one of the many reasons we are able to provide our clients with the highest quality products at the best possible costs. Want to find out more about how EVS precision metal fabrication services can help add value to your manufacturing supply chain? Simply request a quote online, or give us a call at (973) 839-4432 today.