Unreliable Databases Cause Expensive Problems
Inaccurate inventory data directly harms productivity and results in wasted time and money. If you’re relying on incomplete data in your inventory control management system you’ll face costly stockouts, inflated expenses, and increased downtime.
PM2 leverages decades of experience in storeroom and warehouse inventory management to assess your current database and implement customized improvements.
By assessing and optimizing your MRO/OEM inventory data, PM2 can build a new inventory database or enhance the one you already use as the foundation of your stock control software. Accurate data empowers organizations like yours to make data-driven decisions, avoid stockouts and costly downtime, and maximize ROI.
Unreliable Databases Cause Expensive Problems
Inaccurate inventory data directly harms productivity and results in wasted time and money. If you’re relying on incomplete data in your inventory control management system you’ll face costly stockouts, inflated expenses, and increased downtime. PM2 leverages decades of experience in storeroom and warehouse inventory management to assess your current database and implement customized improvements. By assessing and optimizing your MRO/OEM inventory data, PM2 can build a new inventory database or enhance the one you already use as the foundation of your stock control software. Accurate data empowers organizations like yours to make data-driven decisions, avoid stockouts and costly downtime, and maximize ROI.
Manufacturer’s name and number
Your inventory management database software is the system that manages and makes sense of the data. Without accurate, comprehensive data in the database, any software system will be practically useless for inventory management and informed decision making. Even the most advanced software can’t generate good insights from incomplete or flawed data. You must have complete, standardized, and accurate data in your hardware inventory database for your software program to be useful.
Symptoms of Underlying Database Issues
When incomplete records or incorrect part numbers are fed into your inventory control system, it triggers a cascade of consequences, impacting your day-to-day productivity and your bottom line. You may be dealing with issues in your database for inventory management if you’ve experienced the following:
You feel like you can’t rely on your data to make important decisions.
You spend hours searching for inventory, yet still end up empty handed.
Stock outs are affecting your productivity so you can't get your work done.
Unreliable data is causing unreliable or faulty reporting.
Every mistake costs you, and they’re quickly adding up.
You don’t have visibility across your enterprises, and it’s costing you big bucks.
Your team is wasting time and getting frustrated because the information isn’t lining up with what’s in your storeroom.
You’re constantly returning items that have been misordered or items you already have in stock.
You’ve experienced plant downtime because no one could find the required part and you had to place a special order for it.
Your ordering system is causing you problems because you don't know what you actually do and do not have.
Do these sound familiar? If so, optimizing your inventory management database should be your next step, and PM2 can help. With complete and accurate data, you gain actionable insights to improve efficiency and reduce unnecessary expenses.
How Effective Database Inventory Management Sets You Up For Success
An optimized inventory tracking database gives organizations like yours a strategic edge through enhanced visibility, control, and planning. A solid data foundation enables proactive, optimized decision making.With a reliable inventory database, stockouts become rare exceptions rather than constant headaches, enhanced reporting provides real-time insights into usage trends, and workers can focus on productivity rather than chasing down misplaced items. Of course, few organizations can cultivate this level of database inventory management on their own. The expertise required usually lies outside most companies’ core competencies.As database experts, PM2 will be able to create or optimize your inventory database so you can gain access to accurate real-time data, improve the efficiency of your daily operations, and better inform your stock control program.
Why You Need to Take Control of Your Database for Inventory
Prioritizing inventory management database design is critical for ensuring you accurately manage your MRO/OEM stock. Incomplete, inaccurate, and non-standardized inventory records lead to big problems including:
- Excessive time spent manually tracking down misplaced items
- Overstocking and stockouts for different parts
- Inflated carrying costs and unnecessary spending
- Inability to optimize inventory levels
Regaining control starts with PM2 assessing your current database and processes to identify gaps. We can then implement proven solutions to build or enhance your database to better inform your decision making and optimize your inventory stock control.
With PM2 as your partner, you can reduce the wasted time, plant downtime, costs, and headaches caused by inventory data issues. Our tailored database solutions provide the reliable information you need to proactively manage assets, avoid stockouts, and improve efficiency.
Benefits of Optimizing Your Stock Management System
A well-organized and up-to-date inventory database can make all the difference in the efficiency, productivity, and profitability of your business. With access to accurate, accessible inventory records in your MRO/OEM parts database, you’ll benefit from:
Reliable, real-time reporting and analytics
Data-driven forecasting, planning, and decision making
Minimized stockouts and overstock
Faster part searches and lookup times
Reduced carrying costs and purchasing expenses
Better visibility of usage trends
Proactive inventory optimization over reactive crisis management
More efficient space utilization in storerooms and warehouses
By leveraging database best practices tailored to your specific needs, PM2 puts accurate, actionable data at your fingertips. This transforms inventory management from a frustrating guessing game into a strategic advantage.
Our Inventory Database Services
PM2 offers a range of services to optimize your MRO/OEM inventory database, ensuring you have the accurate, accessible data foundation you need for excellent inventory control and management.
Inventory Database Development
Don’t have a centralized database, or need to fix an inaccurate one? Our experts will build or repair your database based on your actual shelf inventory. We’ll standardize your data and establish protocols to maintain ongoing integrity, ensuring your data is properly associated with unique identifying information.
Inventory Database Management
Issues like incomplete data and a lack of standardization can make your inventory disjointed and difficult to manage. Inaccurate data is a leading cause of lost productivity and wasted money.
PM2 can help you regain control and provide the tools and services to maintain your inventory database, addressing issues like incorrect or incomplete data, information in the wrong data cells, poor descriptions that do not uniquely describe the item, and data that isn’t standardized.
