Enhancing Productivity by Keeping Track of Spare Parts

Machines used in the business of a company comprise several components that build the entire equipment. Such small parts can be purchased in advance in case there is a breakdown of equipment in the future. The items are linked to specific assets. When you use an asset, the components of the asset are also functioning.

Functions of Components in Assets

A computer has several types of components that come in hardware and software formats.

Examples of computer components are:

- Keyboard

- Mouse

- Power Supply

- CD-DVD Drive

- Hard Drive

- Casing

- Motherboard

- Soundboard

- RAM

- Video Card

- Processor

Each item of these has its own function while it is being consumed along with the whole set of computers. When you turn on a computer and start doing some activities, these components are also functioning.

The components of an asset can be kept separate from the linked assets. Consider that you are moving some computers from your office to another department. You have assigned a technician for the allocation process.

The technician dismantled the computers and removed some parts. Then they packed them in separate boxes and carried them to the new destination. In the same way, other equipment in your workplace can be dismantled, and their components moved separately.

Manage and Track Your Asset's Spare Parts with an Inventory Management System

Companies need to amass the spare parts of their assets in the warehouse so that these parts can be retrieved whenever the linked assets need them. Some companies might not have an inventory management system for spare parts because they think that the unnecessary purchase of components could cost the business.

They rely on the maintenance department that would conduct maintenance activities to enhance the performance of the assets.

But, when an asset needs to replace its components, the company would hastily engage the original equipment manufacturers (OEM) to purchase the components. This could be more costly than an advanced purchase.

Infizo Stock, an application for inventory tracking software, has the facility where you can manage your inventory for spare parts and consumable items. All the functions of this application are dynamic, and you can customize the features as per your choice.

With this inventory software, you can add multiple asset items along with information like average prices of the spare parts, units, and descriptions.

The asset management software also allows the users to link the inventory items with their relatable assets for reference. You can also upload multiple files and store any additional custom information with the items related to the specific components and their linked assets.

Keeping track of spare parts is important because asset theft and misplacement are huge issues! According to JW Surety Bonds, “Employee theft is responsible for 42.7% of total inventory loss in US stores.” That is why keeping track of spare parts is crucial!

Theft has been a big issue for a long time! That is why keeping track of assets and inventory is important to avoid theft. What is the solution? Asset management software provides a solution for avoiding theft by keeping track of each asset.

Keep Track of Components by Using the Infizo Stock System

With the asset tracking software, users can keep track of spare parts meant for their linked assets. Infizo Stock is a versatile application in which you can describe the characteristics of the items and their stock levels.

When the stock of specific items goes below the prescribed quantity, the system will share an alert with you.

For example, you have a stack of print heads kept in the warehouse. The warehouse is located far from your workstation, and you didn't know whether the quantity of the items is below the minimum level or not.

In case the level goes down below the required quantity, you will receive notifications in your email.

The asset tracking management software also allows the users to manage their inventory with simple functions - add, move, and draw. You can define the rate and quantity of the items at the time of adding, moving, or withdrawing at a location.

For instance, you are moving the print heads to their new destinations. You can record the movement history in this online asset manager. After the allocation is done, you can view the rate and quantity of the items.

Don't Neglect Your New Equipment

When you purchase new equipment, you might think that all the components will function as long as the asset is still under the warranty period. You might be mistaken about your concept. The durability of a component is not guaranteed. There are untoward incidents that could happen at any time.

For example, a newly bought lorry truck used in your business has lost a tire. Meanwhile, you have no spare tire left in the warehouse. This will prompt you to make an unplanned purchase of a new tire.

Other than this, it is important that you put asset labels. In fact, this should be the first thing after purchasing an asset because keeping track is essential. If an asset is not tracked, you would not know how the asset is performing & who is using it.

Moreover, chances of theft & misplacement are also increased. While performing maintenance, it is important

that you keep track of spare parts as well because spare parts are costly & there is no doubt that when the maintenance team does not have the spare part in hand while performing maintenance.

Conclusion

In order to avoid such situations, you must implement Infizo Stock software so that you can control your inventory items and maintain the prescribed quantity.

You can purchase spare parts on a yearly basis and keep the records in your inventory management software. This practice of maintaining spare parts will boost the productivity of your assets.

Frequently Asked Questions (FAQs)

Why is inventory important for maintenance?

Inventory is crucial for all businesses, especially in terms of maintenance because during maintenance, old parts and non-working parts are removed from machines and new parts are installed. If they are not available in stock, the whole process is wasted, and productivity suffers.

How do asset theft & misplacement hamper productivity?

Because when assets are stolen or misplaced, daily operations halt, and organizations have to buy assets unnecessarily, which hampers the productivity of employees as well as organizations.

What are important tips to prevent theft from employees?

Below we have discussed tips to prevent theft from employees:

- Conduct audits regularly.

- Check the past of employees from other organizations.

- Keep track of valuable assets.

- Make strict rules against asset theft.