Bench Stock Inventory Management

A physical inventory of all bench stock part should be conducted every year.

Bench stock inventory management. In a previous post we took a look at inventory management pain points and bad practices. As a result the ipv program uses 55 additional personnel to manage bench stock material at a cost of 4 6 million and will not make use of almost 9 million of available inventory in defense depots to satisfy program requirements over the next 3 years. If your system lets any of those bad practices slide we know you want to fix them. Inventory takes up storage space requires security and protection against spoilage jacks up your insurance costs and ties up cash you could be spending elsewhere.

In inventory management the process of moving raw materials from receiving to a warehouse storage location can be measured for the time it takes. Management management of repair parts on bench stock is vital for medical devices demanded on an occurring and routine basis. Proper management avoids high value inventories waste and monetary abuse minimization of losses resulting from obsolete parts on inventory. Bench stocks are low cost high use consumable supply classes ii clothing and equipment iii p packaged petroleum oils and lubricants iv construction materials and ix repair parts.

Inventory management is about knowing how much inventory you have when to order more and at what price. There are three main types of benchmarking.