Item Description Standardization
Unclear, inconsistent item descriptions lead to wasted time and errors. One of the fastest ways to get your inventory back on track is to create better, more accurate, and standardized item descriptions.
We’ll standardize your database so you’ll be able to:
- Look up items faster
- Better share data across your organization
- Reduce incorrect orders
- Decrease stock outs
- Lower carrying costs
- Avoid spot buys and “buying around the inventory”
- Eliminate any item duplicates
Catalog Content Services
When your customers scan your catalog online or in print, they need searchable descriptions or they will end up frustrated. A high quality catalog reduces the number of customer returns and the amount of time your customer service representatives have to spend finding information for your customers.
Purchasing Data Collection
Accurate purchasing data ensures you have the right items in the right place at the right time. We’ll collect this data for you and add it to your database, which will reduce procurement time, prevent ordering errors, and help you better manage your purchasing spend.
A great way to improve the customer experience is to match your data with that of your vendors and customers. We cross-reference your database with external sources to increase efficiency and simplify purchasing for your customers.
Many companies require UNSPSC commodity coding information as part of their purchasing process, but keeping this information up to date can be difficult, as it often changes every year. Our team will ensure all your data is current with the latest UNSPSC codes.
Enterprise Item Master Development
Growth through acquisition or across multiple sites can lead to disparities in their inventory management systems. We’ll develop unified databases to keep your inventory information clean and consolidated.
Essential Inventory Management Database Tools and Technologies to Utilize
Critical stock control techniques and technologies depend on a robust database with real-time data. Clean, accurate data will allow you to use these systems to enhance visibility and control.
Radio Frequency Identification (RFID) Tags
RFID tags attach to items allowing real-time tracking as they move through facilities. This data feeds into the inventory database, providing insight into usage patterns and inventory positioning.
Scanning barcodes on inventory provides fast, accurate tracking compared to manual data entry. Barcode data can automatically sync with the central inventory database, populating your inventory control software with real-time data.
Reorder alerts notify when inventory levels reach predetermined thresholds, signaling it's time to reorder. Accurate data is essential for these alerts to function properly.
Many software applications for stock control inventory can generate automated reports, providing insights into usage, stock levels, and trends. But these reports are only as good as the inventory database that supplies the source data. We’ll work to ensure your databases contain accurate, updated information so that you can trust your inventory reports and make informed decisions.
Inventory Strategy Development
When was the last time you reviewed your inventory strategy? The world has changed and requires us to think about and manage inventory in new and different ways. If you haven’t touched your strategy in years, or if you don’t have one, PM2 will develop a strategy to help you survive (and thrive) in today’s economic environment.
Process Design and Training
There’s no arguing with the fact that systems degrade over time. Company aquisitions and expansions create further havoc with your inventory controls and processes. Inevitably, your inventory management and systems become fragmented. PM2 will create new processes to improve efficiency and reliability. All of our recommendations will be based on your unique situation. No inventory is alike, and we believe no design should be either. We can also implement your new processes for you and train employees on any new strategies.
How to Improve Your Warehouse Stock Control Practices
Effective inventory and stock control depends on your access to accurate, real-time data and the necessary tools to take advantage of it. When you partner with PM2 to optimize your inventory database, you’ll be able to enhance how you manage your inventory with reliable data, efficient tracking, and accurate reports.
Use Real-Time Data to Inform Decisions
Old or outdated information can easily lead to wasteful spending when you buy products you already have in stock, have to return items, or waste valuable time searching for what you need. Maintaining real-time visibility into stock levels and transactions allows for smarter planning and purchasing, making costly data-related mistakes a thing of the past.
Implement Efficient Inventory Tracking Methods
Leverage tracking tools like barcodes and scanners to improve the accuracy and efficiency of your inventory data collection. Mobile technology paired with an optimized database creates real-time visibility into inventory movements and availability, allowing your team to track inventory quantities and locations with ease.
Integrate Automated Calculations and Reporting
With the right inventory management software, you can transform metrics like lead times, minimum stock levels, and shrinkage into automated insights – but only if your data is accurate and well-organized.When PM2 enhances your inventory database, it can seamlessly integrate with your management system to produce actionable, robust reports for greater productivity, lower costs, and better decision making.
Frequently Asked Questions About MRO/OEM Inventory Databases
Stock control refers to the processes involved in managing and maintaining optimal stock levels and efficiencies as well as minimizing shrinkage and downtime.
Similarly, stock management encompasses ordering, storing, tracking, and controlling inventory stocks to ensure an adequate supply while minimizing costs.
An inventory manager is responsible for overseeing inventory tracking, planning, and control processes for a company.
A well-designed, organized inventory database improves visibility, lowers costs, minimizes stockouts, and provides insights to optimize inventory levels.
Critical inventory data includes manufacturer’s name and number, along with other unique item numbers; clean, standardized, searchable descriptions; accurate quantities and locations; reorder points; demand forecasts; and lead times.
Inventory management software and inventory databases work hand-in-hand. The software manages and analyzes the data. All data should be compiled and reside in a database. The database is the fuel that allows the software to run.
often automating the calculation of metrics for managing inventory.
Let PM2 Build a Database That Transforms Your Inventory Management System
Managing inventory effectively is impossible without complete, standardized, accurate data in a well-structured database. This provides the necessary foundation for enhanced visibility, increased efficiency, and data-driven decision making.Whether you need to build a new database from scratch, clean up an existing database, or standardize item descriptions, PM2 has the expertise to customize a solution for your exact needs.