Procurement & Inventory
Classifying inventory by different stock classes is crucial to effectively manage your stock levels. Most warehousing KPIs are dependent on item classification, therefore when AIM develops reports with you we make sure they are filterable by class. If stock classes are not yet implemented in your CMMS, we can help guide you by evaluating elements such as item criticality and consumption.
An inventory turnover ratio will measure the amount of times stock has been consumed over a given period of time. Target turn ratios are dependent on inventory classification, and should be visualized that way. At AIM, we can help develop dashboards which allow you to track your turn ratio over time and filter it by stock class.
The service level is a measure that identifies stock availability when requested. Similarly to the turnover ratio, the service level is typically dependent on stock classification, and is one of the most important inventory measures as it will indicate whether or not the proper min/max levels are set. At AIM, we can help you identify your service levels over time, by item class and even drill down to individual items.
Min & Max Optimization
Optimizing Min & Max levels can be an extremely difficult and time consuming task. This is mainly because they depend on many variables such as stock classes, lead times, consumption and requested service levels, which are all difficult to extract from a CMMS. At AIM, we can help you automate this process so you no longer need to spend countless extracting and deciphering this data. All we need is your calculation method of choice, and we take care of the rest.
Inventory overstock is something most organizations dread. It's tied up money that's not required based on service and min/max levels. It is therefore important to track and manage overstock with hopes to eliminate it all together. At AIM, we can help you develop dashboards to track your overstock value and trend it over time.
The lead time is the amount of time it takes for an inventory item to be delivered to site once requested. There are typically two elements that make up the total lead time; the internal processing time and the shipping time. The former is the time is takes for a PO to be sent to the supplier while the latter is the delivery time for the item to get to site from the supplier. At AIM, we can help you develop reports that will identify total lead times, which will in turn help you optimize your stock levels and identify potential procurement issues.