Parts Optimization Service
In today’s competitive business environment, successful companies are implementing enterprise asset management solutions to help manage, maintain, and maximize their single largest investment—their capital assets. Companies lose millions of dollars every year due to insufficient or inaccurate information on inventories filled with obsolete or duplicate stock, and money wasted because of unorganized purchasing and inventory processes. Advoco, a consulting firm dedicated to helping companies around the world to maximize the business value of their operations, now offers a new Parts Optimization service. With Parts Optimization, Advoco helps companies generate substancial savings and increase effieicncies by maximizing inventory data and streamlining the purchasing processes.
Let us help you with "WHAT" you buy, "WHEN" you buy it, and "WHERE" you buy it from. Our Part Management tools let you look at your data like you've never look at it before.
Advoco’s Parts Optimization can help your company:
- Eliminate duplicate part numbers from initial data loads of your inventory part numbers
- Reduce the number of Manufacturing & Suppliers in the system
- Require purchases only from preferred suppliers and track non prefer spend
- Reduce stock-outs and maximize uptime
- Save on purchases by consolidating the vendor base
- Build a standardized maintenance, repairs, and operations inventory database
Parts Optimization: Data Cleansing
To maximize return on investment, asset and inventory data must be accurate and in a standardized form. Advoco helps companies build their parts database that ensure the integrity and accuracy of inventory information. With accurate and reliable database information, companies can maintain lower inventory levels and create "data-driven" purchasing. Advoco’s Data Cleansing services help companies edit and clean existing inventory data, eliminate duplicates, and create an accurate baseline database.
Parts Optimization: Spend Analysis
Taking a company’s cleansed database a step further, Advoco analyzes items to determine minimum inventory levels, excess inventory, recommended active inventory, and obsolete items. In addition, spend can be analyzed by supplier, commodity type, and stock versus non-stock to identify supplier consolidation opportunities. Advoco helps companies uncover opportunities for significant savings with item and spend analyses. Advoco analyzes and organizes items by commodity groups, categorizes them into active, surplus, obsolete, and "spot-buy" groups, and recommends optimal inventory levels. Spend analysis involves identifying vendor market share by commodity group based on dollar amount and Stock Keeping Unit (SKU) to help companies negotiate better corporate-wide unit-cost reductions.
Parts Optimization: Inventory Storeroom Management
How well companies physically manage their inventory and storage spaces affects their ability to be cost- and time-efficient in operations and purchasing. Advoco helps customers analyze and evaluate their inventory and storage practices to identify, track, and organize parts and supplies. The result is a more functional, reliable storeroom, better inventory processes, and inventory reductions—all of which can lead to improved efficiency and cost savings.
Parts Optimization: Storeroom Organization
Advoco helps companies build a storeroom organization plan by electronically organizing inventory into commodity groups and developing integral barcoding procedures. The commodity groups include bearings, electrical parts, pipes, valves, fittings, air and hydraulics, industrial supplies, instrumentation, and Original Equipment Manufacturer (OEM) supplies. Organizing the storeroom helps companies save time and capital, ensuring the right parts are on-hand and eliminating surplus and obsolete inventory.
Parts Optimization: Getting Started: Needs Assessment and Project Plan
To understand your company’s unique objectives and priorities, Advoco performs an on-site needs analysis. An Advoco consultant evaluates present inventory processes and conducts a gap analysis. The Advoco consultant conducts an informative survey, meets with maintenance, purchasing, and IT personnel, reviews storeroom and inventory locations to assess management methods, and evaluates maintenance, repairs, and operations parts inventory/purchasing databases.
Parts Optimization: Experienced Consulting Team
Advoco’s consulting team is made up of experienced, highly trained professionals who understand your business. Our consultants have worked with businesses like yours all over the world to help them develop and implement comprehensive inventory management solutions that reduce costs and give a competitive edge. Advoco’s Parts Optimization can help control your maintenance, repairs, and operations inventory storeroom to eliminate profit-draining surpluses and obsolete stock, and maximize purchasing decisions—all of which help reduce costs and maximize profits
