Inventory Control Begins Here
All too often, when companies realize that they need to gain control of their inventory, they purchase an inventory management software program, only to realize that they don't have adequate data to feed into the system. Loading poor inventory data makes it impossible to manage. Loading incorrect quantities or locations negates the purpose of having an inventory management system in the first place. Additionally, most companies have significant amounts of inventory that is not represented in the database at all (It resides in "hidey holes" and closets, but not in the database).
PM2 will enhance your current inventory database so it can better fuel the inventory management software that you already own or plan to purchase. Additionally, if you do not have an item database, we will build one for you.
Advantages of having a rich, detailed, standardized database
- Reduces item look up time
- Decreases inventory carrying costs
- Reduces incorrect item orders
- Reduces stock outs
- Reduces physical search time
- Fuels effective e-procurement
- Enables inventory sharing
- Eliminates duplicates
- Enables spend management
Inventory Database Development
PM2 will develop a high quality standardized inventory database from your real shelf inventory, purchasing files, and existing inventory data. We ensure that the data is properly associated with unique identifying information and establish mechanisms to maintain the integrity of the data.
Inventory Database Management
It's a natural law; systems degrade over time. As companies expand, their inventories become fragmented and hard to manage. In fact, it is our experience that most stockrooms are maintained at less than an 80% accuracy rate. 80% accuracy = Lost Productivity. Common problems found in already existing databases are incorrect data, information in the wrong data cells, poor descriptions that do not uniquely describe the item, and data that isn't standardized. PM2 can help you regain control and provide tools and services to maintain your inventory database.
Item Description Standardization
PM2 will standardize your database to enable faster item look up time, inventory sharing across the enterprise, and spend management. This will reduce incorrect orders, stock outs, carrying costs, "buying around the inventory", and will eliminate item duplicates. PM2 uses a "noun, modifier, attribute" format to build high quality standardized item descriptions (see example below).
MOTOR, PUMP 1HP 3PH 3450RPM 56J FR
Catalog Content Services
Your customers require you to have complete searchable descriptions when buying from your catalog. A high quality catalog database will reduce your number of customer returns and the amount of time your Customer Service Representatives spend researching item information for customers. PM2 builds and manages rich, high quality catalog content.
Purchasing Data Collection
Getting the right product in the right place at the right time is what inventory management is all about. Having first-rate purchasing information is fundamental to meeting this goal. PM2 collects purchasing information and assembles it into a useful database that will reduce procurement time, decrease ordering errors, and better manage your purchasing spend.
Matching your data to that of your vendors and your customers will speed up the order process and reduce errors. PM2 will cross reference your data to that of your customers and vendors, increasing your efficiency and making it easier for your customers to buy from you.
Many companies require UNSPSC commodity coding information as part of their purchasing process. With this information being changed on an annual basis, it can be a daunting task to remain up to date on the latest UNSPSC version. PM2 keeps your data current with the latest UNSPSC coding version so you can concentrate on running your business.
Enterprise Item Master Development
Many PM2 clients have grown through acquisition, and this has often resulted in several disparate inventory management systems and item masters across the enterprise. Other clients grew organically, and each site was given the autonomy to build their own item data and select their own software system to manage it with. Still other clients are running multiple sites with no inventory data at all, or any systems in place to manage their MRO inventory. When companies find themselves along this continuum, they call PM2.
PM2 has developed proprietary tools and processes to enable us to build, enhance, standardize, and govern high quality inventory data across your enterprise.
- Standardized Description Schema - PM2 has developed a very deep and broad item description schema which enables our teams to build rich and highly standardized item descriptions.
- Data Collection Tool - PM2’s standardized description schema is embedded into the backend of our proprietary data collection tool. This enables our teams to collect very standardized item data from the shelves, on the fly. As we move from site to site, we embed completed data from prior sites as well, which allows us to cross reference to your developing enterprise item master without adding duplicate records. In addition, PM2’s data collection tool is highly customizable, so if you need to add specific fields to the item master, or you want to adjust the standardized schema for a certain product group, it’s as simple as a few mouse clicks.
- Data Quality Control - Each day, all item records collected onsite are uploaded and sent to our Content Control Center to be evaluated for quality and validated against the entirety of your developing enterprise item master. Any revisions or suggestions are sent back to the onsite team the next morning to be incorporated into the working data collection file for that site.
- Content Governance - Once your enterprise item master is completed, PM2’s focus shifts to helping you manage and sustain the quality and integrity of your item master. To this end, PM2 provides content governance services, or we can provide tools to help you sustain your enterprise item master on your own.