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The IBM Maximo Inventory application is a robust way to handle the critical items for your business. Whether you are looking to stock a very lean warehouse that is meant for just-in-time repairs, you want to know exactly what critical parts are needed for the maintenance of your assets, or you are looking to know what costs your operation can expect from your critical spares, Maximo has got you covered. But what is the best supply chain option for maintenance, repair, and operation-heavy businesses? Well, look no further than Maximo!
What is IBM Maximo MRO Inventory Optimization?
IBM Maximo Maintenance, repair, and operations (MRO) Inventory optimization is an asset-focused platform that empowers users by giving them accurate and detailed data for their critical inventory needs. This includes things like lead time analysis, criticality analysis, and service level analysis, but it extends to so much more.
This is because it can be set up to meet your business needs. With capabilities like interactive visualizations, users are able to see and react to what is important to them. Which allows a business to manage its costs, mitigate asset downtimes, and meet service level agreements. As well, with custom reports and layouts, the information is what is important to each person.
IBM Maximo MRO Inventory optimization is much more than a platform because it is a tool and partner to help meet the needs of the enterprise.
How to Increase Visibility, Reduce Cost With Maximo For Supply Chain
So, now that you know some of what Maximo offers, how will you provide a solution for your supply chain needs?
Well, the first way that Maximo can give your inventory visibility is through capturing item information over multiple sites & storerooms. If your organizations share a lot of the same materials, Maximo has a way to show which items are stored, or used, in different sites’ storerooms. This allows for visibility of similar materials and reduces the potential for critical items being out of stock. As well, having visibility of other storerooms saves on emergency part costs.
The second way that Maximo can help increase visibility is with vendor performance. One of the major issues with inventory visibility is knowing when to expect a material or service, how long it will take for the material or service to be delivered, or how reliable the vendor is. However, with IBM Maximo MRO Optimization for Inventory, you can start assessing how long it is taking for you to get your critical parts and how effective your partnership is with your supplier. As well, with all of these things combined, your company can determine maintenance and repair partners based on data.
Last, but certainly not least, Maximo will help to streamline your processes. One of the most impressive parts of Maximo is its ability to integrate many processes into one streamline process. IBM Maximo is built to take in data and make it usable for your business. Whether it is automation to make the supply chain easier, creating visibility for what materials have been used on your assets, or it is a way to ensure everybody gets contract pricing, Maximo will make sure your supply chain reduces costs and adds value all around.
With all that is available, the world is your oyster to increase supply chain and inventory visibility. However, focusing on the above will move your operations towards a strong solution.
Why Choose IBM Maximo MRO For Inventory Optimization?
Now you know how IBM Maximo could make your inventory more visible, but why should you choose IBM Maximo MRO Inventory Optimization for your business?
IBM Maximo has always been known as a great partner for assets and asset management and one of the strongest ways it does that is by recording a lot of data. Whether it is how long it takes to get critical materials or services for an asset, what materials or services have been used to fix that asset, or what the cost of those materials or services may be. If Maximo was used, data has been recorded and can be used later to add value to your business supply chain and inventory decisions decisions.
A large part of asset management, inventory, and supply chain is knowing that you have the parts that are necessary to complete repairs, but you can’t do that without control. IBM Maximo MRO for Inventory Optimization allows you to make real-time supply chain decisions on services or options to keep your business running. Keeping you in control of your inventory and supply chain business performance and maintenance costs.
Inventory is about supplying critical parts to the people performing maintenance or repairs. So, for an organization, it is integral to have a process that allows for visibility. With IBM Maximo MRO for Inventory Optimization, visibility is possible for anyone. This is because interactive visualization is done in a customizable way. Because not every member of an asset management team is going to need to see all the same information. Allowing operations management to see what they need to see and maintenance management the ability to see what they need to see.
So, with Data, Control, Visibility, IBM Maximo adds value to just about any business and across multiple sites, IBM Maximo MRO Optimization for Inventory allows your organization’s supply chain the ability to know what matters to them.
Why optimizing your inventory adds benefits to your organization?
Now the big part is, what value does this add to inventory or supply chain for organizations?
When you optimize your inventory, you increase your accuracy and this means better performance for your company. Better performance means that your operations can manage their workload easier knowing that their supply chain is supporting them.
Process is the cornerstone of any business practice. When you are looking to optimize your inventory, process is one of the most important places that it happens. Whether it is looking for redundant steps, looking for where automation can assist, or just looking to refine the overall process, optimizing your process will be tantamount to optimizing your inventory.
Whether you’re looking at any of the three above IBM Maximo will have you covered in your optimization goals. Maybe it’s negotiated contracts in the contract application to assist in cost savings, itemization in the inventory application for accuracy, or optimized workflows to automate supply chain processes, there is a solution for your business.
Best practices for optimizing your inventory
We’ve learned a lot about what optimization is, but what are the best practices for optimizing your inventory?
- Determine your Key Performance Index(s)
Key Performance Index(s), often referred to as KPIs, are a way for an enterprise to visualize important information. Such as inventory turnover. A KPI may show you which materials are seeing the highest turnover. Or a KPI could show you how long a material has been in order to determine the supply chain life-cycle.
- Reduce holding costs
The more time an item sits on a shelf unless it is a hard-to-procure critical part, the more space it is taking up for critical parts. These holding costs end up costing businesses in the long run when they have to come up with a separate solution.
- Adjust replenishment quantities
When a company is procuring a lot of the same parts they can see a very quick improvement in their processes when they start analyzing replenishment data. This is because an enterprise is often many organizations trying to get the critical materials they need, but adjusting their processes to optimize replenishment based on the entire business will benefit all.
Any one of these simple inventory optimizations would help your supply chain by creating more visibility. Thankfully, IBM Maximo Inventory MRO Optimization offers all of these at the tip of your fingers. With custom supply chain reports, KPIs that fit your inventory needs, and real-time analysis of your assets, your inventory control will be within reach.
Optimizing your experience
Now that you’ve learned what IBM Maximo MRO Optimization for Inventory is, how Maximo can optimize your inventory, why optimizing your inventory adds benefit, and what are some best practices for inventory optimization, what are you going to do next? Are you going to start looking into Maximo to help increase your supply chain efficiency? Are you going to look into the IBM Maximo MRO Optimization for Inventory to see how it could help you across your organization? Or are you going to start by reviewing your process to optimize your supply chain? Let us know!