INVENTORY MANAGEMENT IS GOING DIGITAL WITH STACK61
Knowing your inventory is an absolute necessity and how well you manage it directly affects your bottom line. Arguably, the materials that go into building any facility are the most important part of the whole project. This holds true for all parts of the oil and gas value chain – downstream, midstream, and upstream. There are a lot of moving parts to keep track of and your inventory is mobile, so why shouldn’t you be?
The 2018 MHI report states that while the current adoption rate of mobile technologies in supply chains is at 23 percent, it is expected to surge to 73 percent over the next five years. Mobile inventory management is growing, and to stay ahead of the competition, companies can’t get left behind by waiting to adopt mobile technologies.
Efficient inventory control means that inventory is not tied up when it is uncalled for. It means having 100% inventory visibility and avoiding spending money on new materials without prior knowledge of what exactly is in your inventory. Inventory issues can arise if you don’t have current and real-time stock reports of everything that is currently in the yard. Mobile inventory applications create more inventory visibility that leads to a reduction in redundant procurement, minimizes leakage and maximizes utilization.
Lack of knowledge of stock positions can hurt your bottom line. Having a warehouse management solution that can tell you what you have in stock at any time, and in real-time, can make a big difference in supply chain optimization. Once your business has a more efficient process in place, there is a positive effect on customer service, which is much needed at a time when customer service expectations are already at an all-time high. Think of the innovative retail giant Amazon. Amazon will do everything in their power to remain customer-focused, and they have the supply chain technology to back it up. Though your warehouse is likely not ready to start testing with drones or augmented reality, there are lessons that can be learned from Amazon’s drive for achieving optimum supply chain management and the importance of customer satisfaction.
Concerns about the lack of internet connectivity? No problem. Offline mode in mobile is available for operations in remote areas. Cloud-based inventory management delivers a seamless solution for mobile and desktop
Using mobile devices improves the way you track what materials come in, what materials are shipped out, and what materials remain in the storage yard. All of this captured data is received through pre-configuration and barcode scanners on a mobile phone. This system tracks materials and empowers employees with linked access to detailed inventory records whenever they need it.
There are a handful of compliance and regulatory requirements that are of concern when you’re managing pipeline inventory. Regulatory requirements such as:
Individual product specifications
Material Test Records
Health, Safety, Environment, and Quality (HSEQ) requirements
Transportation & Handling Requirements
Having your materials and inventory in check (on a mobile and desktop environment) leaves one less step to stress over. Accessible documentation is the key to compliance, and having a digital inventory management solution makes all of that paperless! Information about specs becomes easier to retrieve with warehouse inventory management software. Collaborate across your organization, and share data with ease. Not only can you enhance mobile capabilities but you can do even more by integrating with ERP systems.
The implementation of innovative technologies in the supply chain increases transparency and encourages quick information sharing across the enterprise. If you would like a demo of Petro IT’s Stack61 to help with your material and inventory management (Stack61 is an Intelligent Warehouse Inventory Management Solution by Petro IT) please click here.