Benefits of Tracking Consumables with an Inventory Management System
Posted on October 26, 2016 by Admin
One of the most difficult things to track in a tool room is consumables. Items like nuts, bolts, drill bits, wire, work gloves and more are necessary for doing business; however, almost every company wants a way to cut the expenses related to these items. Without reliable data on consumable usage, it’s easy for a company to fall into a cycle of losing track, running out, purchasing too much and losing track again. As a result, inactive consumables can end up comprising 50 percent of your consumable inventory while, at the same time, consumables that are needed on a daily basis frequently run out.
Even though many industries use different consumables – such as the construction, mining, and oil and gas industries – the challenges involved with tracking consumables remains the same. Here are some of the most common challenges:
- Needing real-time visibility on consumable inventory
- Wanting to save time creating purchase orders
- Assigning consumable billing for each jobsite or project
- Reviewing back orders
Consumable Inventory Management Solutions
In order to meet the challenges of consumable inventory management, businesses should implement an inventory management system that provides round-the-clock visibility of:
- Quantities on hand
- Quantities reserved
- Quantities checked out and in by each employee
- The latest costs
- Automatic billing to project or jobsite
- Automated purchase ordering
With ToolHound’s inventory control software, ToolHound 5, the above challenges will be met with the proper solution when tracking consumables. Employees who use more consumables than they should to complete each job, or who may even be taking them for use at home or on a side job, can be identified, helping to greatly reduce consumable costs.
Real-time visibility allows for the constant monitoring of consumable inventory, ensuring these items don’t run out and cause missed deadlines or other delays. Automated purchase order generation saves time and money, and custom tool inventory reports can provide the data needed to determine what levels should be maintained for optimum efficiency. Billing consumables per project across multiple sites and at varying rates is fast and accurate with ToolHound, as it is done automatically by the software.
A Complete Tool Tracking Solution
Tracking consumables is notoriously difficult, but the task becomes much easier and faster with ToolHound. Set your own definition of consumable items for your business, ensuring complete accountability. Our efficient, easy-to-use tool inventory management software is a scalable, affordable system that optimizes the efficiency of any construction, mining or industrial operation, no matter how big or small the project may be.
Along with consumable inventory management, companies that have large tool inventories can enjoy cost savings, increased operational efficiencies and overall peace of mind with ToolHound’s many other features, such as monitoring and scheduling items needing repair, maintenance or calibration, equipment rental management, and easy integration into existing barcode or RFID systems. ToolHound also provides personalized technical support with onsite training and installation expertise. For more information about our tool and equipment tracking options, please contact us at any time.