In the field service industry, proper inventory management is essential to a successful business. However, with spare parts stored across warehouses, stockrooms, and technician vehicles, it can be easy to let valuable inventory slip through the cracks. Let’s take a closer look at how you can effectively manage field spare parts inventory using the latest field service software. After all, inventory is an expense waiting to be converted into revenue. It is the mismanaging of spare parts inventory that results in missed revenue, unnecessary added cost, and misuse of cash.
Repeated field service visits cost your business time and money while delaying your service-to-cash cycle. When it comes to managing spare parts in the field, it is essential to have the right part at the right place at the right time, and give your technicians the tools they need to successfully transfer, invoice, and order inventory on the go.
Mobile inventory management solutions allow technicians to keep an eye on the inventory in their vehicles—ensuring they always have the parts they need. When a job calls for a unique spare part, technicians can use mobile inventory management software to locate the nearest available spare part, whether in a nearby location, warehouse, or even another technician’s vehicle. With visibility into the available inventory, technicians can work efficiently, independently, and successfully towards their projects.
Traditional, outdated inventory management options can leave gaps in parts usage and transfer records. Failure to properly record inventory usage and transfers can create several issues, including:
Field inventory management solutions can help mitigate these issues. With mobile app compatibility, technicians can request, approve, and record inventory transactions on the spot—ensuring nothing goes unaccounted for.
When it comes to inventory management, many businesses struggle to keep the right inventory stocked. However, poor inventory management can also leave your business stockpiling too many spare parts. While you might think “more is better,” this practice can have some dire consequences for your bottom line:
When excess or lack of inventory become a problem, your business needs spare parts management software. This support can ensure you do not over-order or under-order inventory. Additionally, by maintaining inventory visibility, you can help ensure technicians use spare parts and materials before they become obsolete.
Intelligent inventory management software uses data analytics to project future spare parts requirements based on several data elements such as historical usage, part reliability specifications, environment-specific conditions, etc. With the latest technology on your side, your business can experience enhanced inventory management benefits, including:
Collectively, spare parts management software offers comprehensive, accurate, and efficient inventory management.
When you are ready to get the highest level of support for your field inventory, FieldEquip is here for you. Our field service inventory management software provides the latest technology, features, and capabilities. We invite you to schedule a free demo here online or review our service offerings to explore our comprehensive array of field service solutions.