Inventory management is often a colossal gatekeeper to field service cash flow. Strategic inventory management is essential to any successful field service business.
A few distinct features separate traditional inventory management from intelligent inventory management software solutions. Let’s take a look at the challenges of field spare parts inventory management and how users can get the right parts, in the right places, at the right times.
Inventory Tracking and Visibility
Intelligent or 'smart' inventory solutions use the latest available software features and technology to help manage the inventory. Software systems can track all of the inventory across multiple warehouses, stocking locations, customer locations, and even field service technician vehicles.
Using advanced geo-tracking and geo-fencing technology, intelligent inventory management software provides users with a map detailing where every available part is at any given moment.
intelligent inventory management software
With intelligent inventory management software, users and technicians can maintain full inventory visibility
Long gone are the days of tirelessly tracking down needed inventory. When one of the technicians needs a material or part, the software system will connect them with all of the closest available options.
With intelligent inventory management software, users and technicians can maintain full inventory visibility at the click of a button.
Continuous Inventory Monitoring
Unlike manual inventory management systems, intelligent software solutions can work around the clock for the business. This software recalculates the supply levels each time the parts are used or transferred.
Best of all, intelligent field inventory monitoring will notify users instantly when there is an issue with the supply levels.
stock-keeping unit (SKU)
How does this technology work? Each part or stock-keeping unit (SKU) within the inventory has a minimum and maximum parameter. Once the user falls below the minimum supply level, the user will get a notification informing the user of low inventory and helping the user restock.
Beyond sending notifications, systems can also automatically reorder parts when quantities drop below the established minimum threshold levels.
Conversely, systems can notify individuals managing field inventories to return excess inventory exceeding established maximum level quantities. The user will get a notification informing the user of the surplus so the user can send materials back to the warehouse.
Easily Track Supply vs. Demand
Using data-driven insights, this software can make recommendations for inventory distribution
Where do users send the inventory? If users are like most businesses, users will distribute inventory where the business needs it most.
Without the right technology on the side, this decision can feel more like a guessing game. Users are left trying to predict the wavering supply and demand of parts and materials across all of the locations.
Intelligent field inventory software provides a better way forward. Using data-driven insights, this software can make recommendations for inventory distribution and help regulate the supply and demand shifts.
Preventing Repeated Field Service Visits
Within field service industries, repeating unnecessary service visits can consume double the amount of company resources costing users twice as much money.
Why would a technician need to repeat a field service visit? One of the primary culprits for this issue is insufficient inventory. Mobile inventory management software makes it easy for technicians to keep track of which supplies they have in stock.
It can also help them find the parts they need when they are running low on inventory. Having the right parts, in the right place, at the right time makes same-day services easier for the technicians.
Avoid Part Obsoletion
Poor inventory management can send money down the drain as the parts expire or become obsolete. In the field service industry, most materials or parts are ideally used within 6-12 months. The longer the inventory sits, the more likely it is to become obsolete.
- Expired materials: Perishable products can quickly expire when users have an inventory surplus.
- Obsolete parts: For businesses in fast-growing industries, users could risk older inventory becoming obsolete with the introduction of newer models.
In these situations, the company will eat the costs of unused inventory. Users can prevent this financial loss with intelligent field inventory management solutions. When users make the most of the inventory, user will use older items before they expire or become outdated.
Mobile App Inventory Management
Paper processes can make inventory management challenging while slowing down the technicians. With compatibility with a mobile app, intelligent inventory management solutions can be completed entirely from a technician’s smartphone.
- When missing a part or material, the technician can view all nearby parts and request a transfer within the app.
- Field technicians can record inventory changes as they consume parts and materials to keep the records up-to-date.
- On-site technicians can work independently, resulting in fewer communication delays and less dependency on the back office.
Smartphone accessibility makes it easy for technicians to work on the go and from any job site.
Improving the Service to Cash Cycle
Intelligent inventory management solutions can help users keep the money flowing
Growing and maintaining any field service business requires users to have access to a steady cash flow. Unfortunately, poorly managed inventory can quickly tie up the service-to-cash cycle.
Users can find the business in tough financial situations when diverting the money into unnecessary part surpluses. Intelligent inventory management solutions can help users keep the money flowing.
- FieldEquip: Intelligent Inventory Management Software Solution
Are users ready to get the latest inventory management technology on the side? FieldEquip has the field service software solutions users are looking for.
While FieldEquip is known for its work in field service industries, its solutions are perfect for any manufacturer or business that would benefit from upgraded inventory management support